Ford partners with Allego for EV charging at European dealerships By Investing.com

[ad_1]

© Reuters.

COLOGNE, Germany & ARNHEM, Netherlands – Ford Motor Company (NYSE: NYSE:) has announced a strategic partnership with Allego NV (NYSE: ALLG), a leader in the European electric car (EV) charging network, to install high-speed charging stations at Ford Dealers in All of Europe. The project is part of Ford’s commitment to an all-electric future in the region by 2035.

The agreement aims to improve the payment options for Ford EV customers, making it faster and easier, and to promote the adoption of electric vehicles. The high-speed charging stations offered by Allego can reach 400 kW, enabling EV drivers to charge faster.

Ford’s line of electric vehicles, including the new electric Explorer, will benefit from this development. The Explorer is the first EV to be designed and built in Europe, which is now available for inspection. The charging station will be compatible with all vehicles that support DC charging, regardless of manufacturer.

Ford EV drivers will have the option of charging via the FordPass Charging Card, the FordPass app, or Plug & Charge. Some drivers can access payment services using payment methods such as credit or debit cards.

These stations will be integrated into the BlueOval Charge Network, Ford’s public charging service, which offers access to 600,000 charging points across Europe. The Plug & Charge technology at Allego stations will allow charging without the need for other authentication methods.

The agreement is based on a press release.

InvestingPro Insights

As Ford Motor Company moves forward with its electrification plans, its partnership with Allego NV is set to promote EV charging equipment, which is an important part of EV adoption. Allego’s current financial and operational metrics, provided by InvestingPro, provide an overview of the company’s current position and future prospects.

Allego’s market cap is $224.94 million, reflecting the company’s size and market value. Despite the financial difficulties shown by the negative P/E ratio of -2.03 in the last twelve months from Q1 2023, Allego has shown a growth in earnings of 23.21% during the same period. This growth is also offset by an increase in revenue of 28.17% in Q1 2023, indicating the company’s ability to participate in the growing EV market.

InvestingPro’s advice indicates that Allego operates with a large debt and may face difficulties in repaying the interest on its loan. These financial problems are compounded by experts’ acknowledgment that the company may not be profitable this year. However, it is important to note that experts expect sales growth in the current year, which may be a good sign of the company’s future activities.

For readers interested in a more in-depth look at Allego’s financials and future outlook, InvestingPro provides many additional instructions. Get this information and benefit from exclusive offers: use coupons PRONEWS24 to receive an additional 10% on annual or bi-annual Pro and Pro+ subscriptions. Find out how many Allego advisors are available at https://www.investing.com/pro/ALLG and make informed investment decisions with comprehensive data and expert analysis.

This article was created with the help of AI and reviewed by an editor. For more information see our T&C.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *