Ford Motor Company (NYSE: F) stock rose almost 2% on Tuesday as Ecolab selected Ford Pro™ to accelerate the expansion of its North American electric vehicle (EV) fleet with the Ford F-150 Lightning and Mustang Mach-E.
Ford Motor announced on Tuesday its commitment to provide over 1,000 F-150 Lightning and Mustang Mach-E electric vehicles (EVs) to Ecolab, intending to replace the water treatment company’s conventional gas-powered vehicles in California.
Ecolab plans to switch its 11,000-vehicle North American fleet to electric by 2030. The company anticipates cost savings from this shift and estimates a potential 50% reduction in annual fuel costs per 2023 F-150 Lightning Pro truck.
This move aligns with the trend of leading carmakers scaling back their push for EVs due to cooling demand from buyers.
Ted Cannis, the head of Ford Pro, expressed that the collaboration with Ecolab, an existing customer of Ford commercial vehicles, will assist the automaker in determining the trajectory of electrification.
Earlier this month, Ford scaled down production of the F-150 Lightning to a single shift in response to slower-than-projected demand. The company had previously increased Lightning production to three shifts a day last year before subsequently scaling back to two shifts.
Ford (NYSE: F) Stock Reaction
Ford stock climbed 1.99% on Tuesday. The traders had exchanged hands with 69,929,697(69.92 million) shares compared to the average daily trading volume of 52.24 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
