Elon Musk has been bent on making a difference in the auto industry these past few weeks. On May 25, he announced a partnership with Ford that will give Ford customers access to Tesla’s EV charging network. On June 8, it was announced that General Motors would follow Ford’s lead.
Recent partnerships with his own competition seem to align perfectly with Tesla mission “To accelerate the emergence of sustainable transportation by bringing to the market compelling mass-market electric vehicles as early as possible.”
Cathy Wood, CEO and Chief Investment Officer at Ark Invest – is a longtime fan of (TSLA) – Get a free report He believes that these new deals will have a significant impact on the industry.
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“I think it’s great for America and our transition to the electric future,” Wood told CNBC June 9, “and I think it increases the likelihood that our forecast of 60 million electric vehicle sales by ’27 will be correct.” (GM) – Get a free reportAnd (F) – Get a free report On this cargo network we get there much faster.”
Wood said this deal will bring the industry closer to accepting and implementing a single charging standard, which could accelerate the popularity of electric vehicles.
“Shipping solves the problem of scale anxiety,” she said. “It reminds me of what happens with most technologies that proliferate and expand. There is a standard, and here we have a shipping standard.”
And although some said this partnership would do more to help competition than Tesla itself, Wood said it would open up the central part of the country to Tesla.
“If you look at Tesla’s sales, it’s very concentrated on the coast,” she said. “Now it would make more sense for Tesla to roll out much faster charging stations across the country.”
Tesla currently has about 17,000 supercharger stations – which can give drivers about 200 miles in just 15 minutes – across the United States