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Hyundai Considers Adopting Tesla's Charging Standard in North America
Hyundai Motor is reportedly considering making its vehicles more compatible with the North American Charging Standard (NACS) pushed by Tesla. The CEO of the South Korean automaker, Jaehoon Chang, disclosed this in a statement yesterday. Currently, Tesla's Superchargers make up about 60% of available fast chargers in the US, and Ford and General Motors have both entered into agreements with Tesla to use its charging technology.
Hyundai's Position
While Hyundai is willing to consider adopting Tesla's charging standard, it intends to determine if it aligns with the interests of its customers. One potential issue is that Tesla's current network of Superchargers can't provide the faster charging speeds that Hyundai's 800-volt electric vehicle architecture can achieve on other chargers. Hyundai intends to look into this issue from the perspective of its customers before making a decision.
Consultations with Tesla
Jaehoon Chang revealed that Hyundai would consult Tesla to see if it could make adjustments to its charging system for Hyundai customers to enable faster charging. Adopting Tesla's charging standard is a condition for Tesla to qualify for some of the $7.5 billion subsidies the Biden administration has given to hasten the installation of chargers in the US.
Profitability Potential
Apart from meeting qualification requirements for government subsidies, Tesla stands to benefit significantly from opening up its charging network to EV drivers from other brands. The company's shares have surged by over 40% since the announcement of its deal with Ford in late May. Electric Vehicle Brands Struggle as New Technologies Impact Car Quality
Hyundai is open to joining the growing list of automakers shifting to Tesla's charging standard but intends to ensure that the move is customer-centric. Tesla's charging technology is expected to become an integral part of the EV industry's growth in the US, and Hyundai stands to benefit from it.
In conclusion, the decision by Hyundai to consider adopting Tesla's charging standard in North America is a notable development in the EV industry. For new businesses entering the EV market, this could impact the charging infrastructure they choose to support. If Tesla's charging standard becomes more widely adopted, it could become the industry standard, making it more convenient for EV owners to charge their vehicles. This could potentially increase consumer confidence in EVs, which could translate into more sales for new EV businesses. However, businesses will need to remain watchful of consumer feedback to ensure that their decision to adopt a particular charging standard aligns with the interests of their customers. Ultimately, new EV businesses will need to be adaptable to changes in the industry, as the landscape is rapidly evolving, and they may need to make quick changes to stay ahead of the competition. Overall, the shift to Tesla's charging standard presents opportunities for new businesses in the EV market to align with the industry's developments and emerging trends.
