Details on revenue were not released by the companies, but Piper Sandler estimates that Tesla could add upwards of $3 billion in charging revenue from non-Tesla owners alone by 2030 and $5.4 billion by 2032.
Shares of Tesla were up 5.4 percent at 11:25 a.m. in New York on Friday. GM also traded up 1.8 percent.
That charging windfall may not seem huge for Tesla, which already boasts revenue in excess of $80 billion a year, but Tesla’s U.S. competitors are all racing to catch up in the EV race, and it could affect their margins while Tesla brings in income from their customers. GM and Ford both say their EV programs aren’t profitable and won’t be for at least another year.
Adding charging revenue will only help Tesla in the same way that it brought in billions selling zero-emission regulatory credits to legacy automakers over the past decade. Those credit sales helped fund the company’s surge in recent years.
Competing charging companies fell on the news of Tesla’s deal with GM. EVgo Inc., which had recently joined a partnership with GM to build charging stations, fell 16.8 percent at 11:28 a.m. in New York. ChargePoint Holdings Inc. also declined 12.3 percent.
