US electric car manufacturer sees ninth consecutive day of stock growth
US electric car manufacturer Rivian is facing its ninth consecutive day of gains on the stock market.
Shares in Rivian, which among other things produces electric pickups and sports cars, rose by 4.1% in the US pre-market on Monday.
So far, the share price has gained 84% since June 27, according to Bloomberg News.
The price reaction really took off when the company announced last week that it had delivered more electric vehicles in the second quarter than the market had expected. In addition, it has also shipped the first commercial products outside the US.
This includes an order for 100,000 electric pickups, which Amazon has ordered for delivery by the end of the decade. 300 of them are expected to be delivered in Germany in the coming weeks.
Amazon is Rivian’s largest customer and is also the majority shareholder in the company with a 17% stake.
On Friday, the stock closed at USD 24.7 after a 14.3% lift, but the stock is still down 20% for the year.
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