FILE - Chief Executive Officer Mary Barra speaks during the opening of contract talks with the United Auto Workers on July 16, 2019, in Detroit. Barra was the second highest paid woman CEO in a survey done by AP and Equilar. She received a base salary of $2.1 million, a $6.3 million performance-based bonus, $1.1 million in perks and $19.5 million in stock and option awards, for a total pay package of $29 million. (AP Photo/Paul Sancya, File) Mary Barra

According to CEO Mary Barra’s announcement on Thursday, General Motors (GM), located in Detroit, has disclosed a new charging arrangement with Tesla. By lowering its projected investment in EV charging infrastructure in the US and Canada, GM is anticipated to save up to $400 million as a consequence of the deal.

GM said in October 2021 that it intended to set aside $750 million for the expansion of EV charging infrastructure in the two nations, including home, workplace, and public charging networks. However, the manufacturer believes that by simplifying the procedure and increasing efficiency with this new relationship, considerable savings would be realized.

GM adopts Tesla's EV charging system in big win for Elon Musk
Barra emphasized the firm’s dedication to capital efficiency in an interview with CNBC’s “Fast Money,” and she voiced openness to exploring new collaborations and licensing arrangements with other businesses, including Tesla, to further improve their operations.

With effect from the start of the next year, owners of GM EVs will have access to more than 12,000 Tesla fast chargers. An adaptor will be used to provide smooth charging compatibility, making this practical. Along with adopting Tesla’s charging connector as an alternative to the existing industry standard, GM will also do so as part of the deal.

GM to use Tesla charging network, joining Ford in leveraging the EV  leader's techThis news by GM comes after a similar action by Ford Motor, a crosstown competitor that has also signed into a charging agreement with Tesla. Elon Musk and the CEOs of both automakers each made their own statements on Twitter. Both GM and Tesla stocks rose more than 3% on Thursday in after-hours trading, reflecting the enthusiastic reaction of market experts who saw these alliances as mutually advantageous.

Why CEO Mary Barra is confident GM can beat Tesla in electric vehiclesThe strategic partnership between GM and Tesla shows how the necessity for an extensive and effective EV charging network is becoming more and more acknowledged in the business world. Automakers want to hasten the adoption of electric cars and increase consumer convenience by using current networks and technologies.


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