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Rivian shares surge following announcement of access to Tesla's fast-charging network

Rivian Automotive Inc.'s stock price experienced an upward swing of over 2% on Tuesday, making it one of the few automaker shares to register a positive trend. The surge came on the back of an announcement that Rivian's electric vehicle (EV) owners will soon be granted access to Tesla Inc.’s speedy charging network.


Rivian disclosed plans for the release of an adapter to facilitate charging of its EVs on Tesla’s fast-charging network, anticipated by spring 2024. Furthermore, the company plans to integrate Tesla’s North American Charging Standard (NACS) charge ports into its cars by 2025.


This comes as the acceptance of Tesla's EV charging standard continues to grow, which could also positively impact Tesla's stock.


Rivian CEO, RJ Scaringe, expressed enthusiasm about the partnership, noting the role of such collaborations in the global drive towards carbon neutrality.


Rivian's move aligns with similar agreements previously announced by Ford Motor Co. and General Motors Co., which will also see their EVs tapping into Tesla’s Supercharger network. These high-speed charging stations are typically located near main thoroughfares.


Tesla has been a frontrunner in promoting the NACS fast-charging standard, unlike other automakers who typically adopt the Combined Charging Standard (CCS), prevalent in Europe and other regions.


Over the last three months, Rivian's stock has risen 14.3% as of Friday. Meanwhile, Tesla shares have surged by 42.2%, and the S&P 500 has made an 11.6% gain.

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