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Tesla
(TSLA) stock charged higher Friday following an announcement by General Motors that GM’s electric vehicles would be able to charge using Tesla
(TSLA)’s charging network. That news following a similar announcement from Ford just two weeks before.
The company’s stock was up about $12 a share, or 5% on the day, as of this writing.
Both Ford and GM EV drivers will, for now, need special adapters to allow their vehicles to use Tesla chargers. Later, the automakers plan to build new electric vehicles that use Tesla-style chargers with no adapter needed.
Users will presumaby pay for charging sessions, providing more revenue for Tesla. Tesla “is going to get, I don’t know, $2 billion to $3 billion of revenue just from these folks a year,” said Gary Silberg, a global automotive industry analyst at KPMG.
Ford and GM EVs are currently built to use so-called CCS fast chargers, a common industry standard which relies on differently shaped plugs and thicker cables than Tesla’s chargers.
Tesla’s charging system had been proprietary and only usable by Teslas – although Teslas could use CCS chargers with an adapter.
