The electric vehicle (EV) revolution is happening in front of our eyes. The market is expected to grow by 27% globally in 2024 after putting up 29% growth in 2023 to 13.7 million units. EVs are growing much faster than the entire automotive market and gaining share versus gasoline engine vehicles. In China, EV penetration is expected to hit 40% this year. A decade ago, the EV market was almost nonexistent globally.

Many companies are fighting to win the EV wars, from leaders like Tesla and BYD to legacy players like and Ford. But there is another upstart that stormed onto the scene in 2021: Rivian Automotive (NASDAQ: RIVN). The EV maker is now one of the larger sellers of battery-powered vehicles in the United States, and it just made a major announcement with some upcoming products.

Here's what investors need to know about EV stock Rivian and what this news may mean for shareholders.

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Source Fool.com