Topline
General Motors will join Ford as one of two automobile manufacturers that will gain access to Tesla’s electric vehicle charging network—a partnership GM CEO Mary Barra said would “double access” to chargers that GM has so far made available to its vehicles.
GM and Ford will be a part of Tesla's growing network of superchargers. (Photo by Smith ... [+]
Key Facts
GM electric vehicle drivers will gain access to 12,000 Tesla Supercharger ports starting early next year, which will initially require the use of adaptors.
The automobile manufacturer will also begin integrating the Tesla-developed North American Charging Standard in new electric vehicles by 2025.
Barra added that GM’s decision to pursue the Tesla charger deal came from customer concerns about infrastructure, particularly in the case of customers who worried about having an electric vehicle as their only vehicle without enough charging stations to support it.
The partnership marks another addition to Tesla’s new source of charging revenue—as Tesla’s services division, which includes charger fee revenue from its own customers, brought in $1.8 billion in the first three months of last year.
Key Background
Tesla announced it would bring GM competitor Ford into its charging network in late May. Tesla has reported it has around 17,000 superchargers in the U.S., which make up around 60% of the country’s fast chargers. In the first quarter of this year, GM—whose brands include Chevrolet, Buick and Cadillac—recorded more electric vehicle sales than Ford, selling a little more than 20,000 units. Ford reported half as many electric vehicles sold in that same quarter. However, both manufacturers are dwarfed by Tesla in EV sales, which sold more than 160,000 units last quarter.
Forbes Valuation
We estimate Musk’s net worth at $220.2 billion. The business magnate passed LVMH chairman Bernard Arnault as the richest person in the world on Thursday—with Arnault’s net worth being estimated at $216 billion.
Tangent
Tesla’s share price rose nearly 4% in after hours trading after closing at $234.86. The increase is part of a greater spike in the company’s stock, which has surged more than 11% since Monday.
Big Number
$400 million. That is how much Barra said the deal would save GM, out of a previously planned $750 million EV charging initiative, according to CNBC.
Further Reading
GM to use Tesla charging network, joining Ford in leveraging the EV leader’s tech (CNBC)
Ford Stock Rides Tesla EV Partnership To Best Day Since October (Forbes)
Elon Musk Ends Day As World’s Richest Person For First Time In 6 Months (Forbes)
