Shares of electric truck maker Rivian Automotive (NASDAQ: RIVN) gained 5.9% through 2:20 p.m. ET Monday in response to news reports over the weekend that Rivian has secured final approval to build a new manufacturing facility east of Atlanta, Georgia.

As website Teslarati reported Sunday, the Georgia Department of Economic Development, along with the Joint Development Authority of Jasper, Morgan, Newton, and Walton counties have agreed to let Rivian lease the nearly 2,000 acres it will need for its new electric vehicle (EV) facility, and proceed with developing the site for construction.

Rivian intends to use the new factory to build its next generation of EVs, dubbed the "R2" platform, which is intended to be a mass market EV, built and sold at a lower price point than the company's current-generation R1T and R1S luxury trucks and SUVs (respectively).

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Source Fool.com