Tesla (NASDAQ: TSLA) has announced that it will open part of its U.S. charging network to electric vehicles made by other EV automakers. The move opens the door for Tesla to access part of a $7.5 billion subsidy program announced by the federal government that it says will electrify the nation's highways. 

Tesla has pledged to open up 3,500 new and existing 250 kW superchargers and 4,000 Level 2 chargers to non-Tesla customers by the end of 2024. Currently, the company owns and operates more than 60% of all DC fast chargers in the United States.

The company has also agreed to triple the number of superchargers in its U.S. network, with new charging units to be manufactured in Buffalo, New York. 

The Biden Administration has stated that it wants to build out a national network of 500,000 EV chargers and convert 50% of all vehicle sales to electric by 2030. Sixteen companies, including Tesla, ChargePoint (NYSE: CHPT) and EVgo (NASDAQ: EVGO) among others, will gain access to the federal funds in order to build out the ambitious charging network goal.

Shares of Tesla trade on the NASDAQ under the ticker symbol TSLA.