Key takeaways
- Rivian has joined other electric vehicle manufacturers in adopting Tesla's charging station standard.
- Drivers of Rivian RT1 and RS1 electric vehicles will receive adapters from Spring 2024.
- Shares of Rivian and Tesla gained on news.
Rivian (RIVN) has joined Ford (F), General Motors (GM) and other electric vehicle (EV) manufacturers in adopting Tesla's Charging Station Standard (TSLA), bringing the industry closer to home. #39;a universal method for powering EVs. Shares of Rivian and Tesla rose in intraday trading on Tuesday following the news.
Rivian said the deal will give drivers of its electric vehicles access to Tesla's Supercharger network across the United States and Canada, although it added that it would also continue to expand its own Rivian Adventure network.
The company explained that An adapter allowing its RT1 pickup truck and RS1 SUV to be charged using Tesla's North American charging standard would be available next spring.
Rivian CEO RJ Scaringe reported that collaborations like this “help move the world towards carbon neutrality.”
Rebecca Tinucci, senior manager of charging infrastructure at Tesla, said “it's great to see the industry coming together to embrace the North American charging standard,” which she says , will ensure EV drivers have access to “easy-to-use and reliable charging hardware”.
Tesla has entered into similar agreements with Ford last month, and with GM and several EV charging companies earlier this month.
Rivian shares rose more than 5% on Tuesday at 3:30 p.m. ET after the announcement, while Tesla shares soared 4.7%.
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Source: investopedia.com
