Ford Motor has agreed with Elon Musk’s automaker Tesla to allow its electric vehicle (EV) owners access to more than 12,000 Tesla Superchargers in North America by early 2024.
The deal between the rivals makes Ford the first major automaker to adopt Tesla’s proprietary charging standard, giving it access to the largest network of high-speed superchargers in the United States.
According to analysts, access to charging stations is one of the main barriers to greater acceptance of electric vehicles.
Last November, Tesla announced it would open up its own charging design to other automakers and charging network operators.
An adapter developed by Tesla will allow Ford EVs equipped with a Combined Charging System (CCS) port to access Tesla V3 Superchargers. Ford will equip future EVs with Ford’s proprietary charging standard, eliminating the need for adapters for direct Tesla access to Tesla Superchargers starting in 2025.
Ford shares rose 7%
Shares of Ford Motor rose more than 7 percent after the second-largest US automaker announced a deal with Tesla.
Ford CEO Jim Farley told CNBC on Friday that Tesla’s Superchargers could become the standard for charging electric vehicles in the United States, though he added that “with adapters and software we really don’t have a choice right now.” That’s what the norm is, but I think it’s free market play.”
Ford shares were up 7.2 percent at $12.00, while Tesla shares were up 5.4 percent at $194.68.