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Texas Mandates Tesla's (TSLA) NACS Plugs for New Stations
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Texas approved its plan to mandate the installation of Tesla’s (TSLA - Free Report) North American Charging Standard (NACS) plug at new charging station. The move is essential for the state to qualify for federal tax funding.
The plan was first proposed in July this year but was delayed due to an objection letter sent to the Texas Transportation Commission by five EV charging companies. The companies said that the supply chain concerns and certification of Tesla’s connectors would put the deployment of electric vehicle chargers at risk and they would require more time to access the Supercharger network.
The letter forced Texas to defer a vote on the plan twice to understand NACS and its implications before the commission voted unanimously to approve the plan.
The grant of $5 billion makes Texas the biggest recipient of the funding set by the National Electric Vehicle Infrastructure (NEVI) program, which is meant to electrify U.S. highways. The federal rules require a pre-established Combined Charging System (CCS), preferred by the Biden administration, as a minimum to be eligible for the funds. Individual states can add their preferences on top of CSS before distributing the federal funds.
Per a Reuters report, Texas will receive and deploy $407.8 million over five years. Washington state has similar plans and Kentucky has already mandated NACS plugs .
Florida recently revised its plan, and said that it would mandate NACS one year after SAE International, which is currently reviewing the technology. SAE International announced in June that it will make Tesla NACS a standard connector in the country. SAE’s adoption will make the implementation of ports easier for charging station manufacturers and operators. It will also make the charging process more consistent and reliable for EV owners.
So far, auto giants like Ford, General Motors and Rivian have joined hands with Tesla to integrate its NACS connector into their respective electric vehicles. EV charging solution providers like EVgo, Tritium, Blink and ABB have added Tesla’s connectors as an option to their units.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by $12 in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 9 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.
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Texas Mandates Tesla's (TSLA) NACS Plugs for New Stations
Texas approved its plan to mandate the installation of Tesla’s (TSLA - Free Report) North American Charging Standard (NACS) plug at new charging station. The move is essential for the state to qualify for federal tax funding.
The plan was first proposed in July this year but was delayed due to an objection letter sent to the Texas Transportation Commission by five EV charging companies. The companies said that the supply chain concerns and certification of Tesla’s connectors would put the deployment of electric vehicle chargers at risk and they would require more time to access the Supercharger network.
The letter forced Texas to defer a vote on the plan twice to understand NACS and its implications before the commission voted unanimously to approve the plan.
The grant of $5 billion makes Texas the biggest recipient of the funding set by the National Electric Vehicle Infrastructure (NEVI) program, which is meant to electrify U.S. highways. The federal rules require a pre-established Combined Charging System (CCS), preferred by the Biden administration, as a minimum to be eligible for the funds. Individual states can add their preferences on top of CSS before distributing the federal funds.
Per a Reuters report, Texas will receive and deploy $407.8 million over five years. Washington state has similar plans and Kentucky has already mandated NACS plugs .
Florida recently revised its plan, and said that it would mandate NACS one year after SAE International, which is currently reviewing the technology. SAE International announced in June that it will make Tesla NACS a standard connector in the country. SAE’s adoption will make the implementation of ports easier for charging station manufacturers and operators. It will also make the charging process more consistent and reliable for EV owners.
So far, auto giants like Ford, General Motors and Rivian have joined hands with Tesla to integrate its NACS connector into their respective electric vehicles. EV charging solution providers like EVgo, Tritium, Blink and ABB have added Tesla’s connectors as an option to their units.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space include Oshkosh Corporation (OSK - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Gentex Corporation (GNTX - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by $12 in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 9 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.