Topline
Electric automaker Rivian unveiled plans on Tuesday to adopt its chargers to match its primary competitor, Tesla, giving Rivian drivers access to Tesla’s expanding U.S. “supercharger” network, as Rivian looks to stay competitive in a growing EV market, following Tesla’s recent partnerships with Ford and General Motors.
Rivian announced plans to allow drivers to use Tesla supercharger stations.
Key Facts
Rivian, an Irvine, California-based electric truck and SUV manufacturer, announced drivers will be able to use Tesla’s roughly 12,000 charging stations in the U.S. and Canada starting next spring.
Under the automaker’s agreement with Tesla, Rivian R1T and R1S owners will be able to use an adapter to fit Tesla charging stations, while Rivian’s charging ports in its future R1 and R2 vehicles will be compatible with Tesla’s chargers starting in 2025.
The agreement dramatically expands Rivian’s charging network—a limiting factor for EV owners driving long distances—and comes as Tesla opens its charging network to Ford and GM, and as Toyota revealed plans for a new generation of EVs.
Rivian’s stock jumped more than 4% Tuesday morning to a two-month high of $15.52.
Big Number
3,500. That’s how many fast chargers Rivian is working to install at 600 North American sites in its so-called Rivian Adventure Network, providing drivers with 140 miles in roughly 20 minutes. Rivian also plans to have more than 10,000 high-power level-two chargers around the U.S. and Canada.
Tangent
Rivian’s agreement comes less than a week after Toyota—which led the hybrid craze with its Prius but was slow to embrace EVs—announced its next generation of EVs, sending its stock to an 11-month high. Tesla owner and world’s richest man Elon Musk has in recent weeks also opened the EV giant’s charging network to Ford and GM. Tesla’s stocks continue to climb, reaching a nine-month high this week after taking a nose-dive late last year. General Motors CEO Mary Barra said the agreement will “double access” for the automaker’s EV charging, which is set to begin early next year.
Key Background
Rivian launched in 2009—first as Mainstream Motors, before rebranding as Avera Automotive and then Rivian—as an alternative to gasoline-powered pick-up trucks and vans. Full-scale production of its electric trucks began in 2020, with the first one sold in September 2021, though the company has since struggled with financial woes as it looked to compete with bigger EV makers and as automotive giants like Ford and Tesla continue to lower EV prices. In February, Rivian cut 6% of its staff, according to an internal message obtained by Reuters, after it slashed another 5% of its approximately 14,000 employees late last year. Rivian is also reconsidering an agreement to exclusively provide electric vans to Amazon, the Wall Street Journal reported in March, after Amazon reportedly ordered fewer vans than expected after agreeing to a massive plan in 2020 to buy 100,000 of its EVs for its delivery fleet.
Further Reading
Tesla Will Add General Motors To Charging Network—Nearly Two Weeks After Giving Ford Access To EV Charging Stations (Forbes)
Toyota Stock Soars To 11-Month High As Automaker Unveils Next- Generation Of Electric Vehicles (Forbes)
Source: https://www.forbes.com/sites/brianbushard/2023/06/20/rivian-adopts-teslas-ev-charging-standards-amid-growing-electric-competition-with-ford-and-gm/