{"id":20388,"date":"2023-06-09T06:53:10","date_gmt":"2023-06-09T10:53:10","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/tesla-to-open-charging-network-to-gm-next-year-gm-tesla-shares-rally\/"},"modified":"2023-06-09T06:53:11","modified_gmt":"2023-06-09T10:53:11","slug":"tesla-to-open-charging-network-to-gm-next-year-gm-tesla-shares-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20388","title":{"rendered":"Tesla to open charging network to GM next year; GM, Tesla shares rally"},"content":{"rendered":"
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Tesla Inc. has opened its fast-charging network to General Motors Co. electric vehicles, the companies said late Thursday, following a similar announcement late last month about Ford Motor Co.\u2019s EVs. <\/p>\n

A network of 12,000 Tesla \u201cSuperchargers\u201d in North America will be open to GM EV drivers next year, initially requiring an adapter. Beginning in 2025, GM will equip its EVs with the same inlet standard for direct access, GM said. <\/p>\n

\n

Shares of GM
\n GM,
\n -1.02%<\/bg-quote>
\n rallied nearly 4% in aftermarket trading after the news. The stock ended the regular trading day down 1%. Tesla shares
\n TSLA,
\n +4.58%<\/bg-quote>
\n jumped more than 3% in the extended session after a 4.6% gain during Thursday\u2019s regular trading, extending its advance to a 10th straight session and their highest close since October. <\/p>\n

\u201cThis collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers,\u201d GM Chief Executive Mary Barra said in a statement. <\/p>\n

\u201cNot 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,\u201d Barra said.<\/p>\n

Related: <\/strong>Tesla Model 3s now qualify for $7,500 in federal tax credits<\/p>\n

Tesla\u2019s mission is to accelerate the transition to sustainable energy, said Rebecca Tinucci, Tesla\u2019s senior director of charging infrastructure. <\/p>\n

\u201cGiving every EV owner access to ubiquitous and reliable charging is a cornerstone of that mission,\u201d Tinucci said. <\/p>\n

See also: <\/strong>Rivian stock has \u2018clear opportunity\u2019 to pull ahead, Barclays says<\/p>\n

Tesla Chief Executive Elon Musk and Ford Chief Executive Jim Farley announced their fast-charging agreement three weeks ago on a Twitter Spaces livestream, boosting Ford shares the next day. Barra joined Musk for a Twitter Spaces conversation<\/a> Thursday afternoon.<\/p>\n

Like GM\u2019s, Ford\u2019s EVs will also initially need an adapter to be able to use Tesla\u2019s fast-charging network, usually located by interstate highways and other major arteries.<\/p>\n

Earlier Thursday, GM announced it was investing half a billion dollars in a Texas plant slated to build traditionally powered full-size SUVs. <\/p>\n

Shares of EV charging companies EVgo Inc.
\n EVGO,
\n -0.23%<\/bg-quote>
\n and ChargePoint Holdings Inc.
\n CHPT,
\n -1.74%<\/bg-quote>
\n dropped about 4% in afterhours. <\/p>\n

GM shares have gained nearly 7% so far this year, compared with an advance of about 11% for the S&P 500 index
\n SPX,
\n +0.62%<\/bg-quote>.<\/span>
\n Tesla shares are outperforming the index this year, up 91%. <\/p>\n<\/p><\/div>\n<\/div>\n