Tesla's Partnership with Ford & GM Is Great for the Electric Future Transition, Emphasizes Cathie Wood

Image: Tesla

Tesla's high-profile partnership with Ford and GM is a strong move. It is great for America’s transition to the electric future, emphasizes Cathie Wood.

Tesla's mission is to accelerate the world's transition to sustainable energy. As part of this, the company electrified the automotive industry, effectively creating an EV market and charging infrastructure for it. Seeing Tesla's success, competitors also began to jump in. While they have built several successful electric vehicles, they still lacked a reliable charging network to increase their customer satisfaction.

However, this will soon change. In May, Tesla announced a partnership with Ford, and this week with GM. As part of the partnership, Tesla will open more than 12,000 of its Superchargers to competitors' electric vehicles starting in 2024. Meanwhile, starting in 2025, legacy automakers will begin producing their EVs with Tesla-designed charging ports, now called the North American Charging Standard (NACS).

These partnerships with competitors highlight Tesla's commitment to its mission to “accelerate the advent of sustainable transport by bringing compelling mass market electric cars to the market as soon as possible.”

Cathie Wood, CEO and investment lead of ARK Invest appeared on CNBC on Friday. She thinks that these new deals will have a huge impact on the industry, highlighting the importance of this for the transition to an electric future.

“I think it's great for America and our transition to the electric future,” said Wood. “And I do think it increases the probability that our forecast of 60 million electric vehicle sales by '27 is right. Having both on this network charging gets us there that much faster.”

Wood emphasized that this deal will bring the industry closer to adopting and implementing a single charging standard, which could accelerate the popularity of electric vehicles.

“Charging solves the range anxiety problem,” she said. “This reminds me of what happens with most technologies that proliferate and scale. There's a standard, and here we have a charging standard.”

“I think it increases the probability that our forecast of 60 million electric vehicle sales by 2027 is right," says @CathieDWood on $GM joining $TSLA's charging network. "Having both @GM and @Ford on this charging network gets us there that much faster.” pic.twitter.com/MOuYHqY7Aa

— Squawk Box (@SquawkCNBC) June 9, 2023

© 2023, Eva Fox | Tesmanian. All rights reserved.

_____________________________

We appreciate your readership! Please share your thoughts in the comment section below. 

Article edited by @SmokeyShorts; follow him on Twitter

Follow @EvaFoxU