It’s very interesting to observe what’s happening in EV charging. Seemingly out of the blue, the Tesla NACS charging model is rapidly becoming the industry standard. What’s behind this? Probably a whole lot more than we can imagine and in my opinion, just one more reason to play options on TSLA. Some industry analysts even value the Tesla EV Charging Business at $100B or $78 per share as detailed below: https://electrek.co/2023/06/16/tesla-supercharger-network-worth-100-billion-analyst/
Automakers On Board:
- Tesla: As the creator of the NACS, Tesla has been utilizing this charging standard since 2012 across all its new car models. Tesla announced the opening of its proprietary charging standard and the NACS name on Nov. 11, 2022, signaling its intention to establish NACS as the dominant standard.
- Aptera: In January 2023, Aptera Motors became the first EV maker to integrate Tesla’s charging standard, as it said its upcoming solar electric vehicle would feature the NACS connector.
- Ford Motor Co (NYSE:F): Ford, one of the largest North American vehicle manufacturers, made headlines in May 2023 by announcing its switch from CCS1 to the NACS charging connector. Starting with their next-generation EV models in 2025, Ford plans to incorporate the NACS connector. Adapters for existing CCS1-compatible models will be made available in 2024.
- General Motors (NYSE:GM): Following Ford’s announcement, General Motors also declared its commitment to the NACS charging connector in June 2023. General Motors plans to equip its next-generation EVs, starting from 2025, with the NACS charging inlet. They also intend to provide NACS adapters for their existing CCS1-compatible models.
- Rivian Automotive Holdings (NASDAQ:RIVN): Rivian, an emerging electric vehicle manufacturer, announced in June 2023 that it will implement the Tesla charging port on the R1S, R1T, and upcoming R2 platforms starting in 2025.
- Volvo Group (OTC:VLVLY): The Swedish automaker intends to adopt the NACS charging inlet for its North American battery electric vehicles (BEVs) from 2025. NACS adapters for existing CCS1-compatible models will be available from H1 2024.
Automakers Considering:
- Hyundai: Hyundai, a prominent EV manufacturer, has expressed interest in evaluating the NACS charging connector. However, its decision depends on the compatibility of the NACS connector with high-voltage charging requirements.
- Lucid: Lucid, another major player in the EV industry, appears to be more hesitant about adopting the NACS charging connector. Media reports suggest it is evaluating the possibility of incorporating a high-voltage version of the NACS connector.
- Mercedes-Benz and Stellantis: Mercedes-Benz and Stellantis have both acknowledged their evaluation of the technical implementation of the NACS charging connector. Their decisions are yet to be finalized.
- Toyota: In a comment, Tesla CEO Elon Musk suggested that Toyota should consider joining the NACS coalition. While it’s unclear whether Toyota will take this suggestion seriously, it opens the possibility of their future involvement.
