GM says Tesla charging deal will save the automaker up to $400 million

Detroit – general motors CEO Mary Barra said the charging deal with Tesla announced Thursday will save the automaker up to $400 million in planned investment in building EV charging in the United States and Canada.

GM said in October 2021 that it plans to spend $750 million on electric vehicle charging infrastructure in the two countries. GM said at the time that included home, workplace, and general freight charges throughout the United States and Canada.

“We think we can save up to $400 million in the original three-quarters of the billion dollars we set aside for this, because we’ve been able to do it faster and more efficiently,” Barra said Thursday in an interview with CNBC. Quick money.” “We’re really looking at ways that we can increase capital efficiency, as we go forward.”

Barra, in response to a question about licensing other Tesla technologies, said the Detroit automaker will “always look for ways to increase capital efficiency” and “if there are other opportunities to partner, you know, we’d be very open to them.”

The deal between GM and Tesla will give GM EV owners access to more than 12,000 Tesla fast chargers, starting next year, with an adapter. It would also include General Motors adopting Tesla’s charging port in place of the current industry standard.

The GM deal comes on the heels of Crosstown rival Ford Motor announcing a similar deal with the Elon Musk-owned automaker. The CEOs of both Detroit automakers announced the deals along with Musk on Twitter.

Wall Street analysts hailed the Tesla-Ford deal as a “win-win” when it was announced last month.

Shares of GM and Tesla both rose more than 3% during the extended trading period Thursday.