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Tesla Inc (NASDAQ:TSLA) will begin opening up its Supercharger network to rival electric automakers starting September 2022, as per an Electrek report.
What Happened: As per the report, the Elon Musk-led electric vehicle company had recently been in contact with officials in Norway to secure incentives for setting up charging stations. Norway, however, awards incentives only to charging stations that are open to all automakers.
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Tesla has applied for benefits to expand five fast-charging stations, agreed to meet the conditions for open use and for the first time set a timeline as to when it plans to open the network for all, as per Electrek.
The Palo Alto, California-based company’s vast charging network is so far exclusive to Tesla owners. The company has however in the past indicated that it is open to the idea of sharing the Supercharger network with other automakers.
See Also: Tesla Installs 25,000th Supercharger, Expands Reach To Mount Everest Base Camp
Why It Matters: Tesla has been rapidly scaling up its charging infrastructure amid rising competition from rivals and has quickly deployed more than 25,000 chargers at over 2,700 stations around the world.
So far, other electric vehicles can turn to third-party networks such as Ionity, Electrify America or ChargePoint Holdings (NYSE:CHPT) to charge their EVs.
At the same time, rivals such as Nio Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV) have developed their own charging networks and have already scaled up presence in China, a key market for Tesla’s growth, even as they eye expansion in Europe and the United States.
Price Action: Tesla shares closed 3.54% higher at $679.82 on Thursday.
See Also: Nio Opens Second Line Under Power Up Plan: What You Need To Know
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.