Tesla jumps as GM deal makes its charging network closer to US standard

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2023-06-09 19:20:00  • 3 mins

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:Tesla shares were up 5 per cent on Friday after General Motors joined Ford in agreeing to use its electric-vehicle charging network, a big win that analysts said could make Tesla Superchargers an industry standard in the United States.

The rare partnership among three of the biggest U.S. automakers ensures that more than 60 per cent of the country's EV market can access Tesla's North American Charging Standard (NACS), which should make it the primary network in the country.

The White House on Friday said electric-vehicle charging stations using Tesla standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well.

"Tesla is hoping that CCS adapters will help it meet that requirement to qualify for federal tax dollars," said Garrett Nelson, senior investment strategist at CFRA Research.

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