Why Rivian's Stock Is Powering Higher Today
Markets are poised to end the week on a positive note as confidence builds that a debt ceiling deal is within reach. And while that may contribute slightly to the rise in shares of Rivian (NASDAQ: RIVN) today, it's certainly not the only catalyst. Providing more fuel for the bulls' buying activity, the electric pickup manufacturer announced yesterday after the market closed that it has achieved a production milestone.
Rivian's stock is up 5.3% as of 2:55 p.m. ET, reversing slightly from its earlier climb of 6.1%.
For the first time, Rivian has achieved production of the first dual-motor R1T electric pickup trucks. In addition, the vehicles are powered by the Enduro drive unit, which the company began producing in February. According to the company, the Enduro drive unit provides both "cost and range efficiencies" to customers.
Source Fool.com
