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Ford EV owners will have access to Tesla superchargers next year

Yahoo Finance Live's Akiko Fujita and Seana Smith break down the deal that will allow Ford EV owners to use Tesla's superchargers sometime next year.

Video transcript

AKIKO FUJITA: Well, shifting gears to the auto space, Ford and Tesla shares closing the week in the green. And they're hitting the gas on their partnership that will allow Ford EV owners to have access to Tesla's 12,000 superchargers in the US and Canada. That's going to begin early next year.

And Seana, This is a big one for Ford because when you think about why drivers are still a little hesitant about shifting over to EVs, it is about that infrastructure bill that Tesla certainly has the strength on that front. And you're still going to need an adapter if you have a Ford EV right now. But that access to the superchargers really allows Ford to say, look, we've got the infrastructure in place. And maybe brings down the range anxiety a little more.

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SEANA SMITH: Yeah, I was going to say range anxiety is huge when it comes to EV adoption. I think a lot of people are still hesitant to maybe purchase an EV, given the fact that it's not so easy to find some of those charging stations. So this new agreement here between Ford and Tesla looks like at least from the Street's reaction, it's a big win for both players involved.

It was also interesting about this chat that we did have on Twitter Spaces yesterday, between the two leaders, was what Jim Farley had to say about Tesla. He was very encouraging just in terms of the technology, what Tesla has done with the EV space already.

And I mention that because Ford is really eyeing Tesla just in terms of the biggest competitor obviously, within the EV market. We know Jim Farley has laid out plans for Ford to potentially produce 2 million EVs per year. They want to overtake Tesla. He's been very confident that they can overtake Tesla. But he was also quick to point out the successes that Tesla has already had and does continue to have within the space.

AKIKO FUJITA: You know, I should point out, Seana, there are some grumblings among Tesla drivers today on the back of this because, you know, superchargers already have long lines depending on which city you're in. Now, they're to have to share that with Ford. But that does point to the growing demand for EVs as we transition here.