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Rivian (RIVN) stock rallies 5% after striking battery charging deal with Tesla

Rivian (RIVN) stock rallies 5% after striking battery charging deal with Tesla

Rivian’s (NASDAQ: RIVN) shares have been on a roller-coaster ride in 2023. In February 2023, the company’s stock saw an impressive run, captivating investors with its promising growth prospects. 

However, in the following months, the automaker encountered a range of obstacles, including supply chain constraints and recalls, leading to a substantial decline in its stock price. 

Now, RIVN is back on an upward trajectory, climbing over 5% in a day and soaring more than 10% over the past 5 days, with half of those gains coming from its June 20 rally triggered by an announcement that the US-based electric vehicle (EV) maker will adopt Tesla’s (NASDAQ: TSLA) charging standard.

The move marks a major deal as it will provide Rivian customers with direct access to the largest EV battery charging network in the US. 

According to the press release, Rivian drivers will be able to use Tesla’s 12,000 Superchargers across the US and Canada as early as 2024. In addition, Rivian said it will also develop a Tesla-like charging port standard on its vehicles in 2025.

“An adapter will be available to enable Rivian’s award-winning R1T and R1S to charge on the Supercharger network as early as spring 2024. Rivian will incorporate North American Charging Standard (NACS) charge ports as standard in future R1 vehicles starting in 2025, as well as in its upcoming R2 platform.”

– Rivian wrote in the press release.

Prior to Rivian, Tesla struck similar deals with General Motors (NYSE: GM) and Ford (NYSE: F).

Rivian stock price analysis

At press time, shares of Rivian were standing at $15.70, after closing 5.51% higher on Tesla deal reports on Tuesday, June 20.

Over the past 5 days, RIVN gained nearly 10.5%, adding more than $40 million in market cap during the period.

RIVN 5-day price chart. Source: Google

Year-to-date, the stock still remains in the red, down around 17%, after experiencing a myriad of headwinds such as supply chain snarls, disappointing Q4 revenue, and major recalls, among other things.

Finally, on Tuesday, it was confirmed Rivian’s stock left the Nasdaq 100 – a stock market index following the largest non-financial companies that are listed on the Nasdaq stock exchange – and was replaced by chipmaker ON Semiconductor (NASDAQ: ON). 

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