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Ford Motor Company (NYSE:F) shares are trading lower Monday. The company, along with TXU Energy, launched a new energy plan for Ford electric SUV and truck owners in Texas.
TXU Energy is a subsidiary of Vistra Corp (NYSE:VST). The program promotes grid reliability by encouraging off-peak energy use and educating Texans on the advantages of driving electric vehicles.
The TXU Free EV Miles program lets Ford EV owners charge at no cost for up to 18 hours a day during off-peak hours using the FordPass app or in-vehicle screen. Charging outside these hours costs the standard home rate.
The program allows Ford F-150 Lightning, Mustang Mach-E, and Escape PHEV owners to earn bill credits for home charging, regardless of their charging hardware. Enrollees get extra perks, including a $100 welcome bonus from Ford and a $250 bonus from TXU Energy for a year-long commitment. Verified customers will receive automatic rebates for charging costs during off-peak hours.
This program sets the stage for future electricity offerings aimed at enhancing grid stability in Texas, the third-largest market for electric vehicle sales in 2023.
Bill Crider, senior director, global charging and energy services, Ford Motor Company, said, “Ford electric vehicles generally have a lower operating and maintenance cost compared to gas-powered vehicles, and at-home charging and future vehicle-to-grid services offer additional financial perks never before possible, which Ford is committed to leading for our customers.”
“This partnership with Ford fits squarely into TXU Energy’s broader strategy of educating customers on the benefits of owning an EV, removing barriers to making the switch, and increasing grid resiliency,” said Sam Sen, vice president of energy transition solutions for TXU Energy.
Recently, Ford disclosed that it sold 31% more EVs in the U.S. last month than last year, thanks to the rising popularity of its EV pickup truck.
Investors can gain exposure to the F stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).
Price Action: F shares are down 1.78% at $9.92 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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