Tuesday, April 16, 2024
HomeTraditional FinanceStock MarketFord and Tesla Strike EV Charging Deal, Unveil New SUV

Ford and Tesla Strike EV Charging Deal, Unveil New SUV

Ford Motor Company experienced a significant boost of 6.2% in its stock value following the announcement on Thursday that it had reached a major agreement with Tesla. This groundbreaking deal will enable Ford-produced electric vehicles to utilize Tesla Supercharger stations across the United States and Canada.

Ford’s electric vehicle models equipped with the Combined Charging System (CCS) port, including the F-150 Lightning, Mustang Mach-E, and E-Transit, will gain access to Tesla’s advanced V3 Superchargers. However, the vehicles will require an adapter developed by Tesla to connect with these stations. Ford further revealed its plans to incorporate Tesla’s NACS charging port into its vehicles starting in 2025, eliminating the need for an adapter when using Tesla-branded stations.

The agreement is scheduled to take effect in the spring of 2024, resulting in a positive impact on Tesla’s stock as well, with a 4.7% increase.

In addition, Ford recently disclosed details about its forthcoming three-row electric SUV during its “Delivering Ford+: Capital Markets” event on Monday. This new model, although similar in size to the Expedition, will not serve as a replacement for it. Doug Field, Ford’s newly appointed Chief Officer of EVs and Digital Systems, made this clarification.

The electric SUV will feature rapid charging capabilities, allowing for a range of 150 miles in less than 10 minutes and a total range of 350 miles per charge. Moreover, it will be capable of covering 300 miles on the highway at a speed of 70 mph, powered by a 100 kilowatt-hour battery pack.

Prior to the event, Ford announced the signing of multiple agreements to secure a sufficient supply of lithium products, including lithium hydroxide. This move was prompted by fierce competition among North American automakers, all striving to acquire adequate battery materials.

Ford’s ambitious goal is to manufacture 2 million EV units by the end of 2026, a substantial increase from its previous projection of 600,000 units by the end of this year.

In a separate development earlier in the week, Tesla’s website confirmed that the China-made Model 3 and Model Y cars would soon be available in Canada, much to the delight of Canadian EV enthusiasts. By exporting vehicles from Shanghai to Canada, Tesla can maintain the supply of vehicles manufactured in California and Texas for the U.S. market, where they qualify for potential tax incentives of up to $7,500.

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