Detroit, MI (May 26, 2023) – Ford Motor Company witnessed a remarkable 7% surge in its stock on Tuesday following the announcement of a partnership with Tesla. Under the deal, Ford electric vehicle owners will gain access to Tesla’s expansive Supercharger network.
The agreement represents a significant victory for Ford, which has faced criticism for the slow expansion of its own charging infrastructure. Tesla’s Supercharger network currently stands as the world’s largest, boasting over 30,000 fast-charging stations spread across more than 25 countries.
Ford electric vehicle owners will now be able to utilize Tesla Supercharger stations in both the United States and Europe, with Ford paying Tesla a per-use fee for access to the charging network.
This collaboration is expected to provide a substantial boost to Ford’s electric vehicle business, aligning with the company’s ambitious goal of selling 2 million electric vehicles annually by 2026. As Ford gears up production of its Mustang Mach-E electric SUV and plans to introduce several other electric models in the coming years, the Tesla Supercharging deal will play a pivotal role in supporting the expanded electric vehicle lineup.
Moreover, this partnership signifies a growing trend of cooperation between Tesla and other automakers. Tesla, previously criticized for its reluctance to share technology with competitors, has demonstrated a newfound willingness to collaborate.
The increasing cooperation between Tesla and other industry players highlights the escalating significance of electric vehicles within the global car market. With electric vehicles projected to capture a substantial market share in the coming years, collaboration among automakers, including Tesla, will accelerate the adoption of electric vehicles and enhance affordability for consumers.
