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.’s EVs.
A network of 12,000 Tesla “Superchargers” 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.
Shares of GM
GM,
-1.02%
rallied nearly 4% in aftermarket trading after the news. The stock ended the regular trading day down 1%. Tesla shares
TSLA,
+4.58%
jumped more than 3% in the extended session after a 4.6% gain during Thursday’s regular trading, extending its advance to a 10th straight session and their highest close since October.
“This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers,” GM Chief Executive Mary Barra said in a statement.
“Not 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,” Barra said.
Related: Tesla Model 3s now qualify for $7,500 in federal tax credits
Tesla’s mission is to accelerate the transition to sustainable energy, said Rebecca Tinucci, Tesla’s senior director of charging infrastructure.
“Giving every EV owner access to ubiquitous and reliable charging is a cornerstone of that mission,” Tinucci said.
See also: Rivian stock has ‘clear opportunity’ to pull ahead, Barclays says
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 Thursday afternoon.
Like GM’s, Ford’s EVs will also initially need an adapter to be able to use Tesla’s fast-charging network, usually located by interstate highways and other major arteries.
Earlier Thursday, GM announced it was investing half a billion dollars in a Texas plant slated to build traditionally powered full-size SUVs.
Shares of EV charging companies EVgo Inc.
EVGO,
-0.23%
and ChargePoint Holdings Inc.
CHPT,
-1.74%
dropped about 4% in afterhours.
GM shares have gained nearly 7% so far this year, compared with an advance of about 11% for the S&P 500 index
SPX,
+0.62%.
Tesla shares are outperforming the index this year, up 91%.
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