Investors applauded the deal, and the prospect of one charging hardware standard for the North American market. GM shares rose more than 4% after the bell and Tesla shares rose 4%.
The alliance among the three leading rival US EV manufacturers has significant commercial and public policy implications.
Tesla, GM and Ford together account for about 70% of current US EV sales. Industry executives see differing EV charging connectors as a barrier to“I think this is just going to be a fundamentally great thing for the advancement of electric vehicles,” Musk said during the Twitter Spaces conversation with Barra.GM could save $400 million from the agreement, Barra told CNBC in an interview Thursday.
The alliance among Tesla, GM and Ford puts pressure on other automakers and independent charging network operators that had adopted the CCS standard. A US move to Tesla’s standard could be difficult for rival charging station manufacturers that are already setting up shop in the United States to make equipment that conforms to CCS standards.
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