Ford (F) opened preorders for its made-in-China Mustang Mach-E in 20 major cities across China, as the U.S. automaker announces that it will also have access to Nio‘s (NIO) charging network. Ford stock fell.
The company will also work closely with charging partners such as the State Grid, the company said in a statement. Mustang Mach-E users can access over 300,000 high-quality public charging piles, of which 160,000 are fast charging, in more than 340 cities across the country.
In addition, Ford will be the first to offer plug-and-charge functionality on 45,000 fast charging piles without the need for using a mobile app.
The Mach-E will cost between $40,000 and $58,000 in China. It will come with preinstalled intelligent driver assist hardware that supports wireless software upgrades.
Meanwhile, Polestar, a Swedish EV maker owned by Volvo and Geely, is considering going public in the U.S. in 2021 either through a special purpose acquisition company or an initial public offering.
Polestar could be valued at more than $10 billion in any deal. Polestar, which makes high-performance electric cars, is wrapping up a Series A fundraising round that will value it at $7 billion.
The company’s Polestar 2 started production last March at Geely’s plant in Luqiao, China. In September, the automaker launched production of a second car, the Polestar Precept. That vehicle’s interiors will be made out of recycled PET bottles and cork vinyl as well as reclaimed fishing nets. Volvo and Geely are backed by Chinese billionaire Li Shuf.
EV rival Tesla (TSLA), which had its best month ever in China in March, jumped 5.4%. Among traditional automakers with a significant EV presence General Motors (GM) fell 2% and Volkswagen (VWAGY) was down 1.4%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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