Why Rivian Stock Topped the Market Today

One of the more high-profile electric vehicle (EV) stocks on the scene, pickup and SUV manufacturer Rivian Automotive (NASDAQ: RIVN), had a fine Thursday on the stock exchange. Investors traded the company's shares up by almost 4% on news that it had secured billions of dollars in financing from a very reliable source. That rise was in contrast to the slump of the S&P 500 (SNPINDEX: ^GSPC) across the trading session; it dipped by 0.2%.Rivian divulged in a press release that it has closed a loan agreement with a division of the U.S. Department of Energy (DoE). The EV maker will be able to borrow up to $6.6 billion to help fund the construction of a factory near the city of Social Circle, Georgia. The company will produce its R2 SUV and R3 crossover (essentially a combination of sedan and SUV) at the facility. With the borrowed funds, Rivian said, construction of the factory should begin in 2026. The first vehicles produced there should roll out in 2028. The company estimates that this project will create 7,500 jobs.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool