The standard of charging vehicles at electric vehicle stock Tesla (NASDAQ:TSLA) is rapidly becoming the industry standard. Indeed, earlier today, two more organizations adopted the Tesla standard as their own. That was all investors needed to see to send Tesla up nicely in Tuesday afternoon’s trading session. The latest adopter in North America, SAE International, announced that it would not only make the Tesla charging standard the standard for its own operations but would develop that new standard on what it called an “expedited timeframe.”
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With over 128,000 member engineers and technical experts to its credit throughout several industries, that’s a lot of new credibility going to Tesla by extension. Tesla has been systematically adding new organizations to its roster for weeks, including major legacy automakers like Ford (NYSE:F) and General Motors (NYSE:GM).
In fact, earlier today, Tesla added one more to the lineup: Volvo (OTHEROTC:VLVLY). An Electrek report noted that Volvo would add the Tesla NACS connector to its cars starting in 2025 and would also have an adapter available for current and previous models sometime next year. Since Volvo plans to be a fully-electric car maker by 2030, adapting its cars for the Tesla standard should prove a smart move to take advantage of charging infrastructure and draw more users to the fold.
Yet, even as Tesla becomes the new standard for electric vehicle charging, analysts remain concerned. With 13 Buy ratings, 13 Holds, and five Sells, Tesla is considered a Moderate Buy by analyst consensus. However, Tesla stock also comes with 11.46% downside risk thanks to its average price target of $220.04.
