Automakers Hyundai and Kia are set to adopt Tesla’s (NASDAQ:TSLA) North American Charging Standard (NACS) ports for their EVs in the U.S. and Canada beginning next year. This move will grant customers of the two automakers access to Tesla’s vast supercharger network.
Hyundai customers in the U.S. will be able to use the NACS ports from the fourth quarter of 2024, while their Canadian counterparts will have to wait until the first half of 2025 to start using the ports. Importantly, Hyundai’s luxury offering, Genesis, will also begin using NACS ports.
Kia plans to incorporate these ports into its new EVs sold in the U.S., Canada, and Mexico from the fourth quarter of 2024. The over 12,000 Tesla superchargers across the three countries will essentially double the size of the fast-charging network available to Hyundai EVs.
Automakers Ford (NYSE:F), General Motors (NYSE:GM), Volvo, and Rivian (NASDAQ:RIVN) have already signed up for Tesla’s charging network. Despite Tesla’s recent disappointing third-quarter delivery and production numbers, the company has reiterated its full-year volume target of 1.8 million vehicles.
What Is the Target Price for Tesla Stock?
Overall, the Street has a consensus price target of $264.56 for Tesla, along with a Moderate Buy consensus rating. Shares of the company have gained nearly 138% so far this year.
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