- Ford shares benefit from new deal with Tesla.
- Ford customers will be able to use Tesla Superchargers from 2024.
- In 2025, new Ford EVs will feature Tesla’s charging design.
- F shares are stuck in a bearish wedge with a resistance target of $14.50.
Ford (F) shares advanced 2.5% early Friday after CEO Chris Farley announced that Ford owners will be able to charge their electric cars at a Tesla Supercharger beginning in 2024. The announcement was made via a Spaces Twitter discussion between Tesla (TSLA) CEO Elon Musk and Farley late Thursday.
NASDAQ 100 futures rose 0.3% in Friday’s premarket trade, as Dow and S&P 500 futures edged up just under 0.2%.
Ford stock news: Tesla, Ford first automakers to strike charger-sharing deal
The exact economics of the deal were not disclosed, but starting 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 first have to pay for a software update and a Tesla-designed adapter, but starting in 2025, Ford will switch from the current Combined Charging System (CCS) design to the Tesla North American Charging Standard (NACS) connector. This is the first time that a US automaker has adopted Tesla’s charging technology.
Tesla currently has more than 17,700 Superchargers, but 12,000 of those 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 a Twitter Spaces audience of more than 18,000. “We want it to be something that promotes electrification and sustainable transport in general. .”
Musk has praised Ford’s F-150 Lightning electric pickup truck in the past, and Farley recently told an investor conference that Ford is open to working with other automakers, especially on electric infrastructure.
Ford stock forecast
Ford has been stuck in something of a wedge for some time now. The green descending resistance zone has pushed Ford shares mostly lower since last August’s high. On the downside, the $11 price level worked on the same time frame as the lower bound.
A close above $14.50 is the primary key to a sustained rally, but the first bulls will need to break the wide gap of the green resistance window. Any break of the $11 support level could send F shares down to the $10-$10.50 range of former resistance that held the stock down in 2019 and 2020.
Ford daily supplies diagram