Rivian (NASDAQ:RIVN) stock is in the news Tuesday as investors react to the electric vehicle (EV) company joining Tesla’s (NASDAQ:TSLA) charging standard.

According to Rivian, it’s making the switch to Tesla’s charging standard with adapters for its current EVs. Additionally, the company will start putting out EVs that come equipped with the Tesla charging ports starting in 2025.

This has Rivian joining the likes of General Motors (NYSE:GM) and Ford (NYSE:F), both of which also signed deals to join Tesla’s charging network. The company notes that this will benefit its customers as Tesla operates the largest EV charging network in the U.S.

Rivian also benefits as it doesn’t have to spend large sums of money quickly building out its own charging network. That’s an expensive process, so it makes sense the company would delay that cost by choosing to rely on the already-built charging network that Tesla operates, Reuters notes.

Rivian CEO Commentary on the Charging Deal

RJ Scaringe, founder and CEO of Rivian, said this about the agreement:

“We’re excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality. The adoption of the North American Charging Standard will enable our existing and future customers to leverage Tesla’s expansive Supercharger network while we continue to build out our Rivian Adventure Network. We look forward to continuing to find new ways to accelerate EV adoption.”

RIVN stock is up 3.2% as of Tuesday morning but is still down 11.6% since the start of the year.

Investors seeking out even more of the most recent stock market news will want to keep reading!

We have all of the biggest stock market stories that traders need to know about on Tuesday! A few examples of this include why shares of Alibaba (NYSE:BABA), Dice Therapeutics (NASDAQ:DICE), and C3.AI (NYSE:AI) stock are moving today. All of that news is ready to go at the links below!

More Stock Market News For Tuesday

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• Dear AI Stock Fans, Mark Your Calendars for June 22

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.