Ford has a new plan to avoid price gouging on electric vehicles

Everything costs more money these days, and that’s especially true when it comes to the automotive market. Due to the increased demand and scarcity of electric vehicles, we have seen dealer profit margins and price gouging spiral out of control. Now, Ford has a plan to stop him.

While Ford Motor Company has rules to prevent dealers from jacking up prices on electric vehicles like the F-150 Lightning electric truck, many have failed. We’ve seen select dealers add a 50% markup and charge upwards of $145,000 for the new Lightning EV.

According to CNBC Y ElectrekFord has a big, bold plan that it hopes will usher in the future, with electric vehicle sales taking center stage.

The company will require dealers to invest between $500,000 and $1 million to upgrade facilities, install public-facing DC fast-charging stations on lots, obtain proper training, offer online sales, and adhere to strict and fair pricing. to sell electric vehicles.

Ford dealers can sell and service gasoline cars, Ford fleet vehicles, electric vehicles, or any combination of the three at this time. That is about to change, and dealers must meet specific criteria and upgrade facilities if they want to sell electric vehicles.

Additionally, Ford says that nearly 96% of the US population lives within 20 miles of a Ford dealership, and 85% is even closer. By installing DC fast charging stations at each dealership, customers will always have a place to charge an EV at a fast rate.

However, dealers do not have to become “Model and Certified” if they cannot afford it or do not see enough EV sales in their specific market. Ford Motor Company won’t require dealers to make these changes, but it appears they won’t be able to source or sell EV inventory unless they do.

Ford CEO Jim Farley said the automaker and its dealers needed to cut costs, increase profits and deliver better and more consistent sales experiences to customers. The company expects these changes to take effect from January 2024.

While these changes will help dealers be more prepared to sell electric vehicles, they will also need to meet standard pricing, which is good news for consumers.

via Electrek