- Ford stock is benefitting from its new agreement with Tesla.
- Ford customers will be able to use Tesla Superchargers beginning in 2024.
- In 2025 new Ford EVs will come equipped with Tesla charging design.
- F stock is stuck in a descending wedge with a resistance target of $14.50.
Ford (F) stock has advanced about 2.5% early Friday following CEO Chris Farley’s announcement that Ford owners will be able to charge their EVs at Tesla Superchargers beginning in early 2024. The announcement was made via a Twitter Spaces talk between Tesla (TSLA) CEO Elon Musk and Farley late Thursday.
NASDAQ 100 futures have gained 0.3% in Friday’s premarket as Dow and S&P 500 futures are ahead slightly less than 0.2%.
Ford stock news: Tesla, Ford first automakers to make charger sharing agreement
The precise economics of the agreement have not been stated, but beginning in the first quarter of 2024 Ford EV owners will have access to double the current number of public chargers in the US and Canada. Ford already has 10,000 chargers available to its customers and plans to add another 1,800 by early 2024.
Existing Ford EV owners will need to pay for a software update and a Tesla-designed adaptor at first, but beginning in 2025 Ford will switch from its current Combined Charging System (CCS) design to Tesla’s North American Charging Standard (NACS) connector. This is the first instance of an automaker in the US adopting Tesla’s charging technology.
Tesla currently has more than 17,700 Superchargers but 12,000 of them will be made available to Ford owners. Ford customers will be able to pay using their existing Ford payment apps.
“The idea is that we don’t want the Tesla supercharger network to be like a walled garden,” Musk told the Twitter Spaces audience of more than 18,000. “We want it to be something that is supportive of electrification and sustainable transport in general.”
Musk has praised Ford’s electric F-150 Lightning pickup truck in the past, and Farley recently told an investor conference that Ford was open to collaboration with other automakers, especially on electric infrastructure.
Ford stock forecast
Ford has been stuck in a sort of wedge for a while now. The green descending resistance zone has been pushing Ford stock’s highs mostly lower since last August. On the bottom side, the $11 price level has been acting as a floor over the same time frame.
A close above $14.50 is the primary key to a sustained rally, but first bulls will need to break through the wide chasm of the green resistance window. Any break of the $11 support level could send F shares down to the $10 to $10.50 former resistance range that held shares down during 2019 and 2020.
Ford daily stock chart
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