Tesla and Ford announced Thursday evening the two auto giants had agreed to give Ford EV customers access to Tesla's network of superchargers. TSLA and Ford stock both advanced Friday.
Beginning early in 2024, owners of the Ford Mustang Mach-E, the F-150 Lightning and the E-Transit vehicle will be able to access more than 12,000 Tesla superchargers, the two companies announced Thursday.
Widespread access to fast-charging is absolutely vital to our growth as an EV brand," Ford CEO Jim Farley said Thursday.
In a talk held on Twitter spaces Thursday evening, Tesla Chief Executive Elon Musk said he was happy to partner with Ford to expand "sustainable transport" efforts.
"We are very much appreciative of Ford's interest in partnering on this front," Musk said. "It is our intent to do everything possible to support Ford, and have Ford be on equal footing at Tesla superchargers.
Tesla stock jumped 4.9% while Ford stock surged around 6.2% during Friday's market trade. On Thursday, TSLA advanced 0.9% to 184.47 with F rising 0.4% to 11.38.
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Tesla Stock
The EV giant is up 12.3% in May and has advanced 80% from a January low. Tesla stock remains below its 200-day moving average. On May 19, TSLA advanced above the 50-day moving average, hitting 181.85.
The stock has technically formed a cup base with a 207.89 buy point. The pattern could also be read as a double-bottom base, but the buy point remains the same.
On Thursday, Musk on Twitter also teased the long-awaited Tesla Roadster, thanking reservation holders for their patience.
"We're hoping to finish the design and engineering of the Roadster this year and hopefully reach production towards the end of next year," Musk said.
The original Roadster put Tesla on the map as an automaker in 2008 and the second-generation was set to make its return in 2021. However, it has been delayed repeatedly.
The stock ranks fifth in IBD's Auto Manufacturers industry group, with Ferrari setting the pace at No. 1. TSLA has a 67 Composite Rating out of 99. The stock also has a 28 Relative Strength Rating. The EPS Rating for Tesla stock is 93 out of 99.
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