Hyundai Motor is considering aligning its vehicles with Tesla’s charging standard in North America, according to the CEO of the South Korean automaker, Jaehoon Chang. With Tesla’s Superchargers accounting for about 60% of available fast chargers in the United States, companies like Ford and General Motors have recently entered agreements with Tesla to utilize its charging technology, now known as the North American Charging Standard (NACS).
Chang stated, “That’s what we will look into from the customer’s perspective,” during his remarks to analysts at the automaker’s investor day. He emphasized that Hyundai would evaluate the option of joining the coalition of automakers embracing Tesla’s standard, but the decision would ultimately depend on the best interests of Hyundai’s customers.
One of the key concerns raised by Chang is that Tesla’s existing network of Superchargers does not support the faster charging capabilities offered by Hyundai’s electric vehicles on other charging systems. Chang further explained, “Hyundai has electric vehicles that can achieve faster charging on chargers with different voltage levels. We need to assess the compatibility of Tesla’s Superchargers with our vehicles and ensure a positive charging experience for our customers.”
During the investor day, Chang also expressed Hyundai’s intention to engage in discussions with Tesla to explore potential adjustments to its charging system. The goal is to collaborate with Tesla in finding solutions that would enable Hyundai customers to charge their vehicles more rapidly. Chang added, “We will consult with Tesla to see if there are possibilities to make adjustments to their charging system to accommodate our vehicles’ charging needs.”
Tesla’s decision to open its charging network to electric vehicles from other brands is a prerequisite for the company to become eligible for a portion of the $7.5 billion in subsidies provided by the Biden administration to expedite charger deployment in the United States. Highlighting the potential benefits, Chang remarked, “By expanding access to their charging network, Tesla can tap into a larger group of electric vehicle drivers, while also meeting the requirements for government subsidies.”
The market has responded positively to Tesla’s recent partnerships, with Tesla shares surging more than 40% since late May. This indicates the increasing investor confidence in the company’s strategy to collaborate with other automakers in expanding charging infrastructure and driving the adoption of electric vehicles.
