Rivian (NASDAQ:RIVN) stock is in the news Tuesday as investors react to a deal with EVgo (NASDAQ:EVGO) for access to its charging network.
With this collaboration comes support for Rivian’s R1T and R1S models on the EVgo network. This has them working with Autocharge+, which means owners simply have to plug them in for fast charging without any extra requirements.
Ivo Steklac, Chief Technology Officer at EVgo, said the following about its Autocharge+ option:
“As we’ve seen with rideshare, on-demand delivery, contactless payments and beyond – the more frictionless and dependable an experience is, the more people will embrace it. EVgo is committed to delivering reliable and convenient fast charging, and Autocharge+ offers the seamless customer experience that drivers expect.”
With Autocharge+, Rivian owners won’t have to open an app, swipe a card, or tap an EVgo program card to use fast charging. This convenience also comes at no extra charge to Rivian customers.
What That Means for RIVN Stock
Expanding the network of charging stations available to Rivian customers is a win for RIVN stock. It alleviates range worries while not requiring Rivian to build out its own charging network, which is an expensive endeavor.
Even with this announcement, shares of RIVN stock are down 2.4% as of Tuesday morning. However, shares are up 21.3% year-to-date.
Investors keeping track of all the biggest stock market stories are in the right place!
InvestorPlace is home to all of the latest stock market coverage worth reading about on Tuesday! A few examples include what’s going on with shares of Fisker (NYSE:FSR) and Archer Aviation (NYSE:ACHR) stock, as well as a stock market crash warning. Investors can find even more on these matters at the links below!
More Stock Market News for Tuesday
- FSR Stock Alert: Fisker Announces New Tesla Integration
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- Stock Market Crash Alert: Michael Burry Is Shorting the Market
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.
