Tesla And General Motors Shares Are Popping After Hours: What's Going On?
General Motors Co (NYSE: GM) and Tesla Inc (NASDAQ: TSLA) shares are trading higher in Thursday's after-hours session after the automakers announced a collaboration.
What Happened: General Motors announced that it will integrate the North American Charging Standard (NACS) connector design into its EVs beginning in 2025, which will expand access to charging for GM EV drivers at 12,000 Tesla Superchargers stations.
This agreement builds on the more than 134,000 chargers currently available to GM drivers through the company's Ultium Charge 360 initiative and mobile apps.
"This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers. Not only will it help make the transition to electric vehicles more seamless for our customers, but it could help move the industry toward a single North American charging standard," said Mary Barra, Chair and CEO of GM.
The Tesla Supercharger Network will be open to GM EV drivers starting in 2024 but will initially require the use of an adapter. Beginning in 2025, the first GM EVs will be built with a NACS inlet for direct access to Tesla Superchargers. GM also said it will integrate the Tesla Supercharger Network into its vehicle and mobile apps.
Barra joined Tesla CEO Elon Musk for a Twitter Spaces conversation at the same time the press release was issued.
GM, TSLA Price Action: At publication time, General Motors shares were up 3.4% after hours at $27.07, and Tesla shares were up 3.73% at $243.62, according to Benzinga Pro.
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