Rivian (RIVN) rises over 12% amid Tesla's "conditional settlement"

Rivian shares (NASDAQ:RIVN) are up over 12% on Monday amidst news that the electric truck maker and EV giant Tesla have reached a “conditional settlement” in a 2020 lawsuit. The lawsuit involved Tesla accusing Rivian of stealing trade secrets.  

While Tesla did not provide the details of its conditional settlement with Rivian, the electric car maker did state that it had informed a California state judge that it was planning on dismissing the case on December 24. This is, at least, if the conditional settlement's terms are fulfilled.  

Tesla’s case against Rivian started in 2020, with the EV maker claiming that the electric truck maker was exhibiting an “alarming pattern” of recruiting employees and misappropriating technology. Rivian denied the accusations, with the company arguing that Tesla’s lawsuit was a way for the EV giant to push down competitors in the electric vehicle space. 

Despite the lawsuit, Tesla and Rivian have reached a rather amicable relationship over the years. This was highlighted when Rivian became one of the automakers to adopt Tesla’s North American Charging Standard (NACS). Rivian’s R1T pickup truck and R1S SUV became one of the first non-Tesla automakers to gain access to the EV giant’s NACS-compatible Supercharger Network. 

As of writing, Rivian shares are trading up 12.99% at $11.56 per share. With this, Rivian’s market cap has reached 11.809 billion.

Check out some of our best-selling items at Rivianist!

Lift your truck safely and Change your Rivian's tires with confidence using our Rivian R1T/R1S Jack Pad Pucks! These jack pad pucks protect your truck's frame when lifted. They're made from tough aluminum to handle heavy loads, and their precise fit prevents damage to your R1T/R1S undercarriage. Their compact size makes them easy to store in your truck bed as well.

Tired of console clutter? Our Rivian R1T & R1S Lower Center Console Storage Tray doubles your space. With two levels, you can keep small items organized and easy to find. It’s also made from durable, high-quality materials that are built to last. Of course, it fits perfectly in your R1S/R1T lower center console for a clean look.

Only the best for your R1T. Our Rivian R1T All-Weather Floor Mats by 3D Maxpider shield your carpets from dirt, mud, and water—because spills and all sorts of unexpected things can happen. They’re custom-fit for perfect coverage and a sleek look, and they’re designed with raised edges to trap messes and make cleaning a snap. They’re extremely durable too.

Love your R1S, ditch the chrome with our Rivian R1S Chrome Delete (Full DIY Kit). This DIY kit lets you personalize your R1S for that cool, clean, modern, and murdered out look. They’re easy to install yourself, so you can probably complete their installation on a Saturday morning. They’re made with high-quality vinyl too, so they should last for years.

Show Off Your Sporty Style with our Rivian R1T Performance Lower Side Stripes. These performance lower side stripes add a touch of sporty flair to your Rivian R1T. They’re made from high-quality vinyl that stays on strong, and they’re very easy to apply for a professional-looking finish. They’re also available in various finishes to match your personal style.