Key Takeaways
- Rivian joined other EV makers in adopting Tesla's charging station standard.
- Drivers of Rivian RT1 and RS1 EVs will get adapters as early as Spring 2024.
- Shares of Rivian and Tesla gained following the news.
Rivian (RIVN) joined Ford (F), General Motors (GM), and other electric vehicle (EV) makers in adopting Tesla’s (TSLA) charging station standard, moving the industry closer to a universal method to power EVs. Shares of R༒ivian and Tꦦesla advanced in intraday trading on Tuesday following the news.
Rivian said the agreement will give drivers of its EVs access to Tesla’s Supercharger network throughout the U.S. 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 recharge using Tesla’s North American Charging Standard would be available as early ⛦a🎶s next spring.
Rivian CEO RJ Scaringe indicated that collaborations like this “help advance the♋ world toward carbon neutrality.”
Rebecca Tinucci, Tesla’s senior director of charging infrastructure, said that “it’s great to see the industry coming together ⛎to adopt the North Americ🀅an Charging Standard,” which she noted will ensure EV drivers access to “easy to use, reliable charging hardware.”
Tesla struck similar deals with Ford last month, and with GM and several EV charging station companies earlier this month.
Rivian shares were up o🐽ver 5% on Tuesday as of 3:30 p.m. ET after the annoucement, while Tesla shares climbed 4.7%.
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