Rivian, often seen as Tesla’s main rival, saw its stock climb over 4% following the official launch of its electric van.
On Monday, Rivian’s shares rose 4.09% to $12.99 on the New York Stock Exchange.
The surge appears to be driven by the introduction of its van, which is expected to be more profitable than its passenger vehicles.
On the same day, the company announced it had begun accepting orders for the van.
Initially, Rivian had an exclusive agreement with Amazon to supply 100,000 vans. However, the company revealed that this exclusivity has ended, opening the door for deals with other companies, including AT&T.
This development likely contributed to Rivian’s sharp stock price increase.