Tesla’s distant competitors ChargePoint, EVgo and Blink Charging raised capital on public markets, only to watch their stock prices crumble like a crouton in the last year.
But the charging market, as with the EV market overall, are still in early, dynamic days.
Tesla is opening its Supercharger network to other EV makers, starting on a limited basis. In July of last year BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis announced plans to invest at least $1 billion in a project that will deploy 30,000 charging ports on highways and in urban locations in Canada and the U.S.
And although some EV producers are struggling, non-Tesla EV firms saw their sales increase by 33 percent, according to Kelly Blue Book. Ford, Kia, Hyundai and Cadillac have all reported strong growth in recent EV sales, though they sell far fewer EVs than Tesla does.
EV sales overall are starting to gain traction in the U.S. Fully electric models represented 7.6 percent of all new passenger cars sold in the U.S. in 2023, per Cox Automotive, up from around 6 percent in 2022. The Biden administration has a goal of 50 percent by 2030.
It should come as no surprise that Tesla, once the only game in town, is losing some ground to major auto OEMs and EV aspirants. Its fast-charger network might offer more of a sustained lead.