Tesla’s bid to become the future of electric vehicle charging is gaining traction. Texas, where Tesla is headquartered, announced on Tuesday that all new EV chargers built using federal funding in the state will have to include Tesla’s “North American Charging Standard” (NACS) port, as first reported by Reuters, and confirmed to Gizmodo by the Texas Department of Transportation. The state-level decision follows a string of automakers announcing their intent to include Tesla ports on forthcoming
Tesla ended its 13-day streak of gains, during which it added over $200bn to its value. Tesla s market capitalisation rose to approximately $814bn, surpassing the value of Japan s Toyota as Tesla s shares rose by 40%. Tesla s charging system was adopted by US automakers Ford and General Motors, sparking off the rally. Tesla s forward price-to-earnings ratio far exceeds any other automaker at around 62, compared to Ford s 8.2 and GM s 5.6. Despite the rally s end, Tesla s stock price is sitting 28% higher than Wall Street s median target of $200.