Tesla Competitors Make Move: BMW, GM, Honda, And More Join Forces To Challenge Elon Musk's EV Charger Dominance

Seven automakers now seek to develop a new charging network joint venture in a bid to develop charging infrastructure across the country and compete with EV giant Tesla’s supercharger network.

What Happened: The seven automakers include BMW Group (OTCPK: BMWYY), General Motors (NYSE:GM), Honda (NYSE:HMC), Hyundai (OTCPK: HYMTF), Kia, Mercedes-Benz Group (OTCPK: MBGYY), and Stellantis NV (NYSE:STLA).

Together, they seek to install at least 30,000 high-powered charge points in urban and highway locations which offer both Combined Charging System (CCS) and Tesla’s North American Charging Standard (NACS) connectors. They hope to power the network solely using renewable energy.

“With U.S. electric vehicle sales expected to exceed 50% of total U.S. sales by 2030, the expansion of reliable charging infrastructure will become even more critical to widespread electric vehicle adoption,” the companies said in a joint statement.

Of the seven players expected to be part of the venture, General Motors and Mercedes Benz have already decided to adopt Tesla’s North American charging plug standard to give their customers access to Tesla’s network which has almost 18,000 superchargers.

The Expected Timeline: While the joint venture is expected to be established this year given regulatory approvals, the first stations are expected to open in the summer of 2024 in the United States and later in Canada.

“We believe that a charging network at scale is vital to protecting freedom of mobility for all, especially as we work to achieve our ambitious carbon neutrality plan. A strong charging network should be available for all – under the same conditions – and be built together with a win-win spirit,” Stellantis CEO Carlos Tavares said.

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