Shares of electric vehicle manufacturer Rivian Automotive (NASDAQ: RIVN) surged 6.77% on Thursday amid positive sentiment surrounding a rumored government contract for armored electric vehicles.
According to media reports, the U.S. State Department is considering purchasing as many as 400 armored electric vehicles to transport diplomats and high-level officials. While no official contract has been awarded, the news fueled speculation that Rivian could potentially secure the lucrative order.
Investors reacted positively to the unconfirmed reports, driving up Rivian's stock price as well as those of other EV-related companies. The potential government contract was seen as a positive indicator for broader adoption of electric vehicles, particularly in sectors where security and durability are paramount.
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