Hyundai Mulls Joining Tesla's North American Charging Standard Alliance: Report

Hyundai Motor Company HYMTF Chief Executive Officer Jaehoon Chang said the company would consider attaining the charging standard that Tesla Inc TSLA is thrusting in North America.

Tesla's Superchargers constitute about 60% of total available U.S. fast chargers, reported Reuters.

The charging technology, known as the North American Charging Standard (NACS) has been adopted by automotive giants, including General Motors Co GM and Ford Motor Co F recently.

Also Read: Ross Gerber Thinks GM's Decision To Adopt Tesla's EV Charging System 'Is Checkmate' — 'This Is Setting A Standard'

Hyundai's CEO, however, said the shift to NACS will happen only if it's in the interest of its customers.

One issue is that Tesla's current network of Superchargers does not allow for the faster charging Hyundai's electric vehicles.

By opening its charging network to electric vehicles from other brands, Tesla stands to gain by qualifying for $7.5 billion in subsidies, approved by Bide administration to boost chargers infrastructure in the U.S.

Also Read: Hyundai Unveils $85B Investment Plan To Become An EV Powerhouse

Price Action: HYMTF shares closed lower by 1.02% at $41.83 on Friday.