Ford stock jumps after deal to let its EV owners use Tesla charging stations

Ford stock jumps after deal to let its EV owners use Tesla charging stations

A different Tesla being charged.
Smith/Gado/Getty Images Collection

  • Ford shares jumped on Friday after signing an agreement allowing its electric vehicle owners to use Tesla charging stations.
  • All Ford electric vehicles will be made with the same charging port as Tesla from 2025.
  • Tesla CEO Elon Musk said the deal will help ensure Ford is on “level playing field” with Tesla.

Ford stock jumped 3% on Friday after the company announced a surprise deal with Tesla that will allow its electric vehicle customers to use Tesla charging stations from 2024.

The deal will help solidify Tesla’s Charge Port as the standard for electric vehicles, and Tesla CEO Elon Musk said it will put Ford on a “level playing field” against Tesla in the electric vehicle space.

“It is certainly Tesla’s intention to make this a seamless and positive experience for Ford owners,” Musk said in an interview with Twitter Spaces on Thursday.

“We are truly excited to work with you to improve the lives of our customers,” said Ford CEO Jim Farley. “And we are truly grateful for your partnership.”

Under the terms of the agreement, starting in 2024, Ford electric vehicles will be able to charge their cars at 12,000 Tesla Supercharger stations across North America. And by 2025, all next-generation Ford electric vehicles will use the same charging port as Tesla, eliminating the need to use an adapter at Tesla charging stations.

For now, owners of Ford Mustang Mach-E, F-150 Lightning and E-Transit vehicles can access Superchargers through an adapter and software integration, with payment processed through FordPass.

The deal helps remove a key hurdle for Ford to increase the appeal of its electric vehicles, as Tesla’s charging network has long been seen as a competitive advantage over other electric vehicle makers because it does not There is no other uniform network that rivals Tesla’s scale.

“Wide access to fast charging is absolutely vital to our growth as an electric vehicle brand, and this groundbreaking agreement comes as we ramp up production of our popular Mustang Mach-E and F-150 Lightning, and as we preparing to launch a series of next generation EVs starting in 2025,” said Farley.

As Ford plots its future in the electric vehicle, ensuring its customers have increased access to charging stations appears to be crucial to its success.


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