GM Plans Tesla-Compatible Charging Ports Next Year

US carmaker GM said on Monday it does not expect to install Tesla-compatible charging ports on its Chevrolet Silverado EV pickup trucks before model year 2025, as it and Ford adopt Tesla’s North American charging port standard.

GM also said it was scrapping plans for a base Silverado EV model priced at $39,000 (£30,600) amidst rising vehicle prices.

The company didn’t say how low future EV models would be priced.

GM said its new battery-powered pickups are not yet fully compatible with Tesla’s Supercharger network.

Charging port standard

GM is planning to eventually replace the CCS charging port found in current Silverado vehicles with the Tesla-compatible North American Charging Standard (NACS) outlet.

GM is currently making the first 2024 Silverado EV Work Truck models in its Detroit-Hamtramck plant, with a cheaper Work Truck variant expected later this year.

A less expensive Train Boss edition is scheduled for later this year at about the time the 2025 Silverado EVs are planned to go on sale.

The company’s Silverado EVs compete with Ford’s popular F-150 Lightning trucks as well as models from start-up Rivian.

Stock surge

The adoption by GM and Ford of Tesla’s NACS standard has helped boost Tesla’s share price in recent weeks to near trillion-dollar market capitalisation, with some analysts downgrading the stock as a result.

Goldman Sachs on Monday cut Tesla to “hold” equivalent, after Morgan Stanley and Barclays downgraded the stock last week.

Tesla’s market capitalisation of $813bn is far higher than that of Toyota, the next biggest car manufacturer by market value, with Tesla’s shares having more than doubled in value this year and increased by 71 percent since late April.

Analysts said Tesla had benefited from investors’ frenzied interest this year in artificial intelligence.