General Motors (GM) CEO Mary Barra has revealed that a charging deal with Tesla will save the automaker up to $400 million of its planned $750 million investment in electric vehicle (EV) charging infrastructure in the U.S. and Canada. The deal will provide GM EV owners with access to over 12,000 Tesla fast chargers starting in 2023, using an adapter. Additionally, GM will adopt Tesla’s charging port instead of the current industry standard.
Barra expressed that the collaboration with Tesla will help GM achieve its goals faster and more efficiently, leading to significant cost savings. She emphasized the company’s commitment to being capital efficient and open to partnerships and opportunities for collaboration.
This announcement follows a similar deal between Tesla and crosstown rival Ford Motor, which was hailed as a “win-win” by Wall Street analysts. Both deals reflect the growing importance of expanding EV charging infrastructure to support the widespread adoption of electric vehicles.
The news had a positive impact on the stock prices of both GM and Tesla, with both companies seeing over a 3% increase in after-hours trading. These collaborations highlight the industry’s recognition of the need for strategic partnerships and shared infrastructure to accelerate the transition to electric mobility.