Benzinga - by Shanthi Rexaline, Benzinga Editor.
Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) climbed in premarket trading on Friday as they carried forward the momentum from the previous session.
On Thursday, Rivian climbed about 6.2% to $16.11, and the upside was accompanied by heavy volume. About 57.77 million shares exchanged hands as opposed to the average three-month volume of 34.09 million.
The Irvine, California-based company announced Thursday that it has introduced two new entry-level battery options, namely Standard and Standard+, for its existing product line-up, namely the R1T and R1S.
These two options will have ranges of 270 miles and 315 miles, respectively, with battery pack capacities of 106 kilowatt-hours and 121 kWh.
The Standard battery pack option is for dual-motor variant and the Standard+ is for both dual-motor and performance variants.
The new battery pack options lower the entry price of the R1T and R1S by $3,100 each. The company also said customers may qualify for a federal tax credit of $3,750 on purchasing its vehicles with the newly introduced battery options,
Rivian is due to announce its quarterly results on Feb. 21, and additionally, excitement is building around its second-gen vehicle, code-named R2. The company has confirmed Mar. 7 launch date for the vehicle.
In premarket, the stock rose 3.91% to $16.74, according to Benzinga Pro data.
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Photo courtesy: Rivian
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