Rivian to Use Tesla’s Charging Network, Follows Ford and GM
Last Updated: June 20, 2023 at 11:48 a.m. ET
First Published: June 20, 2023 at 9:20 a.m. ET
By Al Root
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RIVN
+2.86%
TSLA
+1.81%
F
-2.88%
GM
-2.57%
SPX
-0.74%
COMP
-0.65%
STLA
-3.43%
TM
-4.46%
BMW
-0.45%
VOW
-2.24%
MBG
-0.65%
MBGH
Telsa charging tech picks up another win. Rivian will adopt the Tesla plug. JUSTIN SULLIVAN/GETTY IMAGES
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.
Coming into Tuesday trading, Tesla stock had risen about 40% since the first announcement by Ford in late May. Investors love the idea for everyone though, not just Tesla. Ford shares gained 27%. GM shares rose about 6% since its early June announcement.
In midday trading, Rivian was up 4.1% and Tesla was 2.1%. The S&P 500 and Nasdaq Composite are down 0.7% and 0.6%, 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.
Chrysler parent Stellantis (STLA), Toyota Motor (TM), BMW ( BMW. Germany), Volkswagen (VOW. Germany), and Mercedes-Benz Group ( MBG. Germany) don’t have deals with Tesla yet. All didn’t immediately respond to a request for comment.
Write to Al Root at allen.root@dowjones.com |
