Shares of Rivian (NASDAQ:RIVN) surged 6% as the company announced plans for a new East Coast headquarters in Atlanta, set to open in late 2025. The move will bring Rivian closer to its $5 billion manufacturing plant in Georgia and create jobs for up to 500 employees. Additionally, positive economic news boosted the consumer discretionary sector, including automakers, with U.S. retail sales rising 0.6% in June. However, Rivian’s stock remains volatile, with recent concerns over demand for its current models impacting analyst ratings and sales forecasts. Despite a 4.3% increase in 2024, Rivian is still trading 21% below its 52-week high.

Read more at StockStory: Why Are Rivian (RIVN) Shares Soaring Today