Why Rivian Automotive Stock Pushed Higher Today
Rivian Automotive (NASDAQ: RIVN) stock jumped as much as nearly 5% early Thursday. The stock move slid to a gain of just 2.7% as of 10:55 a.m. ET. But the sentiment may be a response to some frustration with another electric vehicle (EV) company.
The move comes after Rivian recently updated plans for its charging network. And that comes in sharp contrast to what EV leader Tesla has recently done with its charging segment. Tesla’s new charging network plan has frustrated some followers, and Rivian may be a beneficiary.
Rivian’s focus on EV chargers
Last week Rivian revealed an expansion plan for its Adventure DC fast charging network. The new fast charger will accommodate a larger variety of EV models. The new charger will use the North American Charging Standard (NACS). That charging connector system was developed by Tesla and is now being standardized by SAE Intenational, the global standards professional association.
Rivian says its network will be able to charge almost every brand of EV currently available in North America. That comes just as Tesla has greatly throttled back its Supercharger network expansion plans. Tesla just eliminated virtually all of its charging segment employees. CEO Elon Musk said that the company still plans to increase charger locations, but at a slower pace.
But a report today from EV publication Electrek said that Tesla has already backed out of several leases for new Supercharger sites in New York. The initial reaction to the report has been one of growing frustration with Tesla.
Rivian may be the beneficiary of that frustration. The stock has moved about 10% higher over the last week. Potential customers may be gravitating toward Rivian’s growing lineup of EV offerings.
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Howard Smith has positions in Rivian Automotive and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
Why Rivian Automotive Stock Pushed Higher Today was originally published by The Motley Fool
