Why Shares of Rivian Raced Out of the Gate Today
The Fourth of July is over, but the fireworks continued this morning for shares of Rivian Automotive (NASDAQ: RIVN). As of 1:05 p.m. ET on Wednesday, its stock is up 2.5%, retreating from its earlier rise of 7.6%.
In addition to company-related news that broke after the market closed on Monday, investors are parking the electric truck maker in their portfolios after learning of some positive coverage from Wall Street.
On Monday, Reuters reported that Amazon will begin to deliver packages with the help of Rivian's electric delivery vans (EDVs) in Germany this summer. The 300 vehicles that will appear in the areas surrounding Munich, Dusseldorf, and Berlin are the first EDVs that Amazon is putting to use in Europe. In the U.S., Amazon already has 3,000 EDVs operating in more than 500 cities.
Source Fool.com
