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General Motors (NYSE: GM) announced Wednesday that its electric vehicles will now have access to Tesla’s extensive Supercharger network, marking a significant milestone in the evolution of electric vehicle charging infrastructure. The move comes as GM’s stock experiences a notable uptick, reflecting investor confidence in the automaker’s electric future.
GM’s Electric Vehicle Charging Expansion
General Motors has updated software in its electric vehicles, granting customers access to 17,800 Tesla Supercharger plugs nationwide. The announcement, made on September 18, 2024, comes 15 months after GM first revealed plans to adopt Tesla’s EV charging plug. Owners of electric Chevrolet, Cadillac, and GMC vehicles can now purchase “GM approved” Tesla adapters for $225 through each brand’s smartphone app. Future GM vehicles will come with Tesla’s charging port natively installed.
The collaboration introduces the North American Charging Standard (NACS), also known as the SAE J3400 fast charging plug. This standard, which nearly every major automaker has committed to adopting, begins with a software update and adapter use. Within a few years, automakers plan to produce EVs with NACS ports built directly into vehicles, eliminating the need for adapters.
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GM Stock Performance and Financial Overview
As of 12:07 PM EDT on the day of the announcement, GM’s stock price stood at $48.55, up $1.03 or 2.17%. The company’s year-to-date return reached an impressive 36.26%, with a one-year return of 44.58%. Despite a slight dip of 3.19% over three years, the five-year return remained strong at 32.77%.
GM’s market capitalization was reported at $54.566 billion, with a trailing price-to-earnings ratio of 5.34 and a forward P/E of 4.85. The company’s financial highlights include a trailing twelve-month revenue of $178.09 billion and a net income available to common shareholders of $11 billion. With a diluted earnings per share of $8.90 and total cash of $23.43 billion, GM maintains a solid financial position in the competitive auto manufacturing industry.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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