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

Shares of Rivian Automotive, Inc. 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.

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See Also: Best Electric Vehicle Stocks

Photo courtesy: Rivian