Tesla Is Driving Rivian Stock Higher Tuesday: What's Going On?

Rivian Automotive Inc RIVN shares are trading higher Tuesday after the company signed an agreement with Tesla Inc TSLA to give Rivian users access to Tesla's Supercharger network.

What To Know: Rivian said it will adopt Tesla's North American Charging Standard (NACS) across the United States and Canada.

The NACS charging ports will be incorporated as the standard in future R1 vehicles, as well as the company's upcoming R2 platform, starting in 2025. An adapter is expected to be available, enabling Rivian vehicles to charge on Tesla's Supercharger network as early as spring 2024.

"We're excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality. 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," said RJ Scaringe, founder and CEO of Rivian. 

Rivian is the latest EV maker to adopt Tesla's North American Charging Standard, following in the footsteps of Ford and GM, which made similar announcements in recent weeks. 

Canaccord Genuity analyst George Gianarikas reiterated Rivian with a Buy rating and a $40 price target on Tuesday.

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RIVN Price Action: RIvian shares were up 2.35% at $15.23 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Rivian.