Why Rivian Stock Is Climbing Higher Today
Shares of Rivian Automotive (NASDAQ: RIVN) were rising today after Amazon, which owns about an 18% stake in the electric vehicle (EV) maker, said that it has begun using Rivian vans for some package deliveries. The e-commerce giant also said that it will use 100,000 Rivian electric vans across the U.S. by 2030.
Rivian investors latched onto Amazon's comments today and sent the EV stock up by as much as 6% this morning. Its shares had gained 2.5% as of 11:30 a.m. ET.
Amazon said in a press release today that it has started to roll out EV delivery vans made by Rivian in more than a dozen cities and that they'll be in 100 cities by the end of this year.
Source Fool.com
