Why Rivian Stock Raced Higher Today

News out of the Peach State has investors feeling peachy about Rivian Automotive (NASDAQ: RIVN) this morning. The electric pickup truck maker received favorable news regarding the development of a new manufacturing facility in Georgia. Investors, consequently, seem eager to drive the stock into their portfolios today.

As of 10:54 a.m. ET, shares of Rivian are up 7.1%.

The Georgia Supreme Court decided against hearing an appeal regarding proposed property tax breaks for Rivian's new manufacturing plant situated east of Atlanta. Opponents argued that the $700 million in tax breaks that Rivian received violated the state's constitution.

Source Fool.com