Why Rivian Stock Jumped Today

Rivian Automotive (NASDAQ: RIVN) is expanding its market, and investors are cheering the news today. Shares of the electric truck and van maker jumped nearly 5% Monday morning and were still up by 3.4% as of 1:15 p.m. ET.

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Investors already knew the company was adding to its electric vehicle (EV) lineup with its next-generation R2 SUV platform starting next year. But today it officially announced it is expanding the market for its commercial delivery vans as well.

More good news from Rivian

While mainly known for its electric pickup trucks and SUVs, Rivian also sells electric commercial delivery vans to Amazon. The online retailer was an early investor in Rivian, and the EV maker has been delivering on an existing 100,000-vehicle commercial truck order for Amazon.

Rivian previously announced that the exclusivity clause had ended for those delivery vans. Now, the company has made it official that any customer can order what it is now officially calling its Rivian Commercial Vehicle. Fleet customers can order any quantity for their businesses, even just a single vehicle.

That opens its market up to more than just delivery companies. Its two models start with a base price of $79,900, and the company said there has been interest from a wide range of potential customers. They include food and floral delivery services, tradesmen like plumbers and electricians, and even dog groomers.

Rivian will likely talk more about its commercial vehicle program when it reports fourth-quarter results on Feb. 20. That's when investors might get more good news from the EV maker. It is expected to announce that it achieved a positive gross profit for the first time. That's one step toward true profitability, and investors hope expanding its commercial EV sales will help it realize that ultimate goal.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Howard Smith has positions in Amazon and Rivian Automotive. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.