BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis are uniting to create a new high-powered EV charging network. Yahoo Finance Senior Reporter Pras Subramanian breaks down the joint venture.
Video Transcript
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AKIKO FUJITA: Well, Tesla's charging network facing new competition as seven car makers join forces to create a new, high-powered charging network. Here with the details, we have Yahoo Finance's Pras Subramanian. Pras, this is an interesting alliance that also includes those who have aligned themselves with Tesla before.
PRAS SUBRAMANIAN: Yeah. Yeah. So seven automakers like you said, BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis joining this sort of joint venture to spend close to $1 billion, what the journalists reporting on a 30,000 plug network across North America. Interestingly, it will include both the CCS, which is the standard connector and the NACS, which is Tesla's de facto or almost going to be the de facto standard in the US. That's sort of what people are thinking.
But this is a way for the automakers like GM and also Mercedes and also BMW to kind of strike their own path and sort of have their own destiny in the charging world. They want to try to actually kind of have a competitor to Tesla, but also they'll use that standard. And they need to use that standard because they need to actually get some government money to build out this network. And that's how you do that, is by being open-source in some sense.
