Ford Motor Co F will provide home chargers for free to customers who buy or lease a new electric Ford vehicle in the U.S., company CEO Jim Farley said on Monday.
What Happened: On buying or leasing a new Mustang Mach-E, F-150 Lightning, or E-Transit, customers will get a complimentary home charger starting Oct. 1 which will also be installed at no charge by an expert, Farley said in a note on Linkedin. The offer is valid till Jan. 2, 2025.
“This takes the guesswork out of installation, including costs, to help you save time and money by filling up at home. Less stress, more convenience,” Farley wrote.
The offer is based on a survey conducted in the U.S. between Sept. 13 and 17 in which about 90% of respondents said that they would be more likely to buy an electric vehicle if they knew they could charge at home. However, many are unaware of the cost and process of installing a home charger, Farley said.
Offer Derived From Personal Experience: Last week, Farley summed up his realizations from a trip he took in an EV in Europe in another note on Linkedin.
During the journey in August, the CEO experienced little issues with charging unlike during his journey on an EV across California last year, he said.
"One of the key reasons electric vehicle adoption has stalled in the U.S. is a lack of charging, especially for long distance drives. There’s still more work to be done in Europe and bolder investment needed by policymakers to get to mass coverage, but I was excited by the existing charging options I saw and how reliable access lowers range anxiety," the CEO then said.
Why It Matters: In August, Ford said that it is killing its plans to build a three-row electric SUV, initially slated for production in 2025. The company also postponed its plans for a new electric version of its F-150 pickup to 2027 and said it will start making a new electric commercial van in 2026.
More details on the company’s EV strategy are now expected in the first half of 2025.
Ford's EV segment recorded earnings before interest and taxes (EBIT) loss of $1.14 billion in the second quarter owing to industry-wide pricing pressure and lower wholesales despite significant cost reductions in the segment. It delivered 23,957 EVs in the U.S. in the meantime.
For the whole year, Ford expects to incur a loss of $5 billion to $5.5 billion within the EV segment, called Model E.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More:
Photo courtesy: Ford
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
