Tesla Is Driving Rivian Stock Higher Tuesday: What's Going On?
Portfolio Pulse from Adam Eckert
Rivian Automotive has signed an agreement with Tesla to give Rivian users access to Tesla's Supercharger network. Rivian will adopt Tesla's North American Charging Standard (NACS) across the US and Canada, with NACS charging ports to be incorporated in future R1 vehicles and the upcoming R2 platform starting in 2025.
June 20, 2023 | 1:54 pm
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Rivian signs agreement with Tesla to access Supercharger network, adopting NACS in future vehicles. Canaccord Genuity analyst reiterates Buy rating with $40 price target.
The partnership with Tesla allows Rivian users to access Tesla's extensive Supercharger network, increasing the attractiveness of Rivian vehicles. The adoption of NACS also aligns Rivian with other major EV makers like Ford and GM. This news is likely to have a positive short-term impact on RIVN stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tesla signs agreement with Rivian to provide access to its Supercharger network, further expanding the adoption of its North American Charging Standard.
The agreement with Rivian expands the adoption of Tesla's North American Charging Standard, solidifying Tesla's position as a leader in EV charging infrastructure. This partnership is likely to have a positive short-term impact on TSLA stock.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80