More big wins for Tesla: Charging standards and EV subsidies
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Texas will be the first U.S. state to mandate Tesla's (NASDAQ:TSLA) electric vehicle charging standard, Reuters reported, in a huge win for CEO Elon Musk who is working towards making the system the industry standard.
The state will require EV charging companies to include both Tesla's (TSLA) North American Charging Standard (NACS) and the nationally recognized Combined Charging System (CCS) to qualify for a state program to electrify highways with federal funds.
Texas, home to Tesla's (TSLA) headquarters, said the growing adoption of NACS led to the change in requirements for the state program. Direct current fast chargers will be required to have one CCS and one NACS connector.
The development follows moves by Rivian (RIVN), General Motors (GM) and Ford (F) to include Tesla's (TSLA) charging standard to their EVs.
Texas' decision could push other states to adopt NACS, the report quoted Lew Cox, director of business development at MD7. "It'll effectively make NACS the new charging standard."
The new mandate marks another win for Tesla (TSLA), which is poised to benefit from China's ~$72.3B tax break for EVs over the next four years. China is Tesla's (TSLA) largest market outside the U.S.
Add that to Musk hinting at making Tesla (TSLA) available in India "as soon as humanly possible". The statement was made during a meeting with Indian Prime Minister Narendra Modi, who is on a two-day U.S. trip. Note that U.S. companies are increasingly looking to shift supply chains away from China.
Shares of Tesla (TSLA) climbed 1.6% before the bell.

Investing Group Leader JR Research said Tesla's (TSLA) NACS is "well-primed" to assume leadership as the national charging standard. "With nascent pure-play charging players also adopting the NACS plugs, Tesla's lead will widen further."
More on Tesla's charging standard

EVgo plans to increase deployment of Tesla's NACS
ChargePoint rallies after saying it will offer NACS connectors
Rivian is latest automaker to join Tesla's charging standard
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