Legacy automaker Ford (NYSE:F) has been making a concerted effort to get itself into the electric vehicle market, which meant a partnership effort with Tesla (NASDAQ:TSLA) to give Ford access to the Supercharger network of charging stations. That partnership begins today, and Ford gained modestly in Thursday morning’s trading session.
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The new partnership will allow Ford electric vehicle drivers to gain access to the Tesla Supercharger network, which may not be one of the biggest electric vehicle charging networks around, but it’s still a major part of the infrastructure. Those who already have Ford electric vehicles can order a free charging adapter from now until June 30. However, those who wait until after June 30 will have to shell out $230 for the adapter.
A Hefty New Slug of Access
Ford revealed that, with access to the Supercharger network, customers would now have access to more than twice the number of fast chargers they did previously. Though the rollout will likely be strained—reports suggest there will almost certainly be some supply issues in getting the free chargers out to everyone—there will likely be plenty of interest.
But for those not interested in going all the way to electric, Ford had another bit of news, as its Maverick hybrid managed to make the “Top Picks” list from Consumer Report. It was actually the only Detroit carmaker to land on the list, which is something of a mixed blessing. Consumer Reports, meanwhile, noted that one of the biggest problems for Detroit cars was an issue of “reliability.”
What Is the Target Price for F Stock?
Turning to Wall Street, analysts have a Hold consensus rating on Ford stock based on six Buys, seven Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 5.74% rally in its share price over the past year, the average Ford price target of $13.60 per share implies 9.77% upside potential.
