Published -June 19th, 2023 @ 10:50 AM (GMT+2)
End of Tesla's Impressive Winning Streak
Tesla (NASDAQ:TSLA) shares concluded a phenomenal 13-day surge on Wednesday after climbing a staggering 29.3% over the previous fortnight. This remarkable streak, matching the 11-day rally from January 2021, ended with a minor dip.
Automotive Industry Follows Tesla's NACS Standard
This unprecedented surge followed the declaration by General Motors (NYSE:GM) and Ford (NYSE:F) to adopt Tesla's North American Charging Standard (NACS) connector for their electric vehicles. This commitment sparked a chain reaction: Charging device manufacturers like Blink Charging (NASDAQ:BLNK), ChargePoint (NYSE:CHPT), and Tritium (NASDAQ:DCFC) subsequently announced their plans to incorporate the Tesla-originated connector into their chargers.
“The recent announcements by Tesla, GM, and Ford signify a pivotal moment in the EV charging industry's progression as technologies evolve and key players unite to determine the most effective practices,” Blink announced.
Stellantis and Toyota Consider Joining the NACS Coalition
The automotive heavyweight, Stellantis (NYSE:STLA), is also considering adopting Tesla's NACS. However, the prospect of securing "The Big Three" was insufficient to extend Tesla's record-breaking rally to the 14th day. Toyota (NYSE:TM), another significant player in the auto industry, was also urged to adopt the NACS, a proposition welcomed by Tesla CEO Elon Musk.
Toyota’s Strategic Shift Towards EVs
Toyota Embraces EV Transformation Amid Criticism Toyota, known for focusing on hybrid powertrains, faced criticism for its slow uptake of electric vehicles. Yet, it recently declared its intention to develop superior solid-state batteries. This strategic move aims to extend EVs' driving range while reducing manufacturing costs.
Toyota’s Battery Tech Innovations and Strategic Initiatives
Following this announcement, Toyota's shares soared by nearly 5% and finished the week with a 10% gain. The company also unveiled various initiatives, including a revolutionary revamp of its production facilities. They highlighted a groundbreaking "technological breakthrough" that alleviates durability concerns surrounding solid-state batteries. Additionally, Toyota intends to incorporate Tesla's trailblazing Giga casting innovation to slash production costs, underscoring their commitment to technological progress.
"We strive to reshape the future with Battery Electric Vehicles (BEVs)," stated Takero Kato, the president of Toyota's new BEV unit.
Blink Charging Innovates to Accommodate NACS and CCS
Blink Charging Sets the Pace for NACS and CCS Integration In the meantime, Blink Charging, which is incorporating NACS connectors into its technology, introduced a 240kW DC Fast Charger design that includes both NACS and CCS connectors.
Blink Charging’s Progress Towards New Design and Certification
"As our design is progressing well, we're eager to introduce this innovative charger to the market and continue to provide a diverse product portfolio that caters to global demand," said Blink's CEO, Brendan Jones.
The Blink 240kW DCFC was first showcased during CES 2023 and is now approaching completion. The prototype charger will be submitted for UL certification after finishing this final design phase.
Blink Charging's CEO Affirms Their Readiness for EV Adoption
Jones added, "The recent announcements by Tesla, GM, and Ford show the dynamic evolution of the EV charging industry. We're thrilled by the growing interest in our sector and are ready to support all initiatives to enhance EV adoption."
Blink Charging Stock Performance
BLNK's shares rose 8.25% during the week, closing at $6.42/share on Friday.
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