Ford stock price jumps after automaker inks Tesla deal for EV charging

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Ford stock price jumps after automaker inks Tesla deal for EV charging
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Ford jumps after inking deal to allow its EV owners to use Tesla's charging stations

The deal will help solidify Tesla's charging port as the standard across electric vehicles, and Tesla CEO Elon Musk said it would put Ford on"equal footing" in competing against Tesla in the EV space.

Under the terms of the deal, beginning in 2024 Ford electric vehicles will be able to charge their cars at 12,000 Tesla Supercharger stations across North America. And by 2025, all next generation Ford electric vehicles will use the same charging port that Tesla does, removing the need for an adapter to be used at Tesla charging stations.

The deal helps remove a key barrier for Ford to increase the appeal of its electric vehicles, as Tesla's charging network has long been seen as a competitive advantage against other EV makers as there's no other uniform network that rivals Tesla's scale.

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