Why Rivian Shares Popped on Friday

Looks like some hopeful news for RIVN bag holders like me.

From the article: “Shares jumped as much as about 6% and were still higher by 2.4% as of 12:35 p.m. ET. In early March Rivian announced it would adjust its expansion plans that included constructing a new multibillion-dollar plant in Georgia. That new facility would produce Rivian's R2 second-generation vehicle platform, the company originally said. But Rivian shifted gears as the pace of EV sales growth has slowed.

Rivian's next-gen plans get a boost
Rivian said in March it would save $2.25 billion in capital expenditures, product development investment, and supplier sourcing opportunities from the decision to begin building the R2 in Illinois instead. Now, an $827 million grant from Illinois' Department of Commerce & Economic Opportunity will help expand the existing plant from an annual capacity of 150,000 to 215,000 units. That is worth more than half the $1.5 billion the company said it will spend to expand the plant.”

https://finance.yahoo.com/news/why-rivian-shares-popped-friday-165553648.html

Here is another article saying the same basic stuff.

https://www.forbes.com/sites/antoniopequenoiv/2024/05/02/rivian-announces-827-million-from-illinois-for-plant-expansion—triggering-share-jump/?sh=2edbde857c75

What do you all think?

Edit: The title of the post is the title of the article, not my creation. I know Rivian has been down a while (cost basis for my 50 shares is around $19). I'm just curious about people's opinions of the news about a money injection. Thanks for understanding and staying on point. Also, as always, best of luck on your investments whatever they may be!