Rivian Automotive (NASDAQ: RIVN) received some surprising but welcome news last night. Even after the stock jumped by 8% yesterday, it soared by as much as another 37% Wednesday morning. A new investment and partnership has the stock flying.

While the stock pared some of this morning's gains, it remained higher by 22.7% as of 12:45 p.m. ET. That's because of the announcement that is investing up to $5 billion in Rivian over the next two years.

There's a reason Rivian shares were lower by nearly 50% year to date heading into yesterday's trading: The company has been burning cash. It has gone through more than $4 billion of its cash hoard in the last year. On top of that, it doesn't expect to produce any more EVs in 2024 than it did last year.

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Source Fool.com