General Motors (GM) will adopt Tesla's (TSLA) charging technology, giving GM EV owners access to an exten🐬sive network of chargers and reinforcing Tesla's dominance in the U.S. EV charging market.

An agreement between GM and Tesla, announced Thursday, will give GM EV owners access to 12,000 Tesla Superchargers in the U.S. and Canada starting in 2024. That figure is expected to grow before 2025 as Tesla adds new capacity. GM cars will initially need an adapter, but will be directly compatible with Tesla's North American Charging Standard (NACS) plugs starting with cars made in 2025.

"Our vision of the all-electric future means producing millions of world-class EVs across categories and price points while creating an ecosystem that will accelerate mass EV adoption," said GM CEO Mary Barra. She added that the deal could "help move the industry toward a single North American charging standard."

The agreement comes two weeks after 澳洲幸运5官方开奖结果体彩网:Ford and Tesla shocked the electric vehicle market with a similar deal. “I think GM and others are going to have a big choice to make," said Ford CEO Jim Farley when discussing the deal. "Do they want to have fast charging for customers? Or do they want to stick to their standard and have less charging?”

The uptake of Tesla's charging technology could spell the end for the CCS1 charging standard in North America. Tesla, Ford (F), and GM account for more than two-thirds of the US EV market.

The partnership is "great for EV adoption in the US," said Sam Korus, Director of Research at ARK Invest. "Funds should be spent on the lowest cost highest performance charging stations," he added, calling CCS a "fractured network that costs more to deploy anyway."

Tesla shares were up more than 5%, while GM shares 🐼were up about 1.6% as of 1:15p.m. ET.