Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher Friday on continued upward momentum. The stock is up more than 18% over the past five days and more than 30% over the past month. Here's a look at the latest Rivian Automotive news:

What To Know:

Rivian announced a deal with AT&T (NYSE:T) on Thursday for the purchase of Rivian Commercial Van and R1 electric vehicles in early 2024. AT&T is hoping the vehicles will improve safety, reduce costs and cut its carbon footprint.

"We couldn't be happier to collaborate with AT&T as we work together to help cut emissions and protect our environment. Around a quarter of CO2 emitted in the transportation sector in the US comes from commercial vans, so it's imperative we do all we can as soon as possible to help cut emissions," said Dagan Mishoulam, VP of strategy and fleet at Rivian.

The deal also includes AT&T being the exclusive connectivity provider for Rivian's vehicles, implementing software updates and new features.

What Else?

Stocks across sectors also got a boost following Wednesday's Fed decision. Equities surged after the Fed left rates unchanged, with most officials anticipating rate cuts in 2024.

Clean energy stocks may also be getting some investor attention this week following developments at the COP28 climate summit, which ended with an agreement to increase commitments to renewable energy sources.

According to data from Benzinga Pro, Rivian shares are trading above the stock's 50-day moving average of $17.60 and below its 52-week high of $28.06.

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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are mostly flat, trading up by 1.78% at $22.83 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.