Tesla Stock Pops As It Opens Supercharger Network To Other EVs In Europe

 Tesla Stock Pops As It Opens Supercharger Network To Other EVs In Europe

Tesla (TSLA) on Monday announced it was opening up its supercharging network to other EVs in Europe for the first time. The pilot project takes place at 10 supercharger locations in the Netherlands. Tesla stock jumped.




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“Access to an extensive, convenient and reliable fast-charging network is critical for large-scale EV adoption,” the U.S.-based EV maker said in a statement. “That’s why, since opening our first Superchargers in 2012, we have been committed to rapid expansion of the network.”

Tesla has the largest EV charging network in the world with more than 25,000 superchargers. CEO Elon Musk has long promised to open the network to non-Tesla drivers.

With this pilot, Dutch non-Tesla drivers can use the Tesla app (version 4.2.3 or higher) to charge theirs EVs. However, non-Tesla drivers will pay a higher price for charging, although pricing can be lowered with a charging membership. Rates will vary by site. Users can view charging prices through the Tesla app.

“Pricing for non-Tesla drivers reflects additional costs incurred to support charging a broad range of vehicles and adjustments to our sites to accommodate these vehicles,” the company said.

At the July earnings call SVP Andrew Baglino said opening up supercharging stations to non-Tesla drivers “actually reduces our costs, which allows us to lower charging prices for all customers, make the network more profitable, allows us to grow.”

Only EVs with a CCS standard connection will be eligible to participate in the pilot.

Tesla Stock

Shares surged 8.5% to 1208.59 on the stock market today. Tesla stock is extended, after gapping up 13% on Oct. 25, past a cup-base buy point of 900.50, according to MarketSmith.

Tesla, a Leaderboard stock, triggered the eight-week hold rule after rapidly reaching its profit goal from its latest entry.

The EV leader notched a trillion-dollar valuation after announcing a deal to supply 100,000 Teslas to car rental giant Hertz.

That news came on the heels of strong third-quarter earnings results, led by record deliveries.

As a result, Tesla’s relative strength line has spiked in recent days. Its RS Rating is 96, while its EPS Rating is 71.

Among U.S. carmakers with a growing EV slate, General Motors (GM) rose 1% and Ford (F) rose 5%. But recent IPO Lucid Motors (LCID) fell 1.2%.

Meanwhile, Tesla’s China-based rivals Nio (NIO) rose 3.6%, Li Auto (LI) was down 0.9% and Xpeng (XPEV) gained 2.7%.

Wider Expansion To Come

Tesla says the pilot program in the Netherlands is only the start of a wider plan to offer supercharging to other EVs. The company encouraged Tesla drivers to keep using the 10 sites in the Netherlands as they normally would.

“We’re starting with a select number of sites so that we can review the experience, monitor congestion and assess feedback before expanding,” Tesla said on its website. “Future sites will only be opened to non-Tesla vehicles if there is available capacity.”

In the U.S., only Tesla drivers can currently use their stations. Tesla’s chargers use a proprietary plug design, making other plugs incompatible. Musk has said an adapter is in the works.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.

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