15.1 C
Wednesday, May 15, 2024
HomeLarge Cap StocksFord Motor (NYSE:F) Shakes Hands with Tesla to Let Electric Cars Charge

Ford Motor (NYSE:F) Shakes Hands with Tesla to Let Electric Cars Charge


Ford Motor Company (NYSE:F) inches down in pre session on Monday as the company recently announced a substantial agreement with Tesla (TSLA) that would allow Ford-produced electric vehicles to charge at Tesla Supercharger stations in the United States and Canada.

Ford’s EV cars equipped with the Combined Charging System (CCS) port, particularly the F-150 Lightning, Mustang Mach-E, and E-Transit, will be able to utilize Tesla’s V3 Superchargers, however the vehicles will require a Tesla-developed adaptor to do so. Ford also stated that beginning in 2025, it would begin equipping its vehicles with Tesla’s NACS charging connector, which will eliminate the requirement for an adaptor to use Tesla-branded stations.

The deal is scheduled to take effect in the spring of 2024. Tesla shares rose 4.7% in response to the announcement.

Separately, during its “Delivering Ford+: Capital Markets” event on Monday, Ford revealed details about its future three-row electric SUV. According to Doug Field, Ford’s new Chief Officer of EVs and Digital Systems, this new vehicle will be similar in size to the Expedition but will not replace it.

The SUV will be capable of quick charging, allowing for 150 miles of range in less than 10 minutes and a total range of 350 miles per charge. It will also be able to go 300 miles at 70 mph on the highway with a 100-kilowatt-hour battery pack.

Prior to the event, Ford said that it had signed various contracts to ensure a supply of lithium goods, including lithium hydroxide, in response to heated rivalry among North American manufacturers for sufficient battery materials.

Ford plans to create 2 million electric vehicles by the end of 2026, a significant increase from its earlier projection of 600,000 units by the end of this year.

Earlier this week, Tesla’s website verified the arrival of China-made Model 3 and Model Y vehicles in Canada, gratifying Canadian devotees. Tesla may preserve a supply of automobiles made in California and Texas for the US market, where they qualify for possible tax breaks of up to $7,500, by exporting to Canada from Shanghai.

The California Air Resources Board (CARB) encouraged the Biden administration on Tuesday to adopt a ground-breaking plan that would mandate all new cars sold in the state by 2035 to be electric or plug-in hybrids. This action is part of a larger attempt to cut smog-causing pollutants from light-duty cars by 25% by 2037.

On the other hand, a coalition of 27 Senate Republicans called on the administration on Thursday to abandon its plans to decrease vehicle emissions, claiming that the proposal would “effectively mandate a costly transition to electric cars and trucks in the absence of congressional direction.”


Today's Top Stocks - Free List!

Latest stories