COLOGNE, Germany & ARNHEM, Netherlands - Ford Motor Company (NYSE: NYSE:F) has announced a strategic partnership with Allego N.V. (NYSE: ALLG), a leading European electric vehicle (EV) charging network, to install ultra-fast charging stations at Ford dealerships across Europe. The initiative is part of Ford's commitment to an all-electric future in the region by 2035.
The collaboration aims to enhance the charging experience for Ford EV customers, making it faster and more convenient, while also promoting the adoption of electric vehicles. The ultra-fast charging stations provided by Allego can deliver up to 400 kW, allowing for quicker charging times for EV drivers.
Ford's electric vehicle lineup, including the new electric Explorer, will benefit from this infrastructure expansion. The Explorer is the brand's first EV passenger car engineered and built in Europe, now available for order. The charging stations will be compatible with all vehicles that support DC charging, regardless of the manufacturer.
Ford EV drivers will have the advantage of preferential rates through the FordPass Charging Card, the FordPass app, or the Plug & Charge feature. Other drivers can access the charging services using standard payment methods like debit or credit cards.
The charging stations will be integrated into the BlueOval Charge Network, Ford's public charging service, which grants access to over 600,000 charging points across Europe. The Plug & Charge technology at Allego stations will provide a seamless charging experience without the need for additional authentication methods.
This partnership is based on a press release statement.
InvestingPro Insights
As Ford Motor Company forges ahead with its electrification goals, its strategic partnership with Allego N.V. is set to bolster the EV charging infrastructure, a critical component for widespread EV adoption. Allego's current financial and operational metrics, provided by InvestingPro, offer a snapshot of the company's standing and future prospects.
Allego's market capitalization stands at $224.94 million, reflecting the company's size and market value. Despite a challenging financial landscape indicated by a negative P/E ratio of -2.03 for the last twelve months as of Q1 2023, Allego has demonstrated a robust revenue growth of 23.21% during the same period. This growth is further underscored by a quarterly revenue increase of 28.17% in Q1 2023, showcasing the company's potential to capitalize on the burgeoning EV market.
InvestingPro Tips suggest that Allego operates with a significant debt burden and may face difficulties in making interest payments on its debt. This financial strain is coupled with the analysts' consensus that the company is unlikely to be profitable this year. However, it's worth noting that analysts do anticipate sales growth in the current year, which could be a positive sign for the company's future performance.
For readers interested in a deeper dive into Allego's financial health and future outlook, InvestingPro offers a wealth of additional tips. Access these insights and benefit from an exclusive offer: use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Discover how many more tips are available for Allego at https://www.investing.com/pro/ALLG and make informed investment decisions with comprehensive data and expert analysis.
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