After a difficult week and an even worse month, Rivian (NASDAQ:RIVN) stock is riding high again on two positive updates.
Last week brought the unveiling of the firm’s lower-cost R2 electric vehicle (EV) platform, which promises to help boost shares in the long term. However, that’s not why shares are up today. First off, recent data shows that Rivian enjoyed a positive start to the year in terms of registrations, despite RIVN stock struggling. Plus, the electric truck producer will now be able to offer drivers access to the Telsa (NASDAQ:TSLA) Supercharger network.
This rare multi-catalyst combination is setting the EV stock up for an excellent week as Rivian looks to make up the ground it lost in 2023.
What’s Happening With RIVN Stock?
Since markets opened this morning, RIVN stock has been making notable progress. Shares closed today up by more than 3%. While Rivian has been volatile throughout March, Wall Street sentiment toward the stock has started to shift as experts have issued increasingly positive takes on the EV producer. On TipRanks 13 out of 24 analysts currently rate the stock as a buy. That’s likely to improve after today’s growth-driving catalysts.
For one, new data from the S&P Global Mobility shows that Rivian’s U.S. registration growth actually outpaced many of its peers in January 2024. This was due primarily to sales growth from its R1S, which helped registrations quadruple. Rivian reported 3,818 registrations for January, finishing above several prominent automakers.
However, another announcement may blow even this figure out of the water. In a blog post this morning, the company reported that drivers will now be able to charge their Rivian vehicles with Tesla Superchargers, using the appropriate adapter:
“Because we handle our charging hardware and software in-house, we can seamlessly integrate most fast chargers — including the Supercharger network — into our charging ecosystem. Our unified digital platforms make it easy to transition between our mobile app and in-vehicle infotainment. This allows Rivian owners to enjoy an end-to-end experience where they can do their trip planning, filter chargers, set route preferences, navigate, and add stops without missing a beat.”
As Tesla claims to have over 50,000 Superchargers across the globe, this will make EV charging considerably easier for Rivian drivers. That could be an excellent sales driver for the EV maker, particularly in more rural areas where charging infrastructure is limited.
The Road Ahead
While Rivian is still recovering from a disappointing past year, its future looks promising. The automaker is demonstrating a clear focus on growth and innovation, showing investors why it shouldn’t be counted out. It is working hard to roll out lower-priced vehicles and give drivers more options to charge them.
With these positive catalysts, it is likely that more analysts will issue positive takes on RIVN stock. If they do, shares should react accordingly and start advancing toward previous highs.
On the date of publication, Samuel O’Brient did not hold (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.
