Tesla tsla and Rivian Automotive rivn Shares Soar Here's What's Driving the Momentum

Tesla (TSLA) and Rivian Automotive (RIVN) Shares Soar – Here’s What’s Driving the Momentum

Rivian Automotive, Inc. (NASDAQ: RIVN) revealed its plans to adopt Tesla’s charging standard. This decision will grant Rivian customers access to the largest electric vehicle (EV) charging network in the United States, marking a significant boost to Tesla’s ongoing efforts to establish itself as the industry standard.

Rivian announced that its customers will have the opportunity to utilize 12,000 Tesla Superchargers with adapters across the United States and Canada. This access will be available as early as the spring of 2024. In addition to their existing small network of fast chargers, Rivian plans to incorporate a Tesla-style charging port as the standard option on their vehicles, commencing in 2025.

In an interview with Reuters, Rivian CEO RJ Scaringe expressed a preference for the Tesla connector, citing its more compact design. Scaringe also acknowledged the opportunity to leverage Tesla’s extensive charging infrastructure, which they have built over the years.

This decision marks another triumph for Tesla, following a series of recent victories. BTC Power announced today that it will incorporate Tesla’s standard into its electric chargers. In addition, Texas declared that state-backed charging stations must include Tesla’s plug, and Hyundai Motor expressed its consideration of enhancing compatibility between its vehicles and Tesla’s standard.

Tesla has been actively forging partnerships, having recently struck deals with General Motors Company (GM) and Ford Motor Company (F). While other automakers gain access to Tesla’s extensive charging network, Tesla itself benefits by selling power to a larger group of electric vehicles (EV) drivers.

The stock market responded favorably to this news, with Rivian Automotive (RIVN) witnessing a notable surge and closing 5.51% higher. Similarly, Tesla, Inc. (NASDAQ: TSLA) shares concluded the day with a 5.34% increase, leading to an impressive overall gain of 49% since the announcement of the Ford deal in late May.