Tesla (TSLA) stock soared more than 4% today as automakers are starting to want to secure access to the Supercharger network for their own EV owners.
It took a little while for NACS’ domino effect to gain momentum, but with Rivian today announcing that it is jumping on board, Tesla’s connector is cementing its place as the new North American standard, which is helping Tesla’s stock keep its own momentum.
Despite already being the most valuable automaker in the world, Tesla’s stock managed to increase 50% over the last month.
Tesla’s stock is up more than 4% today following the news of Rivian jumping on board with NACS; a lot of the value seems to be driven by the validation Tesla’s Supercharger network is receiving.
Morgan Stanley recently estimated that the charging network could be worth more than $100 billion by 2030.
If there’s one thing clear from the recent announcements from Rivian, GM, and Ford, it is that they all want to secure access to Tesla’s Supercharger network for EV owners.
Rivian wrote in its announcement today:
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.
Rivian is in a great position to understand the value of the Supercharger network since it has taken a very similar approach to Tesla when it comes to charging with its own Adventure network.
It has only managed to open three dozen charging stations to date compared to Tesla’s 2,000 stations in North America.
With the adoption of NACS, Rivian EV owners are going to be able to get access to those stations – first through an adapter and later through a direct connector in new vehicles starting in 2025, just like Ford and GM.
I think this NACS adoption movement is validating Tesla’s approach to charging. It is going to create some urgency for other automakers as it is going to become a selling point for an EV in North America to have access to the Supercharger network.
In a way, with the exception of Rivian, which is likely just reading the situation right, it is legacy automakers admitting that unloading the charging experience to third-party wasn’t the right move.
And now, they are too far behind Tesla to do it themselves, so they have to unload it to Tesla.
I don’t think many people in the auto industry would have seen that coming 10 years ago.