Hyundai Motor is contemplating the possibility of aligning its vehicles with the charging standard promoted by Tesla in North America, according to the CEO of the South Korean automaker. Tesla’s Superchargers currently dominate approximately 60% of the fast charging stations in the United States. Recently, both Ford and General Motors have struck agreements with Tesla to utilize its charging technology, which is now known as the North American Charging Standard (NACS).
Jaehoon Chang, who also holds the position of Hyundai’s president, expressed the company’s willingness to consider joining the alliance of automakers that are adopting Tesla’s standard. However, the decision would be based on whether it serves the best interests of Hyundai’s customers. One of the factors that need to be taken into account is that Tesla’s existing network of Superchargers does not support the faster charging capabilities offered by Hyundai’s electric vehicles through other charging stations.
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Chang stated that Hyundai will thoroughly assess the situation from the customer’s perspective during the automaker’s investor day, emphasizing the need to provide faster charging solutions. Hyundai’s latest electric models, such as the Ioniq 5, utilize an 800-volt electrical architecture, enabling faster charging. In contrast, Tesla’s Superchargers operate at a lower voltage.
Hyundai intends to engage in consultations with Tesla to explore the possibility of adapting its charging system to accommodate Hyundai customers and enable faster charging. Tesla’s decision to open its charging network to electric vehicles from other manufacturers is a prerequisite for the company to be eligible for a portion of the $7.5 billion subsidies provided by the Biden administration to accelerate charger deployment across the United States. Additionally, Tesla stands to benefit from selling power to a larger group of electric vehicle drivers. Since announcing its agreement with Ford, Tesla’s stock has risen more than 40% since late May.
Source: Reuters
