Stock Track | Rivian Stock Soars 5% in Pre-Market on UAW Unionization Deal

Stock Track12-19 22:38

Shares of Rivian Automotive, Inc. (RIVN) surged 5.05% during pre-market trading on Thursday, following reports that the electric vehicle maker has reached an agreement with the United Auto Workers (UAW) union to make it easier for workers to unionize.

According to a report by Bloomberg, the "secret deal" between Rivian and the UAW pledges a "neutral" stance from the company towards union organizing efforts. This agreement could pave the way for Rivian's workforce to form a union, potentially impacting labor relations and operations at the company.

While the details of the agreement have not been disclosed, investors seem to have responded positively to the news. Unionization in the automotive industry is a contentious issue, and Rivian's willingness to facilitate the process could be seen as a proactive step to maintain positive relationships with its workers.

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