Why Rivian Shares Jumped This Morning

Rivian Automotive (NASDAQ: RIVN) stock opened the trading week with a jump higher by as much as 6.4%. That move came after a major announcement from the upstart maker of electric pickup trucks and SUVs. As of 11:30 a.m. ET, Rivian shares had pared some of that gain, but remained higher by 4.2%.

Rivian announced today that it was following Ford Motor Company and General Motors in forming an agreement for its customers to have access to 's North American network of Superchargers. Rivian has been building its own small network of vehicle charging locations, but this deal will give Rivian owners the ability to quickly add more than 12,000 fast chargers beginning next year. 

Rivian will initially provide adapters for its customers to charge using Tesla's North American Charging Standard (NACS) format, and will make NACS charging ports standard on Rivian vehicles starting in 2025. Rivian will also use NACS for its next-generation R2 platform of vehicles. 

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Source Fool.com