Rivian announced Tuesday morning it has signed a deal for its customers to use Tesla superchargers beginning in 2024. The move puts Rivian alongside General Motors and Ford — all companies that recently signed charger agreements with TSLA. Tesla stock advanced Tuesday while Rivian stock surged.
Rivian vehicle owners will be able to access, using an adapter, Tesla's network of more than 12,000 superchargers in North America starting in 2024. Rivian added Tuesday it will also adopt Tesla's charging port, the North American Charging Standard (NACS) connector, in its electric vehicles beginning in 2025.
"The adoption of the North American Charging Standard will enable our existing and future customers to leverage Tesla's expansive Supercharger network while we continue to build out our Rivian Adventure Network," Rivian CEO R.J. Scaringe said in a statement.
Rivian's decision follows GM and Ford, which recently partnered with Tesla to gain access to its supercharger network. Meanwhile, Stellantis is also mulling adopting TSLA's EV charging standard.
"It's great to see the industry coming together to adopt the North American Charging Standard," Rebecca Tinucci, Tesla's senior director of charging infrastructure, said in a statement Tuesday.
Tesla stock surged 5.3% to 274.45 Tuesday during market trade. RIVN advanced 5.5% to 15.70.
Wedbush analyst Daniel Ives tweeted Tuesday Tesla's charging deal with Rivian is "another sign it's Game, Set, Match for Tesla owning charging domestically the U.S. with more monetization the key looking ahead."
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Tesla Stock
Ahead of Tuesday trade, TSLA shares were up around 140% in 2023 and nearly 28% in June. However, Tesla stock was down around 37% from the all-time high of 414 it hit in November 2021.
TSLA jumped more than 6% last week despite two straight consecutive sessions with losses.
Tesla stock is well extended past a 207.79 buy point from what's either a cup or a double-bottom base.
Shares are more than 30% above their 200-day/40-week moving average. That's the most extended they've been since the stock marked its November 2021 peak.
Tesla ranks third in IBD's automaker industry group. It has a 98 Composite Rating out of 99. Tesla stock has a 91 Relative Strength Rating and its EPS Rating is 93 out of 99.
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