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Rivian charges in hard to the electric vehicle market

Apr. 3, 2021 8:54 AMBlink Charging Co. (BLNK)CHPT, RIVNBy: Clark Schultz, SA News Editor

It was a big week for charging station stocks with Blink Charging (NASDAQ:BLNK) jumping 18% and ChargePoint (NYSE:CHPT) rallying 48% amid a vibrant rally in the electric vehicle sector.

Electric truck startup Rivian (RIVN) is also looking to build out a charging network that could draw interest following the Biden Administration's big commitment to the electric vehicle sector.

Rivian says its Adventure Network will grow to more than 3,500 fast chargers at over 600 sites by the end of 2023. The company says each site will have multiple chargers and will be conveniently located on highways and main roads, often by cafes and shops. The chargers will provide 140 miles of range in 20 minutes for R1T and R1S vehicles. Over 10K Rivian Waypoints are also planned across the U.S. and Canada through 2023 near retail locations.

By comparison, Tesla has 9,723 fast-charging cords in the U.S. today and other networks combined have just 7,589 outlets for public charging.

Rivian's charging station network buildout could be crucial as the company looks to deliver 100K delivery vans to Amazon in the next decade, including 10K by the end of next year. The company built a test fleet of vehicles for Amazon in Plymouth, Michigan and vans are expected to be tested in 16 different cities this year. The EV upstart is looking to start production by the end of this year and shake up the market in 2022 and beyond.

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(BLNK)CHPT, RIVNBy: Clark Schultz, SA News Editor</p><p>It was a big week for charging station stocks with Blink Charging (NASDAQ:BLNK) jumping 18% and ChargePoint (NYSE:CHPT) rallying 48% amid a vibrant rally in the electric vehicle sector.</p><p>Electric truck startup Rivian (RIVN) is also looking to build out a charging network that could draw interest following the Biden Administration's big commitment to the electric vehicle sector.</p><p>Rivian says its Adventure Network will grow to more than 3,500 fast chargers at over 600 sites by the end of 2023. The company says each site will have multiple chargers and will be conveniently located on highways and main roads, often by cafes and shops. The chargers will provide 140 miles of range in 20 minutes for R1T and R1S vehicles. 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