PWSHub News

Rivian On Track To Drive Higher For 2nd Straight Session: What's Going On With The Stock

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) climbed in premarket trading on Friday as they carried forward the momentum from the previous session.

On Thursday, Rivian climbed about 6.2% to $16.11, and the upside was accompanied by heavy volume. About 57.77 million shares exchanged hands as opposed to the average three-month volume of 34.09 million.

The Irvine, California-based company announced Thursday that it has introduced two new entry-level battery options, namely Standard and Standard+, for its existing product line-up, namely the R1T and R1S.

These two options will have ranges of 270 miles and 315 miles, respectively, with battery pack capacities of 106 kilowatt-hours and 121 kWh.

The Standard battery pack option is for dual-motor variant and the Standard+ is for both dual-motor and performance variants.

The new battery pack options lower the entry price of the R1T and R1S by $3,100 each. The company also said customers may qualify for a federal tax credit of $3,750 on purchasing its vehicles with the newly introduced battery options,

Rivian is due to announce its quarterly results on Feb. 21, and additionally, excitement is building around its second-gen vehicle, code-named R2. The company has confirmed Mar. 7 launch date for the vehicle.

In premarket, the stock rose 3.91% to $16.74, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

See Also: Best Electric Vehicle Stocks

Photo courtesy: Rivian

"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article Rivian On Track To Drive Higher For 2nd Straight Session: What's Going On With The Stock originally appeared on

© 2024 Benzinga does not provide investment advice. All rights reserved.


Related stories
2 weeks ago - With a price-to-sales (or "P/S") ratio of 4.2x Rivian Automotive, Inc. ( NASDAQ:RIVN ) may be sending bullish signals...
3 weeks ago - The release of the Tesla Cybertruck hasn't been good for share prices. Here's why some experts think it could actually crash TSLA stock.
1 week ago - There was a time when an electric Tesla pickup, something designed to go head-to-head against America’s most popular products, the Ford F-150 and Chevrolet Silverado, seemed just the thing to take Tesla truly mainstream.
4 days ago - Competition in the EV space may be cooling down, but other issues are likely to keep weighing on TSLA stock.
Other stories
10 minutes ago - Super Micro Computer (NASDAQ: SMCI) was a big winner last month. The maker of storage and server systems that are highly valued for...
20 minutes ago - Fisker is stopping work on new electric vehicles until it partners with another automaker.The company announced its plans alongside its 2023 and Q4...
20 minutes ago - Open interest in SHIB futures has crossed above $100 million, hinting at speculative froth. One analyst said that the supply-demand imbalance for bitcoin has grown to 1:10, indicating a rally to record highs this week. Speculative...
40 minutes ago - The S&P 500 advanced 27% over the past year due to stronger-than-expected economic growth in the U.S. and hopes that the Federal Reserve will soon pivot to interest rate cuts. Enthusiasm about artificial intelligence has also pushed the...
50 minutes ago - Often, investors focus too much on a stock's yield instead of the reasons behind the yield. In the case of Apple (NASDAQ: AAPL), its yield is low because its stock price has outpaced its dividend raises. Air Products and Chemicals (NYSE:...
50 minutes ago - New Yorkers will have another chance to share their thoughts on the approaching congestion pricing plan before all of Manhattan south of Central Park turns into a toll zone.