Ford Acquires EV Charging Company Electriphi As Part Of Electrification Mission

Ford Motor Co F has acquired Electriphi, a charging management and fleet monitoring software provider for electric vehicles (EVs).
The financial terms of the transaction remain undisclosed.
The acquisition was part of Ford's $30 billion electrification investment by 2025.
Ford hopes to generate up to $1 billion in revenue from charging by 2030. Ford Pro estimates the depot-charging industry to grow to over 600,000 full-size trucks and vans by 2030.
Electriphi will be part of Ford Pro's, the automaker's new global business committed to commercial customer productivity and developing the most advanced charging and energy management experiences.
Ford prepares to launch all-electric versions of two of the world's most popular, high-volume commercial vehicles, the Transit van and F-150 pickup. Ford will start shipping E-Transit to customers later this year. F-150 Lightning Pro will be available in spring 2022.
Ford estimates to generate $45 billion in revenue from hardware and adjacent and new services by 2025 from $27 billion in 2019.
Ford held $21.8 billion in cash and equivalents as of Mar. 31, 2021.
Price action: F shares are down 2% at $14.72 on the last check Thursday.