Tesla (NASDAQ:TSLA) stock is a hot topic among traders on Thursday following news that BMW (OTCMKTS:BMWYY) is switching to the North American Charging Standard (NACS) for its electric vehicles (EVs).
Starting in 2025, BMW will equip its EVs with NACS charging ports. These ports are designed by Tesla. By adopting them into their own vehicles, BMW is giving its customers access to Tesla’s Supercharger network with the need for an adapter.
Sebastian Mackensen, president and CEO of BMW Amerca, said the following about the change to Electrek:
“With six fully electric BMW, MINI and Rolls-Royce models now available in the U.S. market, and more to come, it is our top priority to ensure that our drivers have easy access to reliable, fast charging. This agreement is the latest in our longstanding and continued effort to expand charging options for our customers as we continue on the road to electrification.”
What This Means for TSLA Stock
With BMW deciding to use the NACS charging ports, Tesla is further cementing its format as the default for EVs. That also means more customers making use of its charging network. That will net the company extra money even from customers not buying EVs from it.
TSLA stock is down 7.6% as of Thursday morning despite the positive EV charging news. The company’s poor earnings report is weighing it down this morning.
There are plenty more stock market stories that traders are going to want to read about down below!
We’re offering up insight into all of the hottest stock market news worth reading about on Thursday! Among that is what’s going on with shares of Rentokil Initial (NYSE:RTO), Falcons Beyond Global (NASDAQ:FBYD) and Nxu (NASDAQ:NXU) stock today. You can catch up on all of that news at the links below!
More Thursday Stock Market News
- Why Is Rentokil Initial (RTO) Stock Down 20% Today?
- Why Is Falcons Beyond Global (FBYD) Stock Down 18% Today?
- Why Is Nxu (NXU) Stock Up 38% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
