"GM believes that open charging networks and standards are the best way forward to enable EV adoption across the industry," a GM spokesperson said to Yahoo Finance in a statement. Not surprisingly, automakers that are tied to the CCS standard, as well as charging companies aligned with a more agnostic approach to charging standards, aren’t ready to anoint Ford’s tie-up with NACS as a game changer. Tesla has promised to open up more of its Supercharger network to other users by the end of next year, but the rollout is coming along slowly. Most importantly for consumers is for the sheer number of chargers to increase, and those networks are opened up to all users. So for that to be accessible to more drivers is, I think, very positive news."īuttigieg continued that regardless of charger plug standard - CCS vs NACS or even the CHAdeMo standard that Nissan uses, the availability of adapters for interoperability will be crucial. "We are on an aggressive journey to get to the president's vision of half a million chargers by the end of the decade across America, and there's already this remarkable charging network that Tesla has built. "We're really glad to see this deal and any deal that means more access for more drivers to more electric chargers," Secretary Buttigieg said in an interview with Yahoo Finance this week. (AP Photo/Susan Walsh)Įven Transportation Secretary Pete Buttigieg expressed support for the Ford/Tesla deal as good for consumers. Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020. "I think it’s a good move for Ford, or at least not a negative – everyone (Tesla and other automakers) will probably need an adapter one way or the other anyway – so getting access to Superchargers requires moving to NACS, it’s probably worth it." Research Analyst Mike Austin told Yahoo Finance. "In terms of vehicles on the road and fast charge ports, NACS is the leading standard in the US," Guidehouse Sr. "Ford discussed having EVs that can charge quickly (and have a smaller battery) as part of its strategy to improve user experience and profits at its recent investor day, and we view this step to enhance the charging network as a step toward that." "To the extent it helps Ford sell more EVs, it also reinforces the importance of getting to profitability on those vehicle sales," Goldman analyst Mark Delaney wrote in a note to investors. Wall Street is generally supportive of the deal as well, with Ford owners (and presumptive owners) receiving a big benefit that could help sell more of the company’s EVs. "The Ford/Tesla deal will cause some initial disruption in the industry, but it will prove to be good for the consumer in the long run." "Ford blindsided the entire industry with this brilliant move and solidified its position as a leader in the transition to electric vehicles," said Tom Moloughney, EV charging expert and senior editor at InsideEVs to Yahoo Finance. Reaction across the automotive world was mixed, but one thing was for certain: it was a shock. Ford did reiterate that its own BlueOval Charge Network of 10,000+ fast chargers would still be available, giving Ford owners more choice, and a big leg up on the competition with Tesla’s network on tap. Likewise Musk, who has been known to denigrate traditional automakers though has in the past shown an affinity for Ford, said, "I have a tremendous amount of respect for Ford as a company, and they make great vehicles," adding "it’s an honor to be working with a great company like Ford."įarley cited the Tesla’s supercharger network’s ease of use and reliability as key differentiators for using the service. All Rights Reserved.Jim Farley, CEO of the Ford Motor Company talks during the official launch of the Ford F-150 electric truck in April 2022. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Factset: FactSet Research Systems Inc.2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes.
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