Rivian Automotive’s (NASDAQ: RIVN) stock is on the rise once again today. The electric vehicle (EV) manufacturer saw a significant 12% surge in early trading, continuing its positive momentum from last week. This recent uptrend has seen Rivian’s stock price climb by over 30% since mid-April.
The boost in stock value followed the unveiling of Rivian’s new range of midsize electric SUVs in March, coupled with a substantial funding grant from the State of Illinois Department of Commerce and Economic Opportunity. This grant is expected to save Rivian more than $2.25 billion in capital expenditure as it expands its Illinois facility to produce the R2 vehicle platform.
Additionally, reports of potential new tariffs on EVs and other Chinese imports by the Biden administration have further fueled investor optimism, contributing to today’s stock surge.
Assessing the EV market
The anticipation of these tariffs has added to the excitement surrounding Rivian’s stock, with expectations of a formal announcement in the coming days. The impact of these tariffs on the EV sector remains to be seen, but the market is closely monitoring the situation.
2024-05-13 11:19:44
Link from finance.yahoo.com