Why Rivian Stock Is Up a Staggering 70% Since June
After a tumultuous year so far, Rivian Automotive (NASDAQ: RIVN) stock is making a stunning comeback. The elective vehicle (EV) stock jumped 13.1% in June, according to data provided by S&P Global Market Intelligence, but that rally may have confirmed its bottoming: Shares of Rivian have gained a whopping 56% this month so far as of this writing, taking their total gains since June up to almost 70%.
Did you miss the bottom in Rivian stock, or is this rally just getting started?
June was a quiet month for Rivian stock until the company announced something big in the latter half: It said it will adopt 's (NASDAQ: TSLA) North American Charging Standard and provide its customers access to Tesla's network of more than 12,000 Superchargers from 2024. It's a smart move, given that Tesla's charging network is also the largest in the U.S., and could therefore incentivize potential customers to buy Rivian's all-electric R1T pickup trucks and R1S SUVs that they may have not considered otherwise.
Source Fool.com
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