Rivian Automotive (NASDAQ: RIVN) stock suddenly shot up around Tuesday noon and rallied as much as 9.1% at its highest during the day through 2:30 p.m. ET.

An analyst expects the EV industry to grow at a much faster pace now and sees auto giants like Tesla and General Motors to be the biggest beneficiaries, but investors in Rivian took cues from the forecast and loaded up on the hot electric vehicle (EV) stock while they still can.

Analyst Rod Lache from Wolfe Research has turned increasingly bullish about the EV industry and expects EV penetration to hit 20% in the U.S. and 22% globally by 2025. He earlier expected EVs to make up 10% of the U.S. and 17.5% of the global passenger car market by mid-decade.

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Source Fool.com