Shares rise amid Ford Pro's new charging suite for commercial EV customers

Shares rise amid Ford Pro's new charging suite for commercial EV customers
Published - Mar 10, 2022 @ 11:45 AM (EET)

In response to Ford Motor Co.'s (NYSE:F) announcement that it's pushing even more on all-in electric vehicles, shares of the automotive company rose 3.5%.


The company advised Wednesday that its new "Ford Pro" commercial fleet vehicle business "is launching an all-new suite of commercial chargers as the next addition in the comprehensive, end-to-end commercial charging solutions."


By providing a wide range of charging hardware, i.e., from home chargers to large-scale depot charging systems, Ford has made charging easier and is backed by integrated installation, software, and services.


In a market crowded with fragmented and consumer-grade products, customers are demanding complete solutions designed to meet the needs of commercial fleet operations.


Ford Pro Charging hardware launches alongside the all-new 2022 Ford E-Transit(TM) and the all-new 2022 Ford F-150(R) Lightning(TM) Pro, providing compatibility for customers who may operate other electric vehicle makes with secure OEM data.


"We are investing heavily in products and services to help commercial customers accelerate into an electric future, which means helping to ensure our hardware and software can plug and play with other manufacturers, as we know many customers operate mixed-make fleets." - Ford Pro CEO, Ted Cannis.


SO WHAT


Ford is specifically designing six new "scalable Level 2 AC and Level 3 DC fast chargers that range from 11.5-kilowatts to 180 kilowatts" in power that can be installed in private homes and at commercial fleet depots.


In doing so, Ford seems to be solving the sentiment that electric vehicles won't sell until there is an adequate charging infrastructure that ensures EVs don't run out of juice.  This issue is compounded by companies' desire not to build large charging networks until they're sure they'll have sufficient EV customers to make it profitable.


To address these concerns, Ford's Turnkey solution offers a full-service team of experts with decades of experience in commercial project development and installations.  Ford Pro Charging seamlessly integrates hardware and software solutions designed specifically to manage their electric fleet charging requirements.


“While there are a number of challenges that must be addressed in this transition, we believe it is a key positive for Ford – not only do we expect the reorg to accelerate Ford’s transition to an EV world, but with this corporate structure investors will have better transparency on Ford’s transition to EVs, and could better reward Ford.” - Credit Suisse analyst, Dan Levy


Currently, the stock has a Moderate Buy consensus rating based on 8 Buys, 6 Holds, and 2 Sells. The ice target of $23.13 implies an upside potential of 44.3% to current levels.

Live News

Market Movers

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.