RIVN - Rivian Stock Has Been on Fire. Is It Too Late to Buy?
2024-05-13 12:19:44 ET
The stock of Rivian Automotive (NASDAQ: RIVN) is jumping again on Monday. Shares of the electric vehicle (EV) maker popped as much as 12% in early trading today to start the week. That jump kept the momentum going for Rivian shares.
The stock has soared by more than 30% since mid-April. That move came after the company introduced its next-generation lineup of midsize electric SUVs in March and after a large funding grant from the State of Illinois Department of Commerce and Economic Opportunity. That grant will help Rivian save more than $2.25 billion in capital spending as it expands its Illinois factory to begin building the R2 vehicle platform it announced.
But another tailwind has investors pushing the stock higher today, too.
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Rivian Stock Has Been on Fire. Is It Too Late to Buy?