Electric vehicle (EV) stocks finished Thursday’s trading day higher and continued to make gains before market open on Friday boosted by the news that Rivian Automotive Inc (NASDAQ:RIVN) will be supplying its vehicles for AT&T Inc. (NYSE:T)'s fleet.
The news is significant for Rivian as AT&T marks the company’s second customer for its commercial electric vans after it said in November it had ended its exclusivity agreement with Amazon.
Market commentators were positive on the development, with Truist analysts writing that it “further demonstrates the upside of [Rivian’s] dual passenger/commercial model.”
Rivian shares gained 14% at Thursday’s market close and added another 2.3% to US$23 in premarket trade on Friday.
Other EV-makers Tesla Inc (NASDAQ:TSLA), Lucid Group Inc (NASDAQ:LCID), NIO Inc (NYSE:NIO), and Fisker Inc (NYSE:FSR) finished Thursday 4.9%, 14.5%, 5.8% and 4.7% higher, respectively.