Rivian Automotive (NASDAQ:RIVN) shares are inching upward today after the electric vehicle maker teamed up with Tesla (NASDAQ:TSLA) to offer access to the latter’s supercharger network in the U.S. and Canada to its customers.
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Now, Rivian’s R1T and R1S will be able to charge on the supercharger network by spring 2024, and beginning 2025 the company will incorporate the North American Charging Standard (NACS) posts into its R1 models as a standard feature.
Importantly, the collaboration will offer more charging locations to drivers and R. J. Scaringe, the Founder, and CEO of Rivian commented, “We are excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality. The adoption of NACS will enable our existing and future customers to leverage Tesla’s expansive supercharger network while we continue to build out our Rivian Adventure Network.”
In an interesting development, Rivian conducted a direct factory sale on June 17. This highlights a possibly rising inventory level for the company and a key metric for investors to keep an eye on over the coming periods. Importantly, the company plans production based on order backlogs and is looking to increase output over the next year.
Overall, the Street has a $22.40 consensus price target on Rivian alongside a Moderate Buy consensus rating. Shares of the company have now gained nearly 9% over the past month.
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