Tesla Under Pressure to Open Charging Network to Rivals or Lose $7.5 in Subsidies

Benzinga 2023-02-14

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The U.S. Department of Transportation is drafting a requirement that will pressure Tesla ($TSLA@US) to open its charging network to rivals or lose $7.5 billion in subsidies from the Biden Administration. Tesla has 40,000+ EV charging stations in the U.S., more than any other charging company, but they only connect to Tesla cars. In February, the DOT tweaked its $7,500 tax credit consumer incentive plan, which expanded the definition of an SUV and increased the potential demand for Tesla models. Tesla CEO Elon Musk has previously spoken about the possibility of opening up the Supercharger network but has made no move to do so. Musk met with White House officials last month to discuss the Bipartisan Infrastructure Law and ramping up EV production.

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