The White House announced Friday that electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies if they also used CCS.
The remark follows Ford Motor (F.N.) and General Motors (GM.N) announcements that they will embrace Tesla’s North American Charging Standard (NACS). With federal subsidies, the charging sector was moving toward the competing CCS connection.
This is the first time the Biden administration has specifically linked Tesla to its plans to invest up to $7.5 billion in high-speed chargers on 7,500 miles of the nation’s busiest roadways.
Tesla gained 4.1%. Analysts said the Ford and G.M. revelations might make Tesla Superchargers an industry-standard in the U.S…….. G.M. and Ford’s shares rose 1.1% and 1.3%, respectively.
The collaboration between the three automakers sparked worries about E.V. charging firms like ChargePoint (CHPT.N), EVgo (EVGO.O), and Blink Charging (BLNK.O), whose shares slumped 11%-13%. After hours, they collapsed. Some announced on Friday that they would conform to the Tesla standard.
“Earlier this year, we developed minimum standards to ensure publicly funded E.V. charging is accessible, reliable, and affordable for all drivers, and we required interoperability to promote competition,” said White House spokesperson Robyn Patterson to Reuters. “Those standards allow drivers to count on a minimum of CCS while adding both CCS and NACS.”
Patterson added that every automobile should be allowed to utilize every publicly subsidized charger. “More drivers having access to more high-quality charging – including Tesla Superchargers – is a step forward.”
The message didn’t specify if Tesla’s CCS adapter was enough to connect to non-Tesla chargers. The government applauded Tesla’s move to open its charging network to competitors earlier this year but did not clarify how the business would participate in its charging operations.
The UU.S., Volkswagen (VOWG_p.DE), Hyundai Motor (005380. K K.S. and Kia (000270. K K.S. utilizes the CCS network. Oleg Logvinov, CEO of E.V. charging parts producer IoTecha, said conflicting standards would hike costs for consumers and vendors.
Logvinov, the president of CharIN North America, an industry group promoting CCS, said the organization supported CCS because it had worked with numerous manufacturers for over a decade, and Tesla’s technology was less tested.
