General Motors CEO Mary Barra: NYSE value GM should save hundreds of millions of dollars thanks to cooperation with Tesla

• Cooperation between Tesla and General Motors
• Tesla will open charging network for General Motors customers from 2024
• Big savings for GM thanks to deal with Tesla

Only recently it became known that the US electric car manufacturer Tesla is also opening its supercharger charging network for electric cars from rival General Motors, after Tesla had already decided on a similar cooperation with Ford in May.

GM relies on Tesla charging network

Starting next year, General Motors customers will have access to Tesla’s approximately 12,000 charging stations in North America, as GM announced in a press release. First of all, it will be necessary to use an adapter, after which GM will take over the charging connection from Tesla. Beginning in 2025, General Motors will build the first electric vehicles with the North American Charging Standard (NACS) connector, allowing direct access to Tesla superchargers without an adapter.

In addition, GM will provide drivers of NACS-enabled vehicles with adapters in the future to enable charging at CCS-enabled fast charging stations. The US automaker will also integrate the Tesla Supercharger Network into its vehicle and mobile apps. This should help drivers to quickly and easily find, pay for and initiate the charging process for available Tesla Superchargers.

“Our vision of the all-electric future means producing millions of premium electric vehicles of all categories and price points, while creating an ecosystem that accelerates mass adoption of electric vehicles,” said Mary Barra, GM chairman and CEO, in the press release. “This collaboration is an important part of our strategy and an important next step to rapidly expand our customers’ access to fast chargers. Not only will this help make the transition to electric vehicles smoother for our customers, it could also help to move the industry towards a single North American charging standard,” said Barra.

Great savings thanks to cooperation with Tesla

According to CNBC, the GM boss was also confident that the US automaker would save several hundred million dollars thanks to the contract with Tesla.

In October 2021, the automaker announced that it would invest $750 million in charging infrastructure for electric vehicles in the United States and Canada – for charging at home, at work and in public places in the two countries, GM said at the time.

Now, Barra explained that the charging deal with Tesla will save the automaker up to $400 million of this planned investment: “We believe we can save up to $400 million from the original three-quarters of a billion that we allocated for this because we could do it faster and more effectively,” Barra said in an interview with CNBC’s Fast Money. “We’re really looking at ways we can be more capital efficient going forward,” she said.

When asked about licensing other Tesla technologies, Barra responded that General Motors “will always look for ways to be more capital efficient” and “if there are other opportunities to partner, […] we will be very open to them.”

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