The Biden Administration stated on Wednesday that Tesla (NASDAQ: TSLA) will open 7,500 of its charging stations by the end of next year to non-Tesla EV drivers. Tesla’s charging stations are currently only compatible with its EVs.
This is a part of the Biden administration’s initiative to see around 500,000 electric vehicle chargers on U.S. roads by the year 2030. As a part of this initiative, the U.S. administration has also obtained commitments from other automobile companies to build and operate charging networks including GM (GM), Ford Motor Co. (F), and ChargePoint (CHPT) among others.
Tesla’s charging stations will include around 3,500 of its 250 KW (kilowatt) Superchargers located along key highways and its Level 2 destination chargers that are located at hotels and restaurants. The company has agreed to triple the number of Superchargers in its charging network in the U.S.
Analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 22 Buys, six Holds and three Sells.
