On a generally bullish day in the markets, shares of electric vehicle (EV) maker Rivian (NASDAQ: RIVN) are racing higher. While the company hasn't reported anything noteworthy in and of itself, EV investors are choosing to park Rivian in their portfolios today in response to favorable news for its industry.

As of 3:12 p.m. ET, shares of Rivian were up by 7.5%.

Motorists in California will soon start seeing a lot more EVs on their state's highways and byways. The Environmental Protection Agency announced Friday that it has granted two waivers -- including the Advanced Clean Trucks (ACT) rule -- to the California Air Resource Board regarding regulations for heavy-duty vehicle and engine emission standards. The waivers will allow the state to mandate that truck manufacturers ramp up their sales of zero-emission vehicles in California starting in 2024.

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Source Fool.com