Tesla and General Motors announced Thursday evening that GM will gain access to the Tesla supercharger network in North America starting next year. TSLA and GM shares jumped Friday.
The deal between Tesla and General Motors gives GM owners access to 12,000 superchargers via an adapter next year. In 2025, GM will begin using Tesla's charging port, the North American Charging Standard (NACS) connector, in their electric vehicles. This follows a similar deal between Tesla and Ford to give Ford customers access to the Tesla supercharger network.
The deal gives Tesla a stranglehold on EV charging infrastructure and could offer a boost to revenue. For GM and Ford, the deals also substantially add charging options as the two companies ramp up EV production.
"I think we have a real opportunity here to really drive this to be the unified standard for North America, which I think will enable more mass adoption," GM CEO Mary Barra said during a Twitter Spaces session Thursday.
Tesla CEO Elon Musk added Thursday there would be no preferential treatment for Tesla owners over GM customers at the superchargers.
"People should feel comfortable buying a Tesla or a GM car and we will provide support equally to both," Musk said.
"Game, set, match," Wedbush analyst Daniel Ives, a longtime Tesla bull, tweeted. "Tesla just cornered the market," he added, discussing the North American EV charging systems.
"Musk playing chess while others playing checkers," Ives said. Friday morning, Wedbush reiterated its "Outperform" rating on Tesla stock and raised the firms price to 300, up from 215.
Tesla stock surged 4% to 244.40 Friday during market trade. On Thursday, TSLA jumped 4.6% to 234.86, hitting its highest level since 237.40 on Nov. 1, 2022. Tesla stock has advanced for ten straight sessions. GM stock climbed 1% Friday, signaling a move back above the 200-day line. Ford stock rose 1.2%.
Tesla Stock
TSLA has gained around 140% since early January lows of 101.81. Tesla stock surged 10.8% last week, running past an official 207.79 buy point from what's either a cup or a double-bottom base. Shares are now extended from that entry.
After news of Tesla's deal with GM, EV charging stocks fell lower. ChargePoint Holdings and EVgo dropped 13.3% and 811.7%, respectively. Wallbox and Blink Charging angled down around 10.6%.
Tesla ranks third in IBD's automaker industry group. It has a 94 Composite Rating out of 99. Tesla stock has a 87 Relative Strength Rating. The EPS Rating for Tesla stock is 93 out of 99.
Please follow Kit Norton on Twitter @KitNorton for more coverage.
