Automaker Ford (NYSE:F) has teamed up with clean energy company Xcel Energy (NASDAQ:XEL) to deploy 30,000 electric vehicle charging ports in the U.S. by 2030.
The collaboration will focus on Xcel’s service territories in the country, with most of the upfront costs expected to be offset by Xcel for qualifying business fleet customers. The initiative, dubbed “30×30,” aims to scale EV adoption and boost access to charging infrastructure for business fleets.
Under 30×30, Xcel will offset significant initial costs for charging equipment and business installation. At the same time, Ford will provide its end-to-end charging solutions for customers.
The program is expected to be available in Colorado and Wisconsin next year. An expansion into future states is anticipated over the next six years. Earlier, Ford disclosed a partial decline in vehicle sales for November due to a 6.5% fall in ICE (internal combustion engine) vehicle sales. However, its Hybrid vehicle sales rose by 75.2%, and electric vehicle sales increased by 43.2% during the month.
Is Ford Expected to Go Up?
Overall, the Street has a Moderate Buy consensus rating on Ford. Following a nearly 16.5% drop in the company’s share price over the past year, the average F price target of $12.84 implies a 20% potential upside.
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