HYMTF - Electric vehicle charging stocks fall with more automakers moving to Tesla charging standard

2023-06-20 12:44:05 ET

Electric vehicle battery charging stocks fell again on Tuesday with more automakers moving to the Tesla ( TSLA ) charging standard.

Rivian ( RIVN ) announced that it has agreed to set up its customers to use the expansive Tesla Supercharger network. Customers of Rivian ( RIVN ) are expected to be able to access 12K Tesla Superchargers with adapters in the United States and Canada as early as spring 2024. Similar to other automakers joining the Tesla charging standard, Rivian ( RIVN ) said it would make a North American Charging Standard charging port standard in vehicles in 2025. The new charging standard will be applicable to future R1 vehicles and the upcoming R2 platform. Meanwhile, Hyundai Motor ( OTCPK:HYMTF ) CEO Jaehoon Changwill said the South Korean auto giant will consider making its vehicles more readily compatible with the charging standard of Tesla as it looks out for the best interest of customers.

ChargePoint Holdings ( NYSE: CHPT ) fell 7.55% and EVgo ( NASDAQ: EVGO ) was down 1.39% . Wallbox ( NYSE: WBX ) peeled off 4.60% , while Blink Charging ( NASDAQ: BLNK ) shed 1.25% . For the last six weeks, Blink Charging ( BLNK ) has seen the biggest drop in the group with a decline of 11%.

More on electric vehicle charging stocks:

• EVs made by General Motors will be able to use Tesla's Supercharger network
• ChargePoint Joins The Big Auto EV Alliance
• Is EVgo's Success At Risk?
• Blink Charging: Tesla Roadblock
• Seeking Alpha's Quant Rating for ChargePoint
• Seeking Alpha's Quant Rating for EVgo

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