GM and Tesla partner for EV charging

General Motors (NYSE: GM) cars would be able to charge at 12,000 Tesla Superchargers by spring next year and GM would integrate Tesla’s North American Charging Standard (NACS) in its future EVs to enable seamless charging at Superchargers.

The deal was announced by Tesla CEO Elon Musk and GM CEO Mary Barra in a Twitter Spaces interaction.

Just about two weeks back, Tesla and Ford also announced a similar deal for charging network. Both Ford and Tesla stocks rose after the announcement as is the case now and Tesla and GM stocks are up 5.0% and 3.5% respectively in US post-market price action.

Tesla stock is now up 117% for the year and is among the top five S&P 500 gainers. The stock fell 65% last year and had its worst year ever.

The stock slumped to multi-month lows on the first trading day of 2023 but has since rebounded amid a buying spree from retail investors.

tsla stock rpice

Cathie Wood of ARK Invest also bought more Tesla shares this year.

Meanwhile, in her discussion with Musk which lasted for under 10 minutes, Barra said, “I think we have a real opportunity here to really drive this to be the unit unified standard for North America, which I think will even enable more mass adoption, so I couldn’t be more excited.”

Notably, Musk and Tesla have been working to increase EV adoption and the billionaire reiterated his views during the Twitter Spaces saying the deal would “even the playing field.”

Tesla supercharging

He added, “I think people should feel comfortable buying a Tesla or a GM car, and we will provide support equally to both. So, the most important thing is that we advance the electric vehicle revolution.”

In their Q1 2023 earnings deck, Tesla said that it has 4,947 Supercharging stations globally which have a total of 45,000 Superchargers – it however does not break down the network by regions.

GM Partners with Tesla for Superchargers

The partnership between Tesla and GM is a win-win. General Motors which previously announced a $750 million investment in building the charging network now expects to save upto $400 million.

Tesla would earn revenues when GM or Ford vehicles charge at its Superchargers. So far none of the companies have specified the financial details but last month Ford CEO Jim Farley said that the deal “will be competitive in the marketplace.”

Notably, Musk has looked quite open to sharing its technology with other automakers and earlier this month he offered to license its self-driving tech to others.

Musk Has Offered to Share TSLA’s Self-Driving Technology

The company’s full self-driving (FSD) is at the center of multiple controversies though.

This year, Dawn Project released a 30-second commercial calling out Tesla for what it said was “deceptive marketing.”

The National Highway Transport Safety Administration is investigating several cases of crashes, including fatal ones, involving Tesla’s autonomous driving system.

In April there were reports that some Tesla employees shared sensitive customer images that they obtained from cameras in Tesla cars which were otherwise meant to assist with the self-driving.

Would More Automakers Partner for Tesla Superchargers?

Meanwhile, whether more automakers join Tesla’s charging network remains to be seen. Not everyone is impressed with Tesla’s partnerships with other automakers though.

Last month when Ford and Tesla announced the charging deal, CharIN, a global association that’s working for the adoption of the Combined Charging System (CCS) lashed out at the deal.

It said, “abandoning open standards for proprietary standards will inevitably lead to further consumer confusion and delay EV adoption.”

CCS enables international interoperability, unlike the NACS that Tesla offers. Notably, under its Inflation Reduction Act of 2022, the Biden administration proposed a $7.5 billion investment into EV charging infrastructure which it said would be open for all cars.

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