Ford Offers Free Chargers, Installation To Lure More Customers Into Buying EVs

Ford is offering free home chargers and installation to boost sales of its electric vehicles as it faces a $5 billion loss on its EV unit this year.

The deal will be available on Tuesday and continue through Jan. 2, 2025, the company said in a statement posted online.

It covers customers who buy or lease a retail Mustang Mach-E sports car, F-150 Lightning pickup truck or E-Transit van.

The promotion provides a charger worth $1,310 and free installation of 80 feet of wiring to carry 60 amps of power, PC Magazine reported.

Buyers who already have a home charger or can't have one installed will receive $2,000 toward their purchase of a Ford EV.

Ford estimated that 19 million Americans were interested in buying an EV and said a recent survey showed 89% of shoppers were more likely to buy one if they had a home charger.

In an interview with Reuters, CEO Jim Farley said charging was the biggest obstacle to increased sales and recalled his own challenges while taking two EV trips across Europe and the western U.S.

"We spend all this time in the industry talking about charging on the road, and yet we kind of overlooked the most basic charging solution for America," Farley said.

Ford faces a $5 billion loss on its EV unit this year and last month canceled plans for a three-row electric SUV as it struggles to cut costs on its battery powered models, Reuters said.

The company sold about 44,000 EVs during the first half of 2024, up 72% from the same period last year, making it the No. 2 company in the U.S behind market leader Tesla, which sold around 831,000, Reuters said.

Ford stock was trading around $10.52 a share late Monday morning, down about 2.% from Friday's close and 13.5% since the start of the year.