The shares of the world’s EV automaker leader Tesla gained 5% on Tuesday, aggregating an outstanding 55% gain for the month of June so far, after reaching several agreements for its EV private Supercharger network with other major EV rivals.
Tesla stock, Daily chart
Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.
At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.
It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.
According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.
Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.
This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.
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