As of last week, owners of the F-150 and Mustang Mach-E could power up their electric vehicles using Tesla Inc. (NASDAQ: TSLA) superchargers. Jim Farley, Ford CEO, stated in a recent LinkedIn post that the charging partnership would improve the electric car ownership experience for Ford drivers, revealing that he had tested the superchargers out himself and they worked great.
Eligible owners of the aforementioned vehicles can reserve a complimentary fast charging adapter by going to FastChargingAdapter. The Tesla-Ford partnership involves the addition of Tesla’s fast-charging adapters to the Ford BlueOval Charge Network.
Last June, Tesla entered a similar arrangement with General Motors. This agreement gave the latter’s customers access to more than 12,000 Tesla fast chargers in Canada and the United States. This deal also includes General Motors adopting charging ports currently used by Tesla. Mary Barra, CEO of General Motors, stated during the announcement that her company expected to save nearly $400 million of funds allocated for the construction of charging stations for electric cars. This comes after General Motors announced in 2021 that it had planned to spend some $700 million on EV-charging infrastructure for Canada and the United States.
These agreements indicate a shift in strategy for Tesla CEO Elon Musk, who had for years praised the exclusivity of his company’s charging network as well as his Tesla’s ability to construct reliable charging locations that would eliminate long waits for consumers. In order to become the EV charging standard, Tesla has had to direct significant investments into technical and business development.
Tesla is expected to gain great financial benefits from these efforts, including from charging fees paid by consumers and environmental credits. Currently, Tesla operates roughly one in every three charging stations in America.
Sam Fiorani, AutoForecast Solutions vice president for global forecasting, believes that even if the fleet of electric cars is smaller than what many auto manufacturers and the government had planned and the adoption of battery EVs has slowed domestically, Tesla may rake in $6–$12 billion annually by 2030 from its growing charging business. AutoForecast also believes that while Tesla may lose some customers to other brands by making charging more accessible, loyalty to its brand will help the company keep the majority of its customers.
Additionally, Tesla’s move to allow other auto manufacturers to use its charging network may allow the comopany to receive federal funds under the Inflation Reduction Act. Fiorani noted that Tesla wasn’t afraid to use government regulations for income and had been working potential revenue streams for a while now.
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