Why Nio Shares Dropped Friday

Reuters

Exclusive-To tap U.S. government billions, Tesla must unlock EV chargers

(Reuters) -Tesla CEO Elon Musk has often talked about opening his Supercharging network to competitors, but has never actually done so in the United States, where the company dominates the electric vehicle market. The Department of Transportation next week is expected to finalize a requirement that will pressure Tesla to expand beyond its proprietary charging equipment in the U.S. and add the charger used by its competitors, administration officials tell Reuters. Otherwise, the carmaker will be left out of the $7.5 billion in subsidies flowing out of Washington, part of President Joe Biden’s plan to blanket the nation with 500,000 EV chargers in the coming years, up from 100,000 in 2021.

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