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Why Rivian Shares Soared Today

TheMotleyFool

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Why Rivian Shares Soared Today: https://g.foolcdn.com/editorial/images/699917/riviandeliveryvan.jpg

Shares of Rivian Automotive (NASDAQ: RIVN) rose sharply Thursday morning after the widely followed EV maker announced a new partnership. The stock popped nearly 10%, and remained up 6.9% as of 10:18 a.m. ET today.

Rivian said it has signed a memorandum of understanding with the Mercedes-Benz Van division of Daimler AG for a new joint venture to manufacture electric vans. The vehicles will be tailored for individual customers similar to the electric delivery vans (EDVs) Rivian currently produces for Amazon.

Source Fool.com

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