What's Going On With Plug Power Shares

Plug Power Inc PLUG shares are trading higher by 9.49% to $10.04 during Monday's session. The stock is displaying a rebound after experiencing weakness on Friday, attributed to the recent announcement by General Motors regarding its partnership with Tesla to leverage its charging network.

Plug Power says the company's hydrogen-powered engines offer extended range capabilities and provide greater payload capacity compared to alternative electric vehicle power solutions.

What Happened?

GM and Tesla last week announced a collaboration to integrate the North American Charging Standard (NACS) connector design into GM's EVs starting in 2025. The partnership will provide GM EV drivers with access to 12,000 Tesla Superchargers across North America.

GM says this collaboration aligns with the company's focus on expanding charging access through its Ultium Charge 360 initiative and mobile apps.

The Tesla Supercharger Network will be available to GM EV drivers from 2024 onwards, initially requiring an adapter and subsequently integrating NACS inlets into GM EVs from 2025. GM will also integrate the Tesla Supercharger Network into its vehicle and mobile apps.

GM and Tesla say this collaboration aims to accelerate mass EV adoption and establish a unified North American charging standard.

According to data from Benzinga Pro, PLUG has a 52-week high of $31.56 and a 52-week low of $7.39.