Why Rivian Shares Popped 10% Early Monday
Shares of Rivian Automotive (NASDAQ: RIVN) spiked 10% today to start the trading week. The stock didn't hold those gains, but was still up 6.6% as of 2 p.m. ET on Monday. The company provides its second-quarter financial and operational update this Thursday, Aug. 11. But that's not what had investors boosting shares today.
The Rivian R1T. Image source: Rivian Automotive.
Rivian already has about 90,000 pre-orders for its R1T pickup truck and R1S SUV. It expects to be able to produce only 25,000 vehicles this year due to shortages of parts. But if the new legislation helps spur demand over the long term, investors see that as a positive development for Rivian and other early stage EV makers.
Source Fool.com
