{"id":14254,"date":"2023-05-26T13:36:37","date_gmt":"2023-05-26T17:36:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/ford-stock-rides-tesla-ev-partnership-to-best-day-since-october\/"},"modified":"2023-05-26T13:36:38","modified_gmt":"2023-05-26T17:36:38","slug":"ford-stock-rides-tesla-ev-partnership-to-best-day-since-october","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14254","title":{"rendered":"Ford Stock Rides Tesla EV Partnership To Best Day Since October"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Shares of Ford and Tesla rallied Friday after the companies announced Ford electric vehicle owners can now plug in their car in one of Tesla\u2019s 12,000 fast charging stations nationwide, a rare partnership between the legacy automaker and its younger but vastly more valuable peer.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Ford\u2019s stock spiked 7.4% by early afternoon, set for its largest daily gain since October as investors digested the news first shared by Ford CEO Jim Farley during a Twitter Spaces conversation Thursday with Tesla and Twitter CEO Elon Musk.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Tesla shares rose 6% on Friday as the expansion presents a new source of revenue (the companies did not say Thursday how much Ford owners will pay to use Tesla\u2019s chargers).<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Tesla\u2019s services division, which includes revenue from its charger fees, brought in $1.8 billion during the first three months of 2023, accounting for 8% of total sales and rising 44% year-over-year.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Though Musk said Ford is now on \u201cequal footing\u201d in the EV arms race thanks to the new partnership, Ford still has significant ground to make up: Ford sold about 11,000 electric cars domestically during the first three months of this year, a tiny fraction of Tesla\u2019s more than 160,000 EVs sold and making it just the fifth best-selling EV brand in the country.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>When Tesla first went public in 2010, its market capitalization was about $2 billion, compared to Ford\u2019s roughly $35 billion valuation at the time. Now, Tesla is the ninth-biggest company in the world with a $615 billion market cap, dwarfing Ford\u2019s $49 billion valuation. Ford\u2019s roughly 13% market share in the U.S. trumps Tesla\u2019s 4% share, but its financials are far weaker compared to Tesla\u2019s, as Musk\u2019s company turned a $12.6 billion profit in 2022 while Ford lost nearly $2 billion.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>Tesla added $45 billion in market value Friday, nearly matching Ford\u2019s total market cap.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Ford\u2019s EV Customers Getting Access To Tesla Charging Network In 2024 (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/26\/ford-stock-rides-tesla-ev-partnership-to-best-day-since-october\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Shares of Ford and Tesla rallied Friday after the companies announced Ford electric vehicle owners can now plug in their car in one of Tesla\u2019s 12,000 fast charging stations nationwide, a rare partnership between the legacy automaker and its younger but vastly more valuable peer. Key Facts Ford\u2019s stock spiked 7.4% by early afternoon, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-14254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ford Stock Rides Tesla EV Partnership To Best Day Since October | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Shares of Ford and Tesla rallied Friday after the companies announced Ford electric vehicle owners can now plug in their car in one of Tesla\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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