Shares of Rivian Automotive Inc. rose more than 2% Tuesday, making the stock one of the few in the black among automakers, after the electric-vehicle maker said its EV owners will soon be able to access Tesla Inc.’s fast-charging network.
Rivian
RIVN,
said an adapter will be available to allow its EVs to charge on Tesla’s
TSLA,
fast-charging network as early as the spring of 2024 and that the company will incorporate Tesla’s North American Charging Standard (NACS) charge ports into its vehicles starting in 2025.
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“We’re excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality,” Rivian Chief Executive Officer RJ Scaringe said.
Rivian’s announcement follows similar agreements, announced by Ford Motor Co.
F,
and General Motors Co.
GM,
within weeks of each other, that will open up Tesla’s Superchargers, the company’s fast-charging network with charging stations usually located near major highways, to those companies’ EVs.
Tesla has pioneered the NACS fast-charging standard. Other automakers currently use the Combined Charging Standard, or CCS, which is also the standard in Europe and elsewhere.
Rivian’s stock has gained 14.3% over the past three months through Friday, while Tesla shares have run up 42.2% and the S&P 500
SPX,
has advanced 11.6%.
Claudia Assis contributed.
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