Rivian stock erases pullback, rises toward a 7-month high

Shares of Rivian Automotive Inc.
RIVN,
+3.95%
rallied 1.8% in premarket trading Friday, putting them on track to open at a seven-month high. The electric vehicle maker’s stock had initially peaked at a seven-month high of $25.91 on July 12, then pulled back 7.4% amid a three-day losing streak before starting its recovery. Among other EV makers, shares of Tesla Inc. rose 1.1% ahead of Friday’s open, after they tumbled 9.7% on Thursday on the back of second-quarter results, and as the corrected 10.4% since closing at a 10-month high of $293.34 on July 18. Rivian is expected to report second-quarter results on Aug. 8.