Hyundai Motor’s CEO announced on Tuesday that the South Korean car manufacturer is considering making its vehicles more compatible with Tesla’s charging standard in North America.
Tesla’s Superchargers, which now make up about 60% of all fast chargers available in the U.S., have recently been adopted by Ford and General Motors. This charging technology is now known as the North American Charging Standard (NACS).
Jaehoon Chang, who also serves as Hyundai’s president, stated that the company is contemplating joining the group of car manufacturers shifting to Tesla’s standard, reports Reuters. However, they will only do so if it proves beneficial for their customers.
Chang pointed out a potential issue: Tesla’s current Supercharger network doesn’t support the faster charging speeds that Hyundai’s electric vehicles can achieve on other chargers. “That’s what we will look into from the customer’s perspective,” Chang said during the company’s investor day.
Hyundai’s new electric cars, including the Ioniq 5, use an 800-volt electrical system to allow for faster charging. In contrast, Tesla’s Superchargers operate at a lower voltage. Chang mentioned that Hyundai would discuss with Tesla the possibility of adjusting its charging system to allow Hyundai customers to charge their vehicles faster.
Tesla’s decision to open its charging network to electric vehicles from other brands is a requirement for the company to qualify for some of the $7.5 billion in subsidies provided by the Biden administration. These subsidies aim to accelerate the deployment of chargers in the U.S.
Tesla also stands to profit from selling power to a larger group of electric vehicle drivers. Since late May, when Tesla announced its deal with Ford and GM, Tesla shares have risen more than 40%. Today Rivian announced its support for NACS, resulting in Tesla shares going up 5.3% for the day and 1.24% after-hours.
