Hyundai Motor (005380. K.S.)’s CEO said Tuesday that the South Korean carmaker may make its vehicles more compatible with Tesla (TSLA.O)’s North American charging standard.
Tesla’s Superchargers make up 60% of U.S. fast chargers, and Ford (F.N.) and General Motors (GM.N) have just signed arrangements with Tesla to use its charging technology, officially called the North American Charging Standard (NACS).
Hyundai’s president, Jaehoon Chang, said the business would consider joining the alliance of manufacturers switching to Tesla’s standard if it was in customers’ best interests.
He added Tesla’s Supercharger network doesn’t allow Hyundai’s electric vehicles to charge faster.
“That’s what we’ll look into from the customer’s perspective,” Chang told analysts at the automaker’s investor day.
Hyundai’s new electric cars, including the Ioniq 5, feature an 800-volt electrical design to charge faster than Tesla’s Superchargers.
Chang said Hyundai would engage with Tesla to make its charging technology faster for Hyundai consumers.
Tesla must offer its charging network to other electric vehicles to qualify for some of the Biden administration’s $7.5 billion in subsidies to hasten charger development in the U.S.
The U.S. carmaker also benefits from selling power to more electric vehicle drivers. Since the Ford acquisition in late May, Tesla shares are up over 40%.
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