Yahoo Finance General Motors (GM) to Integrate Tesla's NACS Plugs Into EVs
General Motors Company GM announced a collaboration with Tesla TSLA to integrate North American Charging Standard (NACS) plugs into its electric vehicles (EVs) starting in 2025. The collaboration will also provide GM EV users with access to 12,000 Tesla Superchargers for charging their vehicles.
This deal is part of General Motors’ ongoing investment in charging, reinforcing the automaker’s focus on expanding charging access across home, workplace and public spaces and builds on the existing 134,000 chargers available to GM EV drivers through the company's Ultium Charge 360 initiative and mobile apps.
Mary Barra, GM Chair & CEO, said that the collaboration is an integral part of the company’s strategy of rapidly expanding access to fast chargers for GM’s customers. This deal will make the transition to EVs seamless for GM’s customers and will help the industry move toward a single North American Charging Standard.
GM EV drives will get access to the Tesla Supercharger Network starting in 2024 and will initially require an adaptor. Starting in 2025, the first GM EVs will be manufactured with a NACS inlet for direct access to Tesla Superchargers and will not require an adaptor. For NACS-enabled vehicles, GM will manufacture adaptors that will allow the vehicles to charge at CCS-capable stations.
The legendary automaker will integrate the Tesla Supercharger Network into its vehicles and mobile apps to help EV owners quickly and easily locate, pay for and initiate charging at available Tesla Superchargers.
GM also announced its plan to invest over $500 million in Arlington Assembly to make the plant ready for the production of future internal combustion engine (ICE) full-size SUVs, subject to successful discussions with local government officials. The company did not realize any product details or timing of the SUV.
With this announcement, GM’s U.S. manufacturing and parts distribution facility has committed more than $31 billion in investment since 2013.
This $500 million investment will strengthen GM’s U.S. manufacturing operations, which include over 50 assembly, stamping, propulsion and component plants and parts distribution centers nationwide. It also underscores the automaker’s commitment to provide a strong portfolio of ICE vehicles to its customers in the future.
Since 2013, GM has announced around $2 billion in investments for Arlington Assembly.
Zacks Rank & Other Key Picks
GM currently sports Zacks Rank #1 (Strong Buy). TSLA carries a Zacks Rank #3 (Hold).
Some other top-ranked players in the auto space are Stellantis N.V. STLA and Wabash National WNC, both of which carry same rank as GM. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stellantis, an Italian-American automaker, is one of the noted names in the auto space. The Zacks Consensus Estimate for STLA’s 2023 sales indicates year-over-year growth of 13.4%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.
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General Motors Company (GM) : Free Stock Analysis Report
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