Rivian Automotive, Inc. RIVN shares are trading higher on Thursday.
Yesterday, the company’s top peer Tesla, Inc. reported third-quarter revenue of $25.18 billion, up 8% year-over-year, with improving margins. The company reported automotive revenue of $20 billion, up 2% year-over-year, in the third quarter. The automaker reported third-quarter earnings per share of 72 cents, beating a Street consensus estimate of 58 cents per share.
Rivian shares are rising in response to Tesla’s third-quarter results, reflecting investor optimism about the EV market’s overall health.
Today, Rivian, Patagonia, and Sol Systems are teaming up to promote renewable energy in North Carolina with a new Renewable Energy Certificate and Community Impact Agreement.
Their focus is the 50 MWac Lick Creek Solar project in Stokes County, which will provide clean energy and support sustainability.
Also Read: Elon Musk Promises Free Hardware 4 Upgrades if Tesla’s Hardware 3 Fails Full Self-Driving Test
“This project plays a crucial role in advancing our goal of enabling seven billion miles of renewable driving. It not only supports that vision but also fosters STEM education in North Carolina, protects local ecosystems, and enhances clean energy access and affordability,” said Andrew Peterman, Director of Advanced Energy Solutions at Rivian.
This initiative aims to reduce carbon emissions while showing how businesses can leverage renewable energy for social and environmental benefits.
The funding from this partnership will support a 4-H Robotics program that offers local middle school students the chance to engage with Science, Technology, Engineering, and Mathematics (STEM) while learning about environmental sustainability.
The program will feature hands-on learning opportunities, utilizing advanced robotics kits like Lego Spike Prime and Parrot Mambo Drones, thereby linking STEM education to real-world sustainability applications.
Price Action: RIVN shares are trading higher by 2.17% to $10.38 at last check Thursday.
Photo by Tada Images on Shutterstock
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