Why Rivian Shares Popped Friday

Rivian Automotive (NASDAQ: RIVN) stock popped Friday morning after the company reported that it has received a large incentive package from the state of Illinois to expand its electric vehicle (EV) manufacturing plant.

Shares jumped as much as about 6% and were still higher by 2.4% as of 12:35 p.m. ET. In early March Rivian announced it would adjust its expansion plans that included constructing a new multibillion-dollar plant in Georgia. That new facility would produce Rivian's R2 second-generation vehicle platform, the company originally said. But Rivian shifted gears as the pace of EV sales growth has slowed.

Source Fool.com