Hyundai (KS:005380) held its 2023 CEO Investor Day on Tuesday where CEO Jaehoon Chang revealed that the South Korean automaker is considering the adoption of the Tesla (NASDAQ:TSLA) designed North American Charging Standard (NACS) charging connector for their vehicles but still needs to determine if the switch would be in the customers’ best interest.
One issue, he said, is that Tesla's current network of Superchargers does not allow for the faster charging Hyundai's electric vehicles can achieve on other chargers.
"That's what we will look into from the customer's perspective," Chang told analysts at the automaker's investor day.
Hyundai's latest electric vehicles, like the Ioniq 5, incorporate an advanced 800-volt electrical system that enables rapid charging. By contrast, Tesla's Superchargers operate on a lower voltage level.
Chang told investors that Hyundai would consult with Tesla to determine whether or not adjustments could be made to its charging system for Hyundai customers so they could charge faster.
The move would follow fellow automakers Ford (NYSE:F), General Motors (NYSE:GM), and most recently, Rivian (NASDAQ:RIVN) who all announced that their companies would adopt the Tesla standard to their vehicles as soon as 2025. Stellantis (NYSE:STLA) said last week that the Detroit automaker was also considering adopting the charging connectors.
Tesla shares are up more than 40% since late May when it announced its deal with Ford.
Shares of TSLA and RIVN are up 1.34% and 2.28% respectively, while F and GM are down 2.15% and 2.38% in early trading on Tuesday.