Singapore’s Grab Plans Biggest Job-Cut Round Since Pandemic These Are World’s Most Expensive Cities for High-Class Living Tucker Carlson's Fox Defense Crumbled When He Took Millions The company does not break out charging revenue alone.(Bloomberg) - The jitters affecting the world’s second-biggest economy are starting to feed through into China’s gold market.Īlibaba Names Tsai Chairman, Wu CEO in Surprise Shake-Up Services and other revenue, which includes the fees for using Tesla's Superchargers, made up just under 10% of Tesla's revenue in the past quarter. Manufacturers and operators of CCS chargers such as ABB E-mobility North America, a unit of Swiss industrial firm ABB, Tritium DCFC, EVgo and FreeWire have raced to announce the addition of NACS plugs to their charging stations since the Ford and GM announcements. "It's great to see the industry coming together to adopt the North American Charging Standard," Tesla's senior director of charging infrastructure, Rebecca Tinucci, said in a statement. Qualifying for some of that federal money had required Tesla to open up its network and the automaker has rebranded the technology as the North American Charging Standard (NACS). The government is offering $7.5 billion in funding to speed the deployment of EV chargers in the United States. Tesla's recent deals represent major strides in displacing a rival standard known as the Combined Charging System (CCS) that earlier exclusively had the backing of President Joe Biden's administration.
"That's why I think you're going to see more and more partnerships," said Akshay Singh, a partner at consultancy firm PwC Strategy&.
"The network will actually become cash flow positive fairly quickly," he said. Scaringe said Rivian's network will also adopt Tesla's standard plugs, opening up a significant revenue stream from Tesla owners using Rivian chargers. In 2021, it outlined plans for more than 3,500 charging stations. Rivian, which makes the R1T pickup truck and the R1S SUV, said it will continue to expand its own fast-charging network. Tesla shares closed up 5.3%, bringing gains since the Ford deal was announced in late May to a thumping 49%.
Shares of Irvine, California-based Rivian jumped, finishing 5.5% higher. While other automakers get access to Tesla's charging network, Tesla stands to profit from selling power to a bigger group of EV drivers. Tesla has also struck recent deals with General Motors and Ford. On Tuesday alone, BTC Power said it will add Tesla's standard to its electric chargers, Texas said it will require state-backed charging stations to include Tesla's plug, and Hyundai Motor said it will consider making its vehicles more compatible with Tesla's standard.
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The decision, first reported by Reuters, is one of a series of wins for Tesla. "We prefer the Tesla connector, which is more compact, and we also see it as an opportunity to leverage the charging infrastructure that they built," Rivian CEO RJ Scaringe told Reuters in an interview. The company, which has its own small network of fast chargers, will also make a Tesla-style charging port standard on its vehicles starting in 2025. Rivian said its customers will be able to access 12,000 Tesla Superchargers with adapters in the United States and Canada as early as spring 2024.
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