Why Rivian Stock Zoomed 9% Higher Today
The electric vehicle (EV) industry in the U.S. is coalescing around a single charging standard, and stocks in the industry are continuing to benefit. Among them is EV pickup truck maker Rivian Automotive (NASDAQ: RIVN), which recently signed on to that standard. On Thursday, the company's shares closed more than 9% higher, while the S 500 posted just a 0.5% gain.
The North American Charging Standard (NACS) developed by EV pace-setter (NASDAQ: TSLA) continues to gain strong momentum. On Thursday, Sweden-based EV specialist Polestar said it signed a deal with Tesla to adopt NACS. This will allow its vehicles' drivers -- along with those of Rivian and a clutch of other next-generation auto companies -- to plug in at charging stations in the Tesla Supercharger network throughout the U.S. and Canada.
Better, as far as widespread adoption of the standard is concerned, Polestar will equip all its models with NACS charging ports by default beginning in 2025.
Source Fool.com
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