ChargePoint Drops As GM Opts to Use Tesla’s Charging Network
ChargePoint (CHPT:US) shares traded over 13% lower on Friday after General Motors (GM:US) said it will follow its local rival Ford Motor (F:US) in using Tesla’s (TSLA:US) Supercharger network.
GM said it will start installing a type of charging port that is used by Tesla, better known as NACS (North American Charging Standard). Up to now, GM was using industry-standard CCS. The new ports will be installed starting in 2025 while GM will be able to access Tesla’s fast-charging network as of 2024.
“We're teaming up with @tesla to enhance your electric vehicle experience. More charging stations, less range anxiety, more sustainable journeys. It's about your convenience, not our competition,” GM said in a tweet.
Tesla has around 12,000 fast chargers that are used with an adapter. Overall, the electric vehicle (EV) company has about 45,000 connectors at nearly 5,000 stations around the globe.
“The most important thing is that we’ve witnessed the electric vehicle revolution,” CEO Elon Musk said.
GM, on the other hand, said it expects to save up to $400 million as it was previously planning to spend $750 million to build out its EV charging network.
Shares in EV charging stocks like ChargePoint and EVgo (EVGO:US) slipped on the news. Congress members Daniel Goldman, Ro Khanna, and Ed Perlmutter were all trading CHPT shares in recent months.
Most recently, Rep. Goldman bought $15,000 - $50,000 shares of ChargePoint on April 10 when the stock closed at $9.35. Shares were seen trading around 13% lower on Friday.
