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Ford Tesla EV charging deal puts pressure on GM

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May 27, 2023
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Ford Tesla EV charging deal puts pressure on GM
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Detroit – surprise deals between ford motor and Tesla Issues with electric vehicle charging technology and infrastructure could put new pressure on other automakers’ EV strategies.

of A tie-up between two rivals Beginning next year, Ford owners will have access to more than 12,000 Tesla Superchargers across the U.S. and Canada. More importantly, Ford’s next-generation EVs, expected by mid-2010, will use Tesla’s charging plugs, allowing Ford vehicle owners to charge with Tesla’s Superchargers without an adapter. .

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The agreement makes Ford the first automaker to explicitly join the network.

Ford CEO Jim Farley and Tesla CEO Elon Musk announced the deal Thursday during a live audio discussion twitter space. Farley acknowledged on Friday morning that the partnership would pose challenges for Ford’s rivals.

“I think GM and others are going to have to make big choices,” he said on CNBC.squawk box. ”

Farley’s comments refer to which EV plugs should be the standard for charging in the US, and the charger known as CCS is now the industry standard. Tesla vehicles and their supercharger network use what is known as NACS. Both can also be used on other vehicles, but an adapter is required.

Farley told CNBC, “CCS is a great standard, but it was almost sort of commissioned, and it’s going to make big choices for GM and others.” “Do they want fast charging for their customers, or do they want to stick to standards and charge less?

Ford shares climbed 6.2% on Friday to close at $12.09 a share. Tesla shares also rose 4.7% on Friday to end the week at $193.17.

Read CNBC's full interview with Ford CEO Jim Farley.

RBC Capital analyst Tom Narayan said the Ford-Tesla partnership could be a short-term move for GM, Stellantis and other automakers that don’t have access to as many quick chargers as they think are essential for the widespread adoption of EVs. He said it could be negative.

“This news is clearly positive for Ford stock today (and potentially negative for GM/STLA in the short term),” Narayan said in an investor note on Friday. , I think this should be seen as Tesla playing the long game.”

Tesla says it has about 45,000 Supercharger connectors at 4,947 Supercharger stations around the world. The company has not disclosed how many it has in the United States. U.S. Department of Energy Reportedly, there are only about 5,300 CCS fast chargers in the country.

general motorsWithout specifically addressing Farley’s comments, the company said Friday that it “believes that open charging networks and standards are the best way to enable industry-wide EV adoption.” GM said it worked with a group of companies and SAE International (formerly the Society of Automotive Engineers) to develop and continue to refine an open connector standard for CCS, which it said was “important for building open networks for fast charging. There is,” he said. throughout North America. ”

Detroit automakers have announced several partnerships with EV charging providers, urging them to increase federal support for such infrastructure.

“Fully Committed”

Farley said Thursday that Ford is “fully committed” to the US single charging protocol, which includes Tesla’s plug port.

When Musk announced the deal with Farley, he hinted that other automakers could take advantage of Tesla’s Supercharger network. The company’s charging port.

“I think if we work with Ford and maybe other companies, we can make it the norm in North America and all will be better for consumers,” Musk said Thursday.

All-electric Ford Mustang Mach E being charged at Tesla Supercharger Station.

ford

Tesla has previously discussed opening its private network to other EVs. White House officials announced in February that Tesla had committed to opening up 7,500 charging stations to non-Tesla EV drivers by the end of 2024.

Public charging of electric vehicles is a major concern for potential buyers, and no automaker other than Tesla has successfully built its own network. Instead, they announced partnerships with third-party companies, which often proved to be unreliable and frustrating for their owners.

Most U.S. drivers record their vehicle mileage from their home to a nearby location. However, EV buyers who wish to make long road trips or who do not have access to garages with chargers often worry about accessing reliable public chargers.

The problem has gotten worse, with at least one in five charging attempts by drivers failing last year. Research on public utility charges It was released last year by JD Power.

Another new survey by JD Power found that Tesla’s Supercharger ranked highest in overall customer satisfaction.

Wall Street is bullish

Wolf Research analyst Rod Lache said the deal was a “win-win” because it would more than double access to fast chargers for Ford customers and increase Tesla’s network utilization. .

“For Ford, access to Tesla’s network will help solve a major pain point for EV customers who would otherwise have to rely on third-party charging providers,” he said in an investor note on Friday. Stated. “For Tesla, meanwhile, adding Ford customers will help increase utilization of its network, a key driver of profitability.”

Jim Farley and Elon Musk

Getty Images

Morningstar analyst David Wiston said the partnership would give Ford and its customers a big boost in fast-charging access. “Other traditional automakers will be under some pressure, but with someone like GM, I don’t think there’s any need to panic,” he added.

Whiston said he would like to know more about the deal, including the amount, duration and other undisclosed details.

A Ford spokesperson said more information about the deal will be released early next year around the time Tesla’s chargers open up to Ford owners.

– CNBC Michael Bloom, Laura Collodny and John Rosebeer contributed to this report.

Clarification: This article has been updated to clarify that SAE International was formerly known as the Society of Automotive Engineers.

Tags: Breaking News: BusinessBusiness newsCarchargingdealElon MuskFordford motorgeneral motors companypressureputsTeslaTransportation facilitieswork
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