Rivian stock (RIVN): Rivian share price

 Rivian is an electric vehicle and automotive technology company founded in 2009. Rivian shares went public in November last year at $78 per share. However, the Rivian shares have seen a downward trajectory since the start of the year and has fallen more than 63%. However, this week, Rivian share price gained more than 16%. In this article, we will look at what is driving the stock rally.

Rivian partnership with Mercedes-Benz

• The two companies announced that they will join hands to build big electric vans in Europe.
• On Thursday, Rivian shares jumped 11% and added $3 billion to its market capitalization post the update.
• The companies intend to open a new factory in Central/Eastern Europe, where Mercedes-Benz has an existing site. 
• According to the statement, the joint venture would start production in a few years.