The CEOs of (NASDAQ: TSLA) and Ford (NYSE: F) announced a new arrangement between the two companies last night, and both stocks are popping today because of it. Tesla shares closed higher by 4.7% and Ford by 6.3% on the day.

Starting next year, Ford electric vehicle (EV) owners will be able to utilize Tesla's extensive network of Superchargers in the U.S. and Canada. Elon Musk and Ford CEO Jim Farley announced the deal on Twitter last night. The arrangement could be a boon for both companies.

Tesla's network of fast chargers is the largest in North America, and access for Ford owners could help Ford ramp up its EV business more quickly. For Tesla, it's a way to expand what is already becoming a meaningful part of its business.

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Source Fool.com