Why Rivian Stock Ripped Higher Today

Yesterday, whether he liked it or not, the U.S. president made history. For the first time since taking office, on Tuesday, Feb. 8, President Joe Biden uttered the word Tesla in public.

Speaking from the White House, the president hailed the more than $200 billion in electric car investments being made at "iconic companies like GM and Ford building out new electric vehicle production to Tesla, our nation's largest electric vehicle manufacturer." But Tesla wasn't the only pure-play electric-vehicle company Biden mentioned.  

He also mentioned Rivian Automotive (NASDAQ: RIVN) -- and now Rivian stock is up 6.1% as of noon ET.

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Source Fool.com