Rivian, Nio climb amid increased investment from Swiss bank and growing robotaxi hype

EV makers Rivian and Nio are climbing Friday amid news that Swiss bank Vontobel significantly boosted its stake in them this quarter. The stocks’ sails also appear to be catching wind from growing robotaxi hype.

Vontobel disclosed that it scooped up 608,000 shares of Nio in the quarter ending in June, more than doubling its position. The bank’s Rivian position nearly tripled in the same period to about 450,000 shares. In its Friday earnings call, Volkswagen announced it had spent more than $1 billion buying additional Rivian shares in Q2.

Rivian and Nio could also be enjoying a boost from growing hype around robotaxis, following Business Insider’s report that Tesla could launch its service in San Francisco as early as Friday.

Rivian and Nio were each up more than 3% in midday trading.

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