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Tesla CEO Elon Musk recently said the company plans to open its Supercharger network to other electric vehicles (EVs) later this year. In the eyes of analysts, the move is expected to significantly boost the company's revenue.
Tesla opening its charging network to other EVs could help it earn more than $25 billion in annual revenue, according to a research note released Thursday by Goldman Sachs.
Over time and as the number of EVs grows, Tesla opening up its charging network could represent a sizable revenue growth opportunity, especially if Tesla charges higher fees to non-Tesla owners, according to the report.
Tesla currently has about 3,000 charging stations and has about 25,000 charging piles. Goldman Sachs estimated that Tesla's current Superchargers could generate about $1 billion in revenue.
In the long run, if its number of Superchargers grows to 500,000, annual revenue could exceed $25 billion based on average usage and price analysis, the report said.
Tesla will open its Supercharger network to other electric vehicles within the year, Musk said on Twitter Wednesday.
Musk also added that Tesla's charging network will be open to other brands in all countries in the future.
Tesla announced earlier this month that it has now opened more than 25,000 Superchargers around the world, according to the company.
Tesla has opened more than 870 Supercharger stations in China, with more than 6,700 Superchargers, and it has more than 700 destination charging stations in China, offering 1,700 destination Superchargers.
Tesla to open Supercharger network to other EVs within the year, Musk says
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