On this day, all three indexes fell at the New York Stock Exchange ahead of Federal Reserve Chairman Jerome Powell’s testimony to Congress this week. Profit-taking sales were released due to the index’s recent strength.
Stock Market Performance
The Dow Jones Index fell 0.72% to 34,053.87, while the technology-focused Nasdaq index dropped 0.16% to 13,667.29. The S&P 500 index closed at 4,388.71, down 0.47%.
Despite the overall market decline, Tesla, which has experienced a consecutive 13-day rise, continued its upward trend. The main contributing factors are General Motors (GM) and Ford joining the ‘Tesla charging ecosystem’, as well as the establishment of a production base in India and a giga factory.
Tesla’s Rise and the Charging Ecosystem
On the 20th, Tesla saw an increase of 5.34% from the previous trading day, reaching $274.45. Rivian, another electric vehicle manufacturer, also rose by 5.51% to $15.70. Rivian’s decision to adopt Tesla’s charger connection method, known as the North American Charging Standard (NACS), allows Rivian customers to utilize Tesla’s supercharger facilities in North America as early as next spring.
With Ford, GM, and Rivian joining the ‘Tesla Charging Ecosystem’, Tesla’s charging system is becoming the American standard. Stellantis, renowned for its Chrysler, Jeep, and Peugeot brands, has also announced a review of Tesla’s charging standard.
About 12,000 Tesla superchargers have been installed across the United States and Canada, with plans for an additional 7,500 installations by 2023. Analysts predict that by 2030, Tesla could generate approximately $3 billion in revenue from third-party electric vehicle owners. If the expansion of the charging ecosystem continues, this profit margin could further increase.
Hyundai’s Stance on Joining the Charging Ecosystem
Regarding the issue of Hyundai Motor’s review of joining the Tesla charging ecosystem, the company has expressed doubts regarding charging time and dependency on Tesla’s data and services. During Hyundai Motor Company’s ‘CEO Investor Day’ question and answer session, CEO Jang Jae-hoon explained that Hyundai’s electric cars operate on an 800-volt super-fast charging system, while Tesla uses a 500V system. Connecting Hyundai’s electric vehicles to Tesla’s supercharger would result in slower charging speeds.
Tesla’s Stock Performance
Tesla’s stock price showed strong movement in the early market, initially experiencing a 2% increase. Although it momentarily halted, a Reuters news report stated that the price rose again and demonstrated strength until the end of the market.
Overall, with a mix of market declines and Tesla’s continued rise, investors are closely watching the developments within the electric vehicle industry and the impact on stock prices.
Reporter: Park Gwang-chun
Contact: p2kch@infostock.co.kr
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© Infostock Daily. Unauthorized reproduction and redistribution prohibited.
[인포스탁데일리=박광춘 기자] On this day, at the New York Stock Exchange ahead of Federal Reserve Chairman Jerome Powell’s testimony to Congress this week, all three indexes fell as profit-taking sales were released due to the index’s recent strength .
On the New York Stock Exchange, the Dow Jones Index fell 0.72% to 34,053.87, the technology-focused Nasdaq index fell 0.16% to 13,667.29, and the S&P 500 index closed at 4,388.71, down 0.47%.
Photo = Tesla, Infostock Daily
However, Tesla, which has risen for the past 13 consecutive trading days and is up more than 150% from its annual low, continued its upward trend on this day as well. The main reason is that General Motors (GM) and Ford, followed by Rivian, joined the ‘Tesla charging ecosystem’, and the establishment of a production base in India and a giga factory became visible.
On the 20th (local time) in the New York Stock Exchange, Tesla increased 5.34% from the previous trading day to $274.45, and Rivian increased 5.51% to $15.70. On the same day, Rivian announced that it had decided to adopt the North American Charging Standard (NACS), which is Tesla’s charger connection method.
As a result, Rivian customers will be able to use Tesla’s supercharger facilities in North America as early as next spring. “Through this deal, Rivian electric vehicle buyers will be able to take advantage of Tesla’s extensive supercharger network,” said RJ Scaringe, CEO of Rivian.
As Ford, GM, and even Rivian join the ‘Tesla Charging Ecosystem’, the Tesla charging system is becoming the American standard. According to local reports in the United States, Stellantis, known for the Chrysler, Jeep, and Peugeot brands, has also announced that it is reviewing Tesla’s charging standard.
About 12,000 Tesla superchargers have been installed across the United States and Canada, and about 7,500 more will be installed in 2023. According to US investment bank Piper Sandler, Tesla is expected to earn about $3 billion in revenue from third-party electric vehicle owners by 2030 and approximately $5.4 billion by 2032.
However, given that only charging station contracts with Ford and GM were announced at the time the forecast was mentioned, the profit margin can be further expanded through Tesla’s charging ecosystem.
On the other hand, regarding the issue of ‘Hyundai Motor’s review of joining the Tesla charging ecosystem’, which is mentioned through some foreign media, Hyundai Motor Company showed a doubtful opinion regarding ‘charging time’ and ‘data and services dependency additional’.
At Hyundai Motor Company’s ‘CEO Investor Day’ question and answer session held on the 20th, CEO Jang Jae-hoon said, “Hyundai Motor is designed for 800-volt super-fast charging and Tesla designed for 500V, so connect Hyundai Motor’s. electric car to Tesla supercharger slows down the charging speed. It takes longer to charge,” he said.
On this day, Tesla’s stock price showed a strong range of 2% in the early market, and then stopped the increase at one point during the intraday, and then a Reuters news report said, “The price rose again and showed strong strength until the end of the market.”
Reporter Park Gwang-chun p2kch@infostock.co.kr
Copyright © Infostock Daily Unauthorized reproduction and redistribution prohibited
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