Rivian Automotive, Inc.(NASDAQ:RIVN) shares are trading slightly lower with the broader market Friday. The stock remains up by nearly 50% over the past month.

The Details:

A recent report from Recurrent Auto shows that electric vehicles are on pace to reach 50% of all vehicles on the road in the United States by 2030, which some view as a gateway to more widespread adoption of EVs.

According to data from the California New Car Dealers Association, Rivian has seen its vehicle registrations increase in the state by 76.7% this year, whileTesla, Inc.(NASDAQ:TSLA) registrations have fallen 17% compared to last year.