Rivian Stock Soars on News of Amazon Investment
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Rivian Automotive Inc.'s (RIVN) stock surged by 12% in premarket trading on Monday following reports that Amazon is investing $2 billion in the electric vehicle maker. The investment will accelerate Rivian's production plans and expand its partnership with Amazon, which has already ordered 100,000 electric delivery vehicles from the company.
The deal marks a major milestone for Rivian, which is one of the most closely watched electric vehicle startups. The company has been ramping up production of its R1T pickup truck and R1S SUV, and it plans to start delivering them to customers later this year.
Amazon's investment is a strong vote of confidence in Rivian's technology and business model. The e-commerce giant is betting that electric vehicles will play a major role in its future delivery operations, and it is looking to Rivian to help it achieve its goals.
The investment also highlights the growing interest in electric vehicles from investors. As concerns about climate change and air pollution increase, more and more people are looking for ways to reduce their carbon footprint. Electric vehicles are seen as a key part of the solution, and Rivian is well-positioned to capitalize on this trend.
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