Rivian (RIVN 6.87%) stock posted big gains in Tuesday's trading thanks to a pair of bullish catalysts. The electric vehicle (EV) company's shares ended the day up 6.4% amid the backdrop of a 0.3% gain for the S&P 500 and a 0.8% gain for the Nasdaq Composite.

Rivian's valuation moved higher today following news that the company is spinning off Also -- its EV micromobility business. The stock also got a boost from recent analysis that Rivian could benefit from recent controversies surrounding Tesla and its CEO Elon Musk.

Rivian stock jumps on micromobility spin-off

Rivian announced today that it has spun off its micromobility unit focusing on electric bikes, scooters, and other small vehicles into a separate business known as Also. The business is focused on electrified personal transportation, and Rivian will remain a substantial minority stake in the new entity and anticipates that there will be future collaboration between the two companies. By spinning off Also, Rivian has raised new capital that will help it expand its core EV business.

Could Tesla's loss be Rivian's gain?

Recent sales tracking suggests that Tesla's vehicles are seeing a steep pullback in the European market. For example, it looks like March sales for the company's vehicles in France declined 37% year over year, and its vehicle sales in the Netherlands declined 61%. With Tesla seemingly stumbling, some investors are betting that these shifts could create opportunities for Rivian and other players in the EV industry.

Tesla's sales woes in Europe appear to be connected to Elon Musk's recent political activities and close relationship with President Donald Trump. Given the extent of the sales pullback, it's possible that significant damage has been done to the brand. If so, that could make it significantly easier for Rivian to expand its footprint in the EV market.