Sweden’s Volvo (VOLV-B) has become the latest automaker to strike a deal that gives its electric vehicles access to Tesla’s (TSLA) supercharger network across North America.
The deal makes Volvo the first European automaker to adopt Tesla's proprietary “North American Charging Standard” (NACS), adding to a growing lisy of automakers that are signing on to access the technology.
Starting in 2025, Volvo's electric vehicles in the U.S., Canada and Mexico will be equipped with NACS ports that will enable drivers to recharge their cars at Tesla’s public charging stations.
Earlier in June, both General Motors (GM) and Ford Motor Co. (F) signed on to use Tesla’s charging stations scattered across North America.
Tesla's superchargers account for 60% of the total fast chargers currently available in the U.S., according to data from the U.S. Department of Energy.
The federal government in Washington, D.C. is spending $7.5 billion U.S. to speed up the deployment and adoption of public electric vehicle chargers in America.
The buildout and use of publicly available charging stations is seen as critically important to the mass adoption of electric vehicles in North America.
Rather than building their own charging stations, rival automakers have opted instead to pay a fee to use Tesla’s existing network, making the company led by Elon Musk the de facto leader when it comes to superchargers.
Volvo’s stock has risen 33% in the past year, while shares of Tesla have gained 8% over the last 12 months.
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