Tesla (TSLA) stock soars as automakers want to secure access to Supercharger network
Tesla (TSLA) stock soared more than 4% today as automakers are starting to want to secure access to the Supercharger network for their own EV owners.
It took a little while for NACS’ domino effect to gain momentum, but with Rivian today announcing that it is jumping on board, Tesla’s connector is cementing its place as the new North American standard, which is helping Tesla’s stock keep its own momentum.
Despite already being the most valuable automaker in the world, Tesla’s stock managed to increase 50% over the last month.
Tesla’s stock is up more than 4% today following the news of Rivian jumping on board with NACS; a lot of the value seems to be driven by the validation Tesla’s Supercharger network is receiving.
Morgan Stanley recently estimated that the charging network could be worth more than $100 billion by 2030.
If there’s one thing clear from the recent announcements from Rivian, GM, and Ford, it is that they all want to secure access to Tesla’s Supercharger network for EV owners.
Rivian wrote in its announcement today:
The adoption of the North American Charging Standard will enable our existing and future customers to leverage Tesla’s expansive Supercharger network while we continue to build out our Rivian Adventure Network. We look forward to continuing to find new ways to accelerate EV adoption.
Rivian is in a great position to understand the value of the Supercharger network since it has taken a very similar approach to Tesla when it comes to charging with its own Adventure network.
It has only managed to open three dozen charging stations to date compared to Tesla’s 2,000 stations in North America.
With the adoption of NACS, Rivian EV owners are going to be able to get access to those stations – first through an adapter and later through a direct connector in new vehicles starting in 2025, just like Ford and GM.
Electrek’s Take
I think this NACS adoption movement is validating Tesla’s approach to charging. It is going to create some urgency for other automakers as it is going to become a selling point for an EV in North America to have access to the Supercharger network.
In a way, with the exception of Rivian, which is likely just reading the situation right, it is legacy automakers admitting that unloading the charging experience to third-party wasn’t the right move.
And now, they are too far behind Tesla to do it themselves, so they have to unload it to Tesla.
I don’t think many people in the auto industry would have seen that coming 10 years ago.
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Hyundai is about to launch a new electric SUV in China. With its big debut coming up, Hyundai just dropped a sneak peek, and it looks like it could be the IONIQ 4. Check it out for yourself in the video below.
Is Hyundai teasing the IONIQ 4?
We caught our first glimpse of the new EV model last month after Beijing Hyundai released a few official “spy” photos.
Despite the camouflage, you can see a few design elements, like a light bar across the front, slim LED headlights, and a closed-off grille. At first, it almost looks like a smaller version of the IONIQ 9, Hyundai’s first three-row electric SUV, but with a much sportier, shaped profile.
Beijing Hyundai released a new teaser for the upcoming electric SUV this week. The video shows “a wave of high-end operations” as the vehicle dances across the snow.
The video highlights features like real-time torque control, high-speed cornering, and the SUV’s impressive body control while driving around cones.
Hyundai’s new electric SUV is being called “OE” internally, according to The Korean Car Blog, suggesting it could be an IONIQ model.
All other Hyundai IONIQ EV models were also codenamed with an “E” internally, which is raising speculation that this could be the IONIQ 4.
Like most global OEMs, Hyundai is fighting to compete in an intense Chinese EV market, which is dominated by domestic automakers like BYD.
Hyundai opened its first overseas R&D center last year in China to spearhead its comeback. It will work with local suppliers and tech companies to develop EVs designed for Chinese buyers. The new electric SUV is expected to launch in China later this year, followed by three new energy vehicles, including EVs and EREVs.
Beijing Hyundai will release more information on April 16, with the electric SUV set to “challenge the limit of driving performance.”
What do you think of Hyundai’s new electric SUV? Is this the IONIQ 4? Let us know your thoughts in the comments.
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Charge point provider char.gy has secured a £130 million contract to install 6,000 curbside EV chargers for Brighton and Hove City Council (BHCC) – the UK’s largest installation of its kind.
London-based char.gy has also been awarded a 15-year contract to operate and maintain the charging network.
Installing Level 2 chargers curbside, where most drivers in the UK park, will enable more people to take advantage of cheaper charging rates while juicing up their EVs overnight. (charg.gy’s pay as you go night tariff, between midnight and 7 am, is £0.39/kWh, compared to its £0.59/kWh day tariff.)
John Lewis, chief executive of char.gy, said the project is “a huge moment for the UK and its EV ambitions. This partnership alone will empower thousands of residents to confidently make the switch to electric vehicles, knowing they have easy access to chargers.”
Brighton and Hove City Council is among the first to tap into the government’s Local EV Infrastructure (LEVI) Fund, designed to help English local authorities roll out charging solutions for residents without off-street parking. Future of Roads Minister Lilian Greenwood said making EV charging as accessible as possible is “crucial to making the switch to electric a success.”
The UK now has over 75,000 public EV chargers, according to the Department for Transport—and it looks like the country’s on pace to hit its 2030 target. Back in December, the National Audit Office said the rollout is “on track” to meet the DfT’s estimate that at least 300,000 chargers will be needed by the end of the decade.
Read more: Meet the UK’s largest solar + storage EV charging ‘Superhub’
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