As electric vehicles and autonomous driving software proliferate, automakers are trying hard to convince investors they are more than just car companies. That, of course, requires selling services as well as vehicles.
AC chargers aren’t the fastest chargers, but commercial customers don’t typically rely on more expensive direct-current, or DC, fast chargers. They can recharge delivery and utility vehicles overnight. Tesla recently opened up investors’ eyes to the opportunity EV charging represents when it signed agreements with Ford and other automakers to allow non- Tesla EVs to charge at Tesla supercharging locations. Tesla operates the U.S.’s largest network of DC fast-charging stations.
For now, Ford is being treated like an automaker stock. Coming into Tuesday trading, shares were down about 23% over the past 12 months, while the S&P 500 had gained about 10% over the same span. Investors are worried about the impact of high interest rates on car demand and the impact of falling prices on profit margins.