Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Elon Musk encourages Toyota to join EV charging revolution, embrace NACS connector

Published 15/06/2023, 04:38 am

Tesla (NASDAQ:TSLA) CEO Elon Musk suggested on Twitter Wednesday that he would welcome Toyota Motor (NYSE:TM)(TM) into the coalition of automakers that have already adopted his company’s charging connector, known as the North American Charging Standard (NACS).

Over the past several weeks, numerous automakers and charging companies have already committed to adopting the NACS connector.

The moves were started by Ford Motor Company (NYSE:F), which was the first major automaker to announce its intention of making all its electric vehicles compatible with Tesla Superchargers by 2025 without an adapter. Starting next year, Ford EVs will be able to use 12,000 Supercharger locations across North America, but they will need an adapter. In 2025, the adapter will no longer be necessary.

General Motors (NYSE:GM) made a similar announcement last week prompting numerous charging companies, including ChargePoint Holdings Inc (NYSE:CHPT), Blink Charging Co (NASDAQ:BLNK), and Tritium to follow suit.

“Given recent announcements by Tesla, GM, and Ford, we are clearly witnessing the continued evolution of the EV charging industry as technologies advance and industry stakeholders come together and evaluate best practices,” Blink said in a statement.

However, Musk was seen to be encouraging Toyota to be the next automaker to make the commitment, as noted in response on Twitter to an article regarding the Japanese automaker’s bZ4X EV, which had a “painfully slow” charging experience, according to Business Insider.

“They should join the NACS coalition!” Musk said.

Toyota has faced recent criticism for being seen as slow to embrace electric vehicles (EVs) compared to other automakers, choosing to focus on hybrid powertrains instead. However, this week, the company made an announcement that it intends to develop high-performance solid-state batteries. This move aims to enhance and extend the driving range of EVs while simultaneously reducing production costs.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Shares of TM are up 4.13% while TSLA is down 2.45% in afternoon trading on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.