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Investor's Corner

Tesla analysts mull revenue gains from Supercharger network opening

Credit: GM

Tesla analysts are mulling the potential revenue gains from the Supercharger network opening to other automakers, as the company has announced two massive partnerships with both Ford and GM over the past two weeks in relation to expanding EV charging availability.

Over the past few weeks, Tesla has made two groundbreaking announcements that have surged the company’s stock (NASDAQ: TSLA). However, the partnerships signal a much more broad advantage for the automaker and its competitors moving forward: a larger availability of Superchargers.

Tesla announced a partnership to open 12,000 Supercharger locations to Ford in early June, as CEO Elon Musk and Ford head Jim Farley jointly spoke about the agreement on Twitter.

Tesla and Ford will also share the same charging connector, as the Detroit-based company will adopt the North American Charging Standard (NACS) in its vehicles in 2025, eliminating the initial need for an adapter.

While Tesla and Ford have been somewhat cordial over the past few years, nobody saw the next partnership, which was announced last week.

Tesla will also share the 12,000 locations with GM, a company that has routinely talked about its ability to overtake the EV leader for several years. GM is also going to adopt NACS in 2025.

Ford and GM were the first two major legacy automakers to make the switch, but they were not the first company to do so. That was Aptera, which also pledged to support Tesla’s connector as the standard across the board earlier this year.

Ford and GM’s partnerships with Tesla are simply bigger, though. And analysts are mulling over the potential revenue streams that could come from it, with some stating Tesla could generate up to $6B.

Wedbush’s Dan Ives writes:

“We estimate Ford and GM combined could add another $3 billion to services EV charging revenue for Tesla over the next few years in another accretive poker move by Musk & Co. From the GM perspective, this strategic move will also aid the company’s objective to expand charging access to more than 134,000 chargers available to GM EV drivers today through the company’s Ultium Charge 360 initiative and mobile apps.”

Evercore ISI estimates that Tesla could generate between $4B and $6B, according to Seeking Alpha. $1.1B of this could come from non-Tesla customers.

Doron Levin of Better Investing and Seeking Alpha also indicates Tesla’s Supercharger strategy with GM and Ford could act “in a sense of free-standing advertisements,” as rival automakers will be utilizing the company’s stalls for effective and dependable charging.

Tesla shares are up 1.56 percent on the day as of 10:26 on the East Coast.

Disclosure: Joey Klender is a TSLA Shareholder.

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Tesla analysts mull revenue gains from Supercharger network opening
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