Ford, Tesla shares jump over 7%

Ford Motor Co shares jumped by more than 7% on Friday after the No. 2 U.S. automaker announced a deal allowing its electric-vehicle owners to access rival Tesla Inc's charging stations in North America.

Tesla's Superchargers could become the standard for EV charging in the United States, Ford CEO Jim Farley told CNBC, but added: "With adapters and software, we really don't have to make a choice right now what the standard is, but I think it's going to play out in the free market."

Ford shares were up 7.6% at $12.25 in afternoon trade, while Tesla shares rose 7.5% to $197.95. U.S. Transportation Secretary Pete Buttigieg praised the Ford-Tesla deal, but told CNBC that the Biden administration would not dictate an EV charging standard.