Why Rivian Is Helping Drive Electric Vehicle Stocks Higher Today

Shares of several U.S.-based electric vehicle (EV) companies are moving higher today and investors can probably thank Rivian Automotive (NASDAQ: RIVN) for that. Shares of Rivian jumped as much as 11.2% in early trading today, and that helped the stocks of other EV names, including Lucid Group (NASDAQ: LCID) and Nikola (NASDAQ: NKLA), to also move higher by 6% and 6.8%, respectively. After the entire EV sector has seen recent stock declines driven by manufacturing and cost headwinds, Rivian CEO RJ Scaringe injected some new confidence with a filing yesterday showing he just bought more than $1 million in his company's stock.