Electric vehicle charging companies trade lower as GM gears up for Tesla

Electric vehicle charging companies, such as Blink Charging Co BLNK, ChargePoint Holdings, IncCHPT, and Plug Power, Inc PLUG, are trading lower Friday amid reports of General Motors Co GM leveraging Tesla, Inc's TSLA charging infrastructure.

GM's move would likely boost Tesla stock, implying legacy automakers accept Tesla's market-leading status in the EV market.

General Motors has revealed that it will begin using the North American Charging Standard NACS connector design in its EVs beginning in 2025, which will expand the access to charging for GM EV drivers at 12,000 Tesla Superchargers stations.

This deal builds on the 134,000 chargers currently available to GM drivers through the Ultium Charge 360 initiative and mobile apps.

CEO Elon Musk is exploring opportunities for electric vehicle investments with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene.

BLNK shares traded lower by 9.91% on Friday to $6.01 a share. CHPT shares closed down 12 points, or 13.3 percent, at $8.43. PLUG shares closed down by 4.25% at $9.11.