Shares of Rivian Automotive Inc. RIVN rallied 2.8% in premarket trading Tuesday, after the electric vehicle maker announced an agreement that will allow drivers of Rivian EVs access to Tesla Inc.’s TSLA Supercharger network. Tesla’s stock gained 0.5% toward a nine-month high ahead of the open, Rivian said an adapter will be available to allow Rivian EVs to charge on Tesla’s charging network as early as the spring of 2024, and will incorporate Tesla’s North American Charging Standard (NACS) charge ports as started in future vehicles starting in 2025. “We’re excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality,” said Rivian Chief Executive Officer RJ Scaringe. Rivian’s announcement follows similar agreements announced by automaker’s Ford Motor Co. F and General Motors Co. GM within weeks of each other. Rivian’s stock has gained 14.3% over the past three months through Friday, while Tesla shares have run up 42.2% and the S&P 500 SPX has advanced 11.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.