Reuters reported in an exclusive story Tuesday that American electric automaker Rivian Automotive (NASDAQ:RIVN) said it has agreed to adopt Tesla's (NASDAQ:TSLA) charging standard. Adding momentum to Tesla's bid to set the industry standard.
Tesla struck similar deals in recent weeks with General Motors (NYSE:GM) and Ford (NYSE:F), opening the floodgates for charging companies like EVgo and ChargePoint to join the growing coalition. The announcements lead into a record-breaking win streak for TSLA shares that reached 13 consecutive trading days.
Tesla shares are up more than 40% since late May when the U.S. electric vehicle giant announced its deal with Ford.
The California-based Rivian, which has its own small network of fast chargers, will be able to access 12,000 Tesla Superchargers with adapters in the United States and Canada as early as spring 2024. Rivian also revealed that it would make a Tesla-style charging port standard on its vehicles, starting in 2025.
Rivian CEO RJ Scaringe said in a statement the deal would allow buyers of Rivian electric pickup trucks and sport utility vehicles to "leverage Tesla's expansive Supercharger network." Which, according to the U.S. Department of Energy, accounts for about 60% of the total fast chargers available in the United States.
Tesla's charging standard had been proprietary until November, when it made the design and specifications public and rebranded the technology as the North American Charging Standard (NACS).
"It's great to see the industry coming together to adopt the North American Charging Standard," Tesla's Senior Director of Charging Infrastructure, Rebecca Tinucci, said in a statement.
Rivian will continue to expand its own charging network, the company said. The company had previously said it plans to build more than 3,500 charging stations.
Shares of RIVN and TSLA are up 2.49% and 0.48% respectively in pre-market trading on Tuesday.