Huge News for Rivian Stock: Here's What Comes Next
Last month, we got a massive shake-up in the electric vehicle (EV) industry. Rivian Automotive (NASDAQ: RIVN) -- one of the most successful EV brands besides Tesla -- inked a $5 billion deal with to fund future growth and build a software/technology joint venture group. Rivian stock shot up over 30% on the news and is now up 27% in the past month.
This deal is huge for Rivian. Burning a ton of cash and running out of money from its initial public offering (IPO), Rivian can utilize this funding to further scale its operations and hopefully reach positive cash flow.
Here's the skinny on the deal and what comes next for the EV stock.
Source Fool.com
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