Why Rivian Automotive Stock Popped 6.5% Monday
Shares of Rivian Automotive (NASDAQ: RIVN) dropped last week when it was reported that the company idled production in early January at its Illinois manufacturing plant and that there is local opposition to its previously announced second assembly plant planned in Georgia. But shares rebounded today, and it ironically might have more to do with a different electric vehicle (EV) start-up. Shares of Rivian jumped as much as 7.4% today, closing Monday's session up 6.5%.
EV investors are watching closely for widely followed electric car maker Lucid Group (NASDAQ: LCID) to report its fourth-quarter and full-year 2021 financial update today after the bell. Rivian will follow that with its report on March 10. Lucid stock soared today leading up to its report and on word that it will announce plans for its second manufacturing plant. That was one of the things that looks to have helped the entire group of EV names jump in today's session.
Image source: Rivian Automotive.
Source Fool.com
