ChargePoint Holdings Inc., the leading provider of electric vehicle charging solutions, has announced its support for Tesla’s North American Charging Standard (NACS). The company will make NACS connector options available for new orders and for customers who have already installed CP6000, CPE250, or Express Plus offerings. By supporting NACS, ChargePoint enables its customers to serve the charging needs of any electric vehicle in any parking space.
“Our highly modular charging platforms, combined with our new NACS connector options, allow customers to be confident that their investment in EV charging is successful for any connector scenario,” said Chief Product Officer Bill Loewenthal.
This move is another win for Tesla and its charging standard. The company has recently made deals with Ford Motor Co., General Motors Co., and Rivian Automotive Inc, under which they will adopt NACS. With these deals, drivers of these rival carmakers can now access Tesla’s Supercharger network.
ChargePoint’s stock was up by nearly 2% on Tuesday afternoon.
Tesla’s EV Charging Standard Continues to Make Headway
The adoption of electric vehicles (EVs) has brought with it the issue of infrastructure, specifically with the installation of charging stations. Tesla has been leading the way in this regard, with its Supercharger network, but other players are starting to make headway.
Recent announcements from ChargePoint, Electrify America, and Rivian indicate an industry shift towards adopting similar charging protocols to Tesla’s. While some analysts believe that Tesla’s charging standard will continue to dominate the market, others like Guggenheim’s Ronald Jewsikow are taking a more cautious approach, saying that recent announcements may not result in significant financial gains in the immediate term.
However, the importance of infrastructure compatibility cannot be overstated. As more competing EV models enter the market, standardization will be crucial for consumer convenience and widespread adoption. Despite competing charging standards, the push towards agreement only strengthens the case for EVs in the long run.
As of Tuesday afternoon, Tesla shares were up about 3%, continuing its impressive year-to-date performance with a surge of over 100%.
