In the latest move of friendly association between electric vehicle (EV) makers, Tesla’s CEO, Elon Musk, and Jim Farley, the CEO of Ford, jointly announced that Tesla’s (NASDAQ:TSLA) superchargers will be available for Ford Motor’s (NYSE:F) EV drivers beginning this spring. The deal will open roughly 12,000 of Tesla’s fast-charging stations to Ford’s EV drivers, doubling the latter’s currently available fast-charging stations across North America. Ford drivers will have to buy an additional adaptor that will enable the charging of their Mustang Mach-E or F-150 Lightning pick-up trucks by Tesla’s Superchargers.
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Commenting on the deal, Musk stated, “We don’t want the Tesla Supercharger network to be like a walled garden… We want it to be something that is supportive of electrification and sustainable transport in general.”
The worry of running out of power while traveling long distances and the not-so-easy accessibility to charging stations appear to be the main barriers to EV adoption. Tesla is known to have a widely spread network of supercharging stations of roughly 45,000 across the nation. Upon a push by the Biden administration, Tesla had earlier announced that it would open up at least 7,500 charging stations for all EV drivers by 2024.
Going ahead, the second generation of Ford’s EVs will be built with the same standard connector that Tesla uses to make EV charging simpler and more adaptable. The Biden administration has also proposed the adoption of the dominant US standard for charging connectors, known as the combined charging system, to avail of the EV tax credits. This will ensure that you can charge your EVs at any charging station across the nation.
Is Tesla Stock a Buy, Sell, or Hold?
On TipRanks, Tesla has a Moderate Buy consensus rating based on 14 Buys, 11 Holds, and four Sell ratings. The average Tesla stock prediction of $201.84 implies 9.4% upside potential from current levels. Meanwhile, year to date, TSLA stock has gained 70.6%.
