Can Ford’s FREE $1,310 Home Battery Gimmick Plug The $5 Billion EV Leak?

You’ll never guess what Ford’s latest strategy is to boost struggling EV sales. They’re rolling out free chargers like Oprah handing out cars—“You get a charger, you get a charger!” It’s all part of the “Ford Power Promise,” which sounds like the kind of thing you'd expect from a company that knows it’s playing catch-up. Ford is hoping some freebies might make you forget about the fact that Tesla is still dominating the EV game.

Let’s put the numbers into perspective. Tesla sold 831,000 vehicles in the first half of 2024 and owns 52% of the EV market in the U.S. Ford only sold a modest 44,000. That’s like comparing a sold-out Taylor Swift stadium tour to your cousin’s garage band. 

Sure, Ford’s making some moves to catch up, but they’re still playing in the kiddie pool compared to Tesla. And with $5 billion in losses piling up from their EV division this year alone, Ford’s out here hoping that free home chargers will be the hail mary to turn things around.

I guess we should be encouraged that Ford’s EV sales have been growing (up 72% from last year), but they’re still having a hard time getting the masses to make the switch from gas to electric. Sure, they’re the second-largest EV seller in the U.S., but in this game, second place is a very distant second.

So, what’s the real issue here? Charging anxiety. Ford CEO Jim Farley gets it—he admitted they’ve been so focused on building charging stations along highways and they totally overlooked the fact that people actually want to charge their cars at home. And he’s got a point: 90% of potential buyers say they’d be more likely to go electric if they could easily charge at home. So, what’s Ford doing? Handing out free chargers like candy.

Here’s the deal: starting October 1, if you buy or lease a F-150 Lightning, Mustang Mach-E, or E-Transit Cargo Van, Ford’s giving you a $1,310 Level 2 home charger and covering installation. If you’re already set with a charger at home, Ford will give you $2,000 in cash instead. Basically, they’re doing everything short of showing up at your door to personally plug it in.

But let’s not sugarcoat things—Ford’s got a steep road ahead. EV sales in general have been stuck in traffic for a minute, which explains why Ford has been pulling back on some of their grand EV plans. They’ve delayed new models, cut production, and lowered prices, all while Chinese EV makers are flooding the market with cheaper options. Plus, their stock is down 20% over the last 6 months. 

Even so, Ford’s not backing down. They’re betting that making EVs more convenient—especially by easing the whole charging process—will win over those nervous buyers. It’s not so much about “range anxiety” anymore, Ford’s found that people are more worried about the hassle of changing their habits. Charging your car at home is easier than you think, and they’re hoping this free charger deal will convince more people to give it a shot.

So what does this all mean for Ford’s stock? Right now, Ford’s stock is hovering around $10.56 and recently dropped 2.09%. Wall Street’s been jittery about Ford’s EV struggles, especially when the competition (cough Tesla cough) is pulling far ahead. But if this plan works and Ford can ease more buyers into the EV lane, their stock could finally see a little more love. Investors like innovation, and even though this is less “groundbreaking” and more “fixing the basics,” it’s a step in the right direction. 

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Stock.News has positions in Ford and Tesla.