General Motors announced a significant step in electric vehicle charging infrastructure: from September 18, 2024, GM electric vehicles have access to Tesla's Supercharger network.
GM’s Electric Vehicle Charging Expansion
General Motors has updated the software in its electric vehicles to grant customers access to 17,800 Tesla Supercharger plugs nationwide. Owners of electric Chevrolet, Cadillac, and GMC vehicles can now purchase Tesla adapters for $225 through the brands’ apps. Future GM vehicles will come equipped with Tesla charging ports natively. This decision was made just 15 months after GM first announced plans to adopt Tesla's EV charging plug.
GM Stock Performance
As 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 36.26%, and the one-year return hit 44.58%. Despite a slight decline of 3.19% over the past three years, the five-year return remains robust at 32.77%.
GM Financial Overview
GM’s market capitalization is $54.566 billion, with a trailing P/E ratio of 5.34 and a forward P/E of 4.85. The company reported a trailing twelve-month revenue of $178.09 billion and a net income of $11 billion. Diluted earnings per share stood at $8.90, with total cash assets of $23.43 billion.
GM's access to Tesla's Supercharger network marks a significant advancement in electric vehicle charging infrastructure and strengthens the company's market position.
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