What happened Shares of Rivian Automotive (NASDAQ: RIVN) spiked 10% today to start the trading week. The stock didn't hold those gains, but was still up 6.6% as of 2 p.m. ET on Monday. The company provides its second-quarter financial and operational update this Thursday, Aug. 11. But that's not what had investors boosting shares today. The Rivian R1T. Image source: Rivian Automotive. So what Rivian already has about 90,000 pre-orders for its R1T pickup truck and R1S SUV. It expects to be able to produce only 25,000 vehicles this year due to shortages of parts. But if the new legislation helps spur demand over the long term, investors see that as a positive development for Rivian and other early stage EV makers. Now what But the surge in Rivian stock this morning was also tempered by word from the company that certain provisions in the climate deal might put it at a disadvantage to competitors. Text in the legislation limits tax credits on electric trucks and vans to those costing less than $80,000; Rivian's R1T pickup truck starts at $67,500 (options can raise the price). The legislation's limit is $55,000 for cars, and the R1S SUV base price is $72,500. The company expressed its displeasure at those cost caps in a statement reported by The Wall Street Journal. It argues that higher prices will come down at the company is able to build more of a customer base, but that the provisions would be detrimental to doing that. That might help explain why the stock lost almost half its early gains today. When Rivian reports its second-quarter earnings update this week, management will surely have more to say on the topic at that time. 10 stocks we like better than Rivian Automotive, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Rivian Automotive, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of July 27, 2022 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source