Key takeaways
- General Motors
is the second major EV manufacturer in the US to announce it’s partnering with Tesla for its customers to access the latter’s Supercharger EV network
GM
- Rival EV companies tumbled on Friday after the announcement, with EVgo, ChargePoint and Blink Charging all sliding between 11% – 13%
- Wall Street analysts say the sell-off was an overreaction as the EV charging industry in the US is still relatively underdeveloped
General Motors is going all-in with Tesla’s fast-charging EV network in a new partnership announced last week. The move, which follows a similar news piece from Ford last month, will see GM’s EV range fitted with Tesla chargers and give GM customers full access to the Tesla network.
The second announcement in favor of Tesla’s charging network in less than a month sent rival companies’ shares spiraling on Friday. It’s likely an overreaction, given there’s plenty of room for growth in the sector, and a standard charger is better for consumers, even if it means short-term pain for those in the biz.
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