What happened
News out of the Peach State has investors feel peachy about Rivian Automotive (RIVN -4.95%) this morning. The electric pickup truck maker received favorable news regarding the development of a new manufacturing facility in Georgia. Investors, consequently, seem eager to drive the stock into their portfolios today.
As of 10:54 a.m. ET, shares of Rivian are up 7.1%.
So what
The Georgia Supreme Court decided against hearing an appeal regarding proposed property tax breaks for Rivian's new manufacturing plant situated east of Atlanta. Opponents argued that the $700 million in tax breaks that Rivian received violated the state's constitution.
Rivian announced plans for the manufacturing facility -- the company' second in the United States -- in 2021. Estimated to cost $5 billion, the facility will have an annual production capacity of 400,000 vehicles.
Originally, Rivian had expected to start construction in the summer of 2022 with the facility commencing production in 2024, but it has failed to officially begin construction at the 2,000 acre site.
Now what
With Rivian receiving a green light to proceed with the development of its new production facility, it's no wonder that shares of racing higher today. While the company had hit some potholes in the first half of 2023, things have been going much smoother recently, and the stock has subsequently soared.
With the company's major legal obstacle removed, EV investors will want to watch how construction activities proceed at the new plant in Georgia. Additionally, they should be focused on what the company says when it reports its upcoming second-quarter financial results in the coming weeks.
