Why Rivian Shares Rallied Today

Rivian Automotive (NASDAQ: RIVN) shares popped this morning after the electric vehicle (EV) maker's chief financial officer (CFO) presented some exciting news for shareholders at a recent conference.

Rivian stock jumped as much as 11.5% before paring some of that gain. As of 11:15 a.m. ET, the EV start-up's shares were still higher by 9.7%.

Rivian CFO Claire McDonough made comments in an interview at the recent Global Automotive and Mobility Tech Conference hosted by . Investors are reacting positively as they get wind of what McDonough had to say. Specifically, she said the company expects to become gross-margin-positive in 2024 and described how Rivian plans to lower production costs.

Source Fool.com