FRANKFURT/PARIS/NEW YORK (dpa-AFX) - The joy of Volkswagen shareholders over a cooperation with the US electric car manufacturer Rivian did not last long on Wednesday. Observers initially welcomed the news. But then increasingly critical assessments gained ground - also with regard to the high investments planned by the Wolfsburg-based company.

After moderate pre-market gains, the car manufacturer's shares got off to a weak start in Xetra trading. Towards midday, they were at the bottom of the Dax, losing 1.5 percent to 104.95 euros. They thus broke off the recent cautious recovery and returned to their lowest level since November at 103.80 euros. With an annual loss of around 6 percent, they continue to lag well behind the leading German index.

VW shares were also among the biggest losers in a European sector comparison in the middle of the week. The sector itself, with the sword of Damocles of the unresolved customs dispute between the EU and China still hanging over it, was at the bottom of the sector overview with a loss of 0.6 percent.

In contrast, Rivian's share price jumped by more than a third to 16.36 US dollars. In the year to date, Rivian shares have lost almost half their value. Despite the expected recovery, they are still a long way from their historic highs of almost 180 dollars.

VW intends to invest up to 5 billion US dollars in Rivian in the coming years. Initially, the company will acquire convertible bonds. After that, the Wolfsburg-based company wants to set up a joint venture with the Americans. The cooperation should make strategic sense in the long term if it is successful, commented one trader. Initially, however, the associated cash outflow would be a burden.

Another Borsian noted that VW had announced the partnership less than a year after concluding a similar cooperation with the Chinese electric car manufacturer Xpeng. This once again demonstrates VW's lack of in-house expertise in electronic components and software. VW appears to be placing its fate in the hands of two companies that are making losses.

The UBS analysts also referred to the generally mixed success stories of joint ventures in the industry. It remains to be seen how well the start-up culture of Rivian and the "supertanker" VW really fit together in the end.

But there were also voices of praise. Analyst Jose Asumendi from the US bank JPMorgan spoke of a step in the right direction, even if details of the planned cooperation with Rivian were still lacking. Citigroup expert Harald Hendrikse emphasized that the decisive factor was the confirmation that, thanks to the deal, VW would be able to access a functioning technology more cheaply than if it had developed it itself. The deal could immediately take VW several steps forward in the development of electrical and electronic architecture for vehicles, added Warburg analyst Fabio Holscher./gl/ajx/jha/