Tesla jumps on EV charging tie-up with GM

Forward Industries

09/06/2023 16:51

(Updates)
    ** Electric-vehicle maker Tesla Inc's  TSLA.O  shares rise
5.8% to $248.53
    ** Should the stock finish higher, it would mark the
eleventh straight session of gains, its longest winning streak
since January 2021
    ** General Motors  GM.N  will join Ford  F.N  in adopting
Tesla's North American charging plug standard and give GM
electric-vehicle buyers access to the Tesla Supercharger network
    ** GM shares up 2.2% at $36.64
    ** The rare partnership among three of the biggest U.S.
automakers ensures that nearly 70% of the country's EV market
will have access to Tesla's North American Charging Standard
(NACS)
    ** Other brands will be forced to join this consortium,
effectively establishing Tesla's NACS as the preferred approach
for EV charging, at least in the U.S. - Piper Sandler
    ** Both Ford and GM will get access to Tesla's more than
12,000 superchargers across North America starting 2024
    ** "User feedback on these connectors is generally the most
positive in the space as NACS is less bulky than its
counterparts and, with a long version history, TSLA has worked
out most initial bugs" - BofA Securities
    ** As of last close, Tesla shares up 90.6% YTD

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass))