Ford Motor Co. (NYSE: F) has introduced a new initiative aimed at increasing electric vehicle sales by addressing customer concerns.
What Happened: The "Ford Power Promise" program, starting Tuesday, offers benefits like free home-charging installation for buyers or lessees of new Ford EVs, including the F-150 Lightning and Mustang Mach-E. The initiative aims to alleviate financial burdens and educate new EV owners, CNBC reported on Monday.
Marin Gjaja, COO of Ford's Model e EV business, stated, "Filling up at home is really key, but so is confidence in the durability and life of the battery."
The program addresses "change anxiety," a term Ford uses to describe the fear of transitioning from gas to electric vehicles.
Benefits include installation of a $1,310 level-two home charger, 24-hour advisor service, and roadside assistance for five years or 60,000 miles. Customers can opt for a $2,000 cash equivalent if they don't need a home charger. The program's free charger installation is initially available for the fourth quarter, with potential extensions.
Ford also plans to highlight its 8-year or 100,000-mile battery warranty, which many consumers are unaware of. The company did not disclose the potential cost of the new program.
Why It Matters: Ford's latest initiative comes on the heels of a significant surge in its EV sales. In August, Ford reported a 29% increase in electric vehicle sales, driven largely by the F-150 Lightning, which saw a 161% jump in sales.
Additionally, Ford has been enhancing its EV offerings with new features to attract more customers. Recently, the company announced that select Ford EVs, including the F-150 Lightning, will soon feature built-in karaoke, a popular feature in Tesla vehicles.
The program comes at a time when EV sales are predicted to gain momentum in the third quarter of 2024 and see an 8% growth year-on-year, as per Cox Automotive analysis.