2023-06-20 18:14:00
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20.06.2023 21:14, Dmitry Fedorov
Electric vehicle manufacturer Rivian announced its decision to switch to Tesla’s NACS charging standard. This will give Rivian EV owners the largest charging network in the US. In turn, Tesla has become even closer to making its chargers the industry standard.
Image Source: Tesla
Rivian, which operates its own small network of fast charging stations, plans to provide its customers with access to 12,000 Tesla Supercharge charging stations across the US and Canada by spring 2024 through special adapters. In addition, the company will equip its electric vehicles with Tesla NACS-standard charging ports starting in 2025. RJ Scaringe, CEO of Rivian, said in a statement that the deal will allow owners of Rivian’s electric pickups and SUVs to make efficient use of Tesla’s vast charging network.
Against this background, shares of the Californian company Rivian rose by 3% in pre-sales. Tesla shares also climbed 0.5%, continuing to rise more than 40% since the announcement of the Ford deal at the end of May.
Tesla recently entered into similar agreements with General Motors and Ford. This allows other automakers to use Tesla’s charging network while Tesla can increase its revenues by selling electricity to more EV owners.
Access to charging stations is critical for automakers to reduce customer fears of running out of power. According to the US Department of Energy, Tesla Superchargers account for regarding 60% of all fast charging stations in the US. However, apart from Tesla, most manufacturers are not looking to create their own networks.
Analysts note that establishing and maintaining a network of charging stations requires significant investment, with revenues limited due to the relatively small number of electric vehicles on the roads. Revenue from services and other sources, including fees for using Tesla chargers, accounted for just under 10% of the company’s total revenue for the most recent quarter. Tesla does not provide separate statistics on income from its own charging stations.
Image Source: Rivian
Tesla has made a big breakthrough by supplanting the competing CCS standard that was previously supported by the Biden administration. The US government has provided $7.5 billion to accelerate the deployment of electric vehicle charging stations in the US. Tesla was forced to open up its charging network in order to qualify for a portion of these federal funds.
Tesla’s charging standard was closed until November, when the company unveiled the design and specifications, renaming the technology the North American Charging Standard (NACS). “We are excited to see the industry come together to adopt the North American Charging StandardRebecca Tinucci, Tesla Senior Director of Charging Infrastructure, said in a statement. Manufacturers such as ABB E-mobility North America, Tritium DCFC, EVgo and FreeWire are actively adapting their charging stations by adding NACS connectors following Ford and GM announcements.
Rivian, which makes the R1T pickup truck and the R1S SUV, has announced its intention to continue expanding its network of charging stations. The company previously announced plans to build more than 3,500 charging stations.
At the same time, China, as the world’s largest market for electric vehicles, has its own charging standard. In Japan, automakers such as Toyota and Nissan are promoting the CHAdeMo standard.
With strong government support and increased federal funding, the electric vehicle industry will continue to grow and develop. It is important that electric vehicle manufacturers continue to collaborate and standardize charging solutions to ensure convenience and affordability for end consumers, contributing to more sustainable and environmentally friendly transportation.
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