Adoption of Tesla EV Plugs is a Major Bullish Factor for Stock

Shares of Tesla (TSLA) have been on fire this year, more than doubling in price and posting a 9-month high last week.  The latest supportive factor for Tesla is opening its fast chargers to competitors, which will boost its revenue going forward.  Ford Motor (F), General Motors (GM), and at least four other automakers recently announced plans to adopt Tesla’s charging plug design in exchange for access to Tesla’s Supercharger network. 

Back in 2012, when Tesla introduced its Model S sedan, it included a proprietary plug for recharging used by no other automaker.  The company also installed its own network of high-speed chargers exclusively for Teslas. Other automakers used their own plug designs and relied on independent companies to build and operate public charging networks using those plugs.  However, this spring, other electric vehicle (EV) makers announced that their future EVs would use Tesla’s charging gear.