Rivian Automotive (NASDAQ: RIVN) stock jumped as much as nearly 5% early Thursday. The stock move slid to a gain of just 2.7% as of 10:55 a.m. ET. But the sentiment may be a response to some frustration with another electric vehicle (EV) company.
The move comes after Rivian recently updated plans for its charging network. And that comes in sharp contrast to what EV leader Tesla has recently done with its charging segment. Tesla’s new charging network plan has frustrated some followers, and Rivian may be a beneficiary.
Rivian’s focus on EV chargers
Last week Rivian revealed an expansion plan for its Adventure DC fast charging network. The new fast charger will accommodate a larger variety of EV models. The new charger will use the North American Charging Standard (NACS). That charging connector system was developed by Tesla and is now being standardized by SAE Intenational, the global standards professional association.
Rivian says its network will be able to charge almost every brand of EV currently available in North America. That comes just as Tesla has greatly throttled back its Supercharger network expansion plans. Tesla just eliminated virtually all of its charging segment employees. CEO Elon Musk said that the company still plans to increase charger locations, but at a slower pace.
But a report today from EV publication Electrek said that Tesla has already backed out of several leases for new Supercharger sites in New York. The initial reaction to the report has been one of growing frustration with Tesla.
Rivian may be the beneficiary of that frustration. The stock has moved about 10% higher over the last week. Potential customers may be gravitating toward Rivian’s growing lineup of EV offerings.
Should you invest $1,000 in Rivian Automotive right now?
Before you buy stock in Rivian Automotive, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rivian Automotive wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $508,797!*
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.
See the 10 stocks »
*Stock Advisor returns as of April 30, 2024
Howard Smith has positions in Rivian Automotive and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
Why Rivian Automotive Stock Pushed Higher Today was originally published by The Motley Fool
