From Nasdaq: 2024-05-02 12:48:39

Rivian Automotive (NASDAQ: RIVN) stock saw a nearly 5% spike, eventually settling at a 2.7% gain on Thursday. This increase could be attributed to potential frustration with another electric vehicle (EV) company. The rise follows Rivian’s announcement of updated plans for its charging network, potentially capitalizing on dissatisfaction with Tesla’s charging segment.

Rivian recently revealed plans to expand its Adventure DC fast charging network, accommodating various EV models. Utilizing the North American Charging Standard (NACS), Rivian aims to charge almost every brand of EV in North America. This expansion comes at a time when Tesla has scaled back its Supercharger network growth, sparking frustration among followers.

As Tesla reportedly pulls back from new Supercharger site leases in New York, Rivian could benefit from the backlash. Rivian’s stock has surged approximately 10% in the past week, potentially attracting customers with its expanding EV lineup. The frustration with Tesla’s charging network decisions could be driving investors towards Rivian.



Read more at Nasdaq: Why Rivian Automotive Stock Pushed Higher Today