Another domino has fallen in the battle over North American electric-vehicle charging standards.
Rivian Automotive
(ticker: RIVN) announced Tuesday it would adopt the
Tesla
(TSLA) charging plug and technology.
Rivian
owners also will be able to charge at
Tesla
‘s network of superchargers.
Tesla operates the largest network of supercharges in North America.
“It’s great to see the industry coming together to adopt the North American charging standard,” said Rebecca Tinucci, Tesla’s senior director of charging infrastructure, in a news release. “By doing so, we’re collectively ensuring all EV drivers have access to easy-to-use, reliable charging hardware.”
Rivian’s announcement follows similar announcements from
Ford Motor
(F) and
General Motors
(GM). It’s a win for Tesla. It shows the strength of its EV-charging technology. It also means money for Tesla because it owns the chargers.
Tesla stock has risen about 40% since the first announcement by
Ford
in late May. Investors love the idea for everyone though, not just Tesla. Ford shares have gained 27%. GM shares have risen about 6% since its early June announcement.
Rivian shares were up 2.8% in early trading Tuesday, while
S&P 500
and
Nasdaq Composite
futures fell 0.2% and 0.3%, respectively.
Better charging means it’s easier for buyers to go electric. “We’re excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality,” said Rivian CEO R.J. Scaring in a news release. “We look forward to continuing to find new ways to accelerate EV adoption.”
The plug that is being adopted essentially will replace the so-called CCS plug common in non-Tesla EVs in North America. Having one standard and one plug will make it easier for all EV players in the long run.
There is one plug type in Europe too, but the European EV industry went with the CCS plug.
As far as North American EV-charging standards go, Tesla is it. Investors should expect similar announcements from other auto makers.
Write to Al Root at [email protected]
Read the full article here
