Rivian Automotive Inc (NASDAQ:RIVN) shares jumped 13% after Tesla (NASDAQ:TSLA) announced it had reached a "conditional" settlement in its 2020 lawsuit accusing Rivian of employee poaching and theft of electric-vehicle

EV makers Tesla and Rivian are reportedly on the brink of settling a lawsuit in which Tesla accused Rivian of stealing its battery technology

Rivian (RIVN) stock surges after reports from Bloomberg said Tesla (TSLA) has reached a "conditional" settlement with its electric vehicle (EV) competitor. Tesla accused Rivian of poaching employees to access proprietary information about its EV tech.

Tesla and Rivian may have resolved a lawsuit in which Tesla accused Rivian of poaching employees and stealing trade secrets. Bloomberg reports that Tesla

TSLA agrees to resolve a four-year-old trade secrets lawsuit with RIVN, provided that Rivian satisfies the settlement terms.

The lawsuit between two U.S. electric automakers, Tesla and Rivian, is nearing an end. Tesla alleges that Rivian poached Tesla employees to steal company secrets that would give them "a huge competitive advantage.

The case started in 2020 when Tesla claimed Rivian hired ex-employees with sensitive documents. The terms of the settlement are undisclosed.

Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees. It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.

Tesla didn’t disclose specifics, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.