Tesla grows on Wall Street by more than 5% to $246, a new high for the year, after the announcement of an agreement with the General Motors group to supply a Tesla Supercharger network for GM’s electric vehicles, which is also rose to +6.5% and then decidedly downsized. That of the house led by Elon Musk is a proprietary 480-volt direct current fast charging technology for electric vehicles.
Beginning in 2024, GM customers will have access to the Tesla Supercharger network, with an initial requirement to use a CCS adapter. By 2025, however, GM expects its electric vehicles to be equipped with a NAC input, which will allow direct access to Tesla Superchargers. The news comes two weeks after a similar deal to allow Ford vehicles access to Tesla’s charging network. The two network agreements in the United States could yield profits of 3 billion dollars for the Texan company by 2030. This is certainly an important and symbolic victory, indicative of how the traditional auto sector has had to come to terms with the standard bearer of electric mobility.
The news was like an earthquake for other electric car charging station operators. EVgo is down as much as 17%, worst session in nearly a month. ChargePoint Holdings lost up to 14% and Blink Charging dropped up to 10%, its worst intraday performance since February. Beam Global, which designs clean energy systems for charging electric vehicles, fell as much as 5.3%.
Justified reaction? Not everyone on Wall Street believes that. “We think the news is exaggerated, although we acknowledge that it questions what GM is planning long-term with EVgo, one of its key charging partners,” JPMorgan analyst Bill Peterson wrote in a note.
