Why Rivian Stock Triumphed on Friday
Rivian Automotive (NASDAQ: RIVN) escaped the carnage that was Friday's stock market, with its shares rising in price by nearly 2% against the S&P 500 index's 1.5% drop. A new mandate from one of the most populous and prominent states in America was a big reason for the increase.
New York Governor Kathy Hochul announced that the state is mandating all new cars, SUVs, and pickup trucks sold there must be zero-emissions models, such as the electric vehicles (EVs) Rivian makes. The deadline is the start of 2035.
New York is the most populous and densest big city in the U.S. Thus, it still has a high level of emissions to cut. In an official statement on the state government's official website, Hochul emphasized that New York aims to lower its greenhouse gas output 85% by 2050.
Source Fool.com
