Rivian Automotive, Inc. (RIVN) stock is soaring 5.09% in pre-market trading on Wednesday, following a report that showcases the company's strong position in the long-range electric vehicle (EV) market. The surge comes as investors react positively to Rivian's impressive range capabilities, which could be a key factor in attracting potential EV buyers.

According to a recent survey by Cars.com, 68% of potential EV buyers consider range as a crucial factor in their purchasing decision. Rivian's R1T pickup truck and R1S SUV have both secured top spots in the list of EVs with the longest range, demonstrating the company's technological prowess and market competitiveness.

The Rivian R1T, with its impressive 420-mile (675.9 km) range on a single charge, ranks second on the list of EVs with the longest range. Meanwhile, the Rivian R1S SUV secures the third position with a range of 410 miles (659.8 km). These achievements place Rivian's vehicles ahead of offerings from established automakers and other EV startups, potentially boosting consumer confidence in the brand.

As range anxiety continues to be a significant concern for potential EV adopters, Rivian's strong showing in this crucial aspect could translate into increased demand for its vehicles. This positive sentiment appears to be reflected in the pre-market stock movement, as investors bet on Rivian's potential to capture a larger share of the growing EV market.