Biden admin. dangles $7.5B Tesla subsidy if Musk unlocks Supercharging network
Tesla CEO Elon Musk has previously expressed openness to the idea of accommodating electric vehicles from other companies at their charging stations
Peapack Private Wealth Sr. Investment Strategist David Dietze joins 'The Claman Countdown' to discuss Tesla shares, and his stock picks.
Tesla founder Elon Musk could miss out on a major windfall if the company keeps its electric charging stations exclusive.
President Biden's Department of Transportation is set to offer $7.5 billion in subsidies aimed at propagating electric vehicle charging facilities nationwide, Reuters reports, citing administration officials.
A Tesla vehicle is charged at a Tesla supercharging station in Kettleman City, California, Jan. 25, 2023. (REUTERS/Mike Blake / Reuters Photos)
The Department of Transportation intends to require beneficiaries of the massive subsidy package to conform to Combined Charging System (CCS) standards.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 338.74 | +18.02 | +5.62% |
The CCS provides a standard for electric vehicles from different companies and brands worldwide, including Ford, Hyundai, Honda, General Motors and more.
TESLA SHARES REBOUND FROM JANUARY BOTTOM
A Nissan Leaf electric car being charged in London, Friday March 5, 2021. (John Walton/PA Images via Getty Images / Getty Images)
Tesla currently operates a proprietary charging system that keeps its approximately 40,000 charging stations exclusive to the company and its consumers.
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Musk has previously expressed openness to the idea of opening access to Tesla charging stations to the wider market.