Here's Why Rivian Stock Jumped Tuesday Morning

Rivian Automotive (NASDAQ: RIVN) stock popped Tuesday morning on news related to a planned second manufacturing facility. Rivian shares jumped as much as 6% in early trading, though it ultimately retreated from those gains. As of 11:21 a.m. ET, the stock is up 1.2%.

In December 2021, Rivian announced it planned to build a $5 billion manufacturing facility -- its second -- in Georgia, but that plan has hit obstacles. Local residents pushed back against it. Those obstacles seem to have been overcome, however, as The Atlanta-Journal Constitution reports state and local officials have agreed to give Rivian $1.5 billion of incentives, including tax breaks, to get the project moving.

Source Fool.com