Shares of Tesla jumped nearly 7 per cent on Friday after US car maker General Motors joined Ford in agreeing to use the electric vehicle company’s charging network – a move that could make Tesla Superchargers an industry standard in the US.
Tesla, which has surged more than 130 per cent since the start of the year, was trading at $251 a share at 6.45pm UAE time on Friday, with the company’s market value standing at nearly $777.89 billion.
“Great to work with you,” Elon Musk, billionaire chief executive of Tesla, said on Twitter following the announcement.
Michigan-headquartered GM has agreed to integrate Tesla’s North American Charging Standard connector design into its EVs from 2025.
The partnership will expand access to charging for GM EV drivers at 12,000 Tesla Superchargers.
This agreement builds on GM’s ongoing investments in charging. Currently more than 134,000 chargers are available to GM EV drivers through the company’s Ultium Charge 360 initiative and mobile apps.
“This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers,” said GM chairwoman and chief executive Mary Barra.
“Not only will it help make the transition to electric vehicles more seamless for our customers, but it could help move the industry toward a single North American charging standard.”
The Tesla Supercharger network will be open to GM EV drivers starting in 2024 and will initially require the use of an adapter.
From 2025, the first GM EVs will be built with a NACS inlet for direct access to Tesla Superchargers without an adapter. In the future, GM will make adapters available for drivers of NACS-enabled vehicles to allow charging on fast charge stations.
Following the announcement, GM’s stock rose almost 2 per cent to $36.5.
“Our mission is to accelerate the world’s transition to sustainable energy,” said Rebecca Tinucci, Tesla’s senior director of charging infrastructure.
“Giving every EV owner access to ubiquitous and reliable charging is a cornerstone of that mission. We are excited to work with other industry leaders like GM to provide access to the Tesla Supercharger network.”
GM will also integrate the Tesla Supercharger network into its vehicle and mobile apps, helping drivers quickly and easily locate, pay for and initiate charging at available chargers.
Last month, US car maker Ford Motor said it would provide its EV customers with access to more than 12,000 Tesla Superchargers across the US and Canada, doubling the number of fast-chargers available to Ford EV customers starting next year.
In 2025, the company will offer next-generation EVs with NACS connector built in, eliminating the need for an adapter to use Tesla Superchargers.