The CEO of Hyundai Motor (005380. K.S.S) suggested the company may make its vehicles more compatible with Tesla (TSLA.O)’s North American charging standard.
Ford F.N.N) and General Motors (GM.N) have signed deals with Tesla to use its charging technology, officially called the North American Charging Standard (NACS), which accounts for 60% of U.S… fast chargers.
Hyundai’s president, Jaehoon Chang, said the company would consider joining Tesla’s alliance if it was in its consumers’ best interests.
He noted that Tesla’s Superchargers could not charge Hyundai’s electric vehicles as rapidly as other outlets.
“That’s what we will look into from the customer’s perspective,” Chang told analysts at the automaker’s investor day.
Hyundai’s new electric cars, like the Ioniq 5, feature 800-volt electrical architecture for faster charging, while Tesla’s Superchargers use a lower voltage.
Chang said Hyundai would work with Tesla to speed up charging for Hyundai customers.
Tesla must offer its charging network to other brands to receive some of the $7.5 billion in subsidies the Biden administration has provided to hasten charger construction in U.S U.S.
Selling power to mE.V.e EV drivers benefits U.S.U.S. manufacturers. Tesla shares have risen almost 40% since its Ford acquisition in late May.