Tesla and Ford strike a deal
Tesla has struck a deal with automotive giant Ford, further cementing its place in the global electric vehicle space. The deal will allow Ford's F-150Lightning, Mustang Mach-E and E-Transit models to use Tesla Supercharger chargers in the US and Canada. Ford will gradually add the Tesla-made NACS charging port to its upcoming models starting in 2025 and will no longer need an adapter to access this type of charger. The agreement will take effect in the spring of 2024. Ford Company shares rose 6.2 percent following the announcement of the landmark collaboration, while Tesla shares rose 4.7 percent*.
FORD MTR CO's stock performance over the past 5 years. (Source: tradingview.com)
In addition, Ford announced the launch of its latest electric SUV model with super charging capability and a range of 350 miles (about 563 kilometers), with the company aiming to produce more than two million units by the end of 2026.
Tesla backs BYD
In 2011, Tesla CEO Elon Musk expressed negative views about Chinese electric vehicle maker BYD, mocking it. However, in a recent interview with Bloomberg, he announced that he had changed his opinion. He also expressed his respect for the entire company and acknowledged it as a very capable competitor. BYD has received such praise due to its recent success, increased profits and sales of its models among EV manufacturers in China. It also outperformed German giant Volkswagen, and Volkswagen CEO Oliver Blume and Berkshire Hathaway Vice Chairman Charlie Munger expressed similar appreciation to Musk.
Tesla's stock performance over the past five years. (Source: Google)*
Musk visits China
Elon Musk visited China's Minister of Commerce and Minister of Industry this week. He was accompanied by the head of his company Tesla's public affairs department in China and Tom Zhu, head of global manufacturing. It is his first visit to China in three years and was prompted by the current situation of increasing competition in the Chinese market. It is there that Tesla has a factory that represents more than half of global production, with last year's vehicle production exceeding 700 thousand. Musk's visit is expected to advance negotiations on regulations for advanced driver-assistance features within the "Full Self Driving" software and secure a more stable place for Tesla in the Chinese market, which has become the heartland of electric vehicles in recent months.
Model Y scores
Tesla sold 267,171 Model Ys in the first quarter of this year, including more than 94 apiece in China. It holds the top spot as the world's best-selling vehicle, followed by the Toyota Corolla, Toyota Hilux, Toyota Rav4 and Toyota Camry. The Model Y is the only electric vehicle on the list. It has also gained this status thanks to reduced global prices and is expected to be the best-seller at the end of this year. The increase in production will be supported by the construction of new plants in Texas and Berlin.
Olivia Lacenova, principal analyst at Wonderinterest Trading Ltd.
* Past performance is no guarantee of future results
