Ford Launches New Benefits Program To Address 'Change Anxiety' Amid Slowdown In EV Sales

Ford Motor Co. F has introduced a new initiative aimed at increasing electric vehicle sales by addressing customer concerns.

What Happened: The “Ford Power Promise” program, starting Tuesday, offers benefits like free home-charging installation for buyers or lessees of new Ford EVs, including the F-150 Lightning and Mustang Mach-E. The initiative aims to alleviate financial burdens and educate new EV owners, CNBC reported on Monday.

Marin Gjaja, COO of Ford’s Model e EV business, stated, “Filling up at home is really key, but so is confidence in the durability and life of the battery.”

The program addresses “change anxiety,” a term Ford uses to describe the fear of transitioning from gas to electric vehicles.

Benefits include installation of a $1,310 level-two home charger, 24-hour advisor service, and roadside assistance for five years or 60,000 miles. Customers can opt for a $2,000 cash equivalent if they don’t need a home charger. The program’s free charger installation is initially available for the fourth quarter, with potential extensions.

See Also: Tesla ‘Mojo Is Back,’ Tech Analyst Dan Ives Says Ahead Of Q3 Deliveries

Ford also plans to highlight its 8-year or 100,000-mile battery warranty, which many consumers are unaware of. The company did not disclose the potential cost of the new program.

Why It Matters: Ford’s latest initiative comes on the heels of a significant surge in its EV sales. In August, Ford reported a 29% increase in electric vehicle sales, driven largely by the F-150 Lightning, which saw a 161% jump in sales.

Additionally, Ford has been enhancing its EV offerings with new features to attract more customers. Recently, the company announced that select Ford EVs, including the F-150 Lightning, will soon feature built-in karaoke, a popular feature in Tesla vehicles.

The program comes at a time when EV sales are predicted to gain momentum in the third quarter of 2024 and see an 8% growth year-on-year, as per Cox Automotive analysis.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari