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☆ Why a small China-made EV has global auto execs and politicians on edge
▼ + stars: | 2024-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.

Persons: It's, Terry Woychowski, Warren Buffett, —, BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, –, GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, –, China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province

☆ EV euphoria is dead. Automakers trumpet consumer choice for U.S. car shoppers
▼ + stars: | 2024-03-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off. U.S. EV sales were a record 1.2 million units last year, representing 7.6% of the overall national market, Cox Automotive estimates. "Moving on to less tech-savvy buyers will slow the EV market share growth over the next few years." Automakers wanted to emulate Tesla's success, with some promising to exclusively offer EVs in the not-too-distant future. "Toyota is almost completely absent from the [battery electric vehicle] market yet will gain more U.S. market share than any other car company this year.

Persons: hasn't, Andrew Merry, Aston Martin, Tesla, Elon Musk, Marin Gjaja, Ford, Pablo Di Si, Sam Fiorani, Romeo, Bentley, Mary Barra, there's, Cadillac, John Roth, We've, Gjaja, Jim Farley, Rebecca Cook, Oliver Blume, Akio Toyoda, Morgan Stanley, Adam Jonas, It's, Biden, Cox, Michelle Krebs, EVs, Trisha Jung Organizations: DETROIT, EV, Ford Motor, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, CNBC, GM, Hyundai Motor, Kia, Toyota Motor, VW, U.S, Cox Automotive, AutoForecast Solutions, Volvo, Buick, Cadillac, Honda, Ford Motor Co, Ford, Amperex Technology, Toyota, Cox, Tesla, Nissan, Nissan U.S, Environmental Protection Agency, Alliance for Automotive Innovation, American Automotive, Detroit automakers Locations: EVs, Europe, U.S, North America, Warren , Michigan, Detroit, Marshall , Michigan, Romulus , Michigan

☆ Ford restarts F-150 Lightning production, says demand jumped sixfold after July price cuts
▼ + stars: | 2023-08-01 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Company's electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 8, 2022. Ford Motor said Tuesday the factory that builds its electric F-150 Lightning pickup has reopened after a six-week break for upgrades — and that recent price cuts on the EV have led to a significant increase in demand. Ford is modifying its production mix to increase supplies of the Lightning XLT, he said. The factory has hired about 1,200 new employees to support the production increase, according to Debbie Manzano, Ford's manufacturing director. Ford is also ramping up production at the factories that supply battery packs and electric motors for the Lightning, Manzano said.

Persons: Marin Gjaja, Gjaja, Ford, Debbie Manzano, Manzano Organizations: Ford, Electric Vehicle, Ford Motor, Electric Vehicle Center, Lightning Locations: Dearborn , Michigan

Ford has added 1,200 workers to the Lightning assembly system and plans to run it on a three-shift work rotation. As one of several new moves to boost demand, Ford said individual retail customers can now order the least expensive F-150 Lightning Pro, a $49,995 version of the truck originally designed for commercial customers only. To support increased Lightning production, Ford will focus sales efforts on "attracting more traditional customers, or the early majority," Gjaja said. “Challenges still remain around customer awareness and acceptance” of electric vehicles among mainstream buyers, he said. Ford said last week its electric vehicle operations are on track to lose $4.5 billion this year, a 50% wider loss than previously projected.

Persons: Rebecca Cook, Ford, Tesla, Marin Gjaja, Gjaja, Jim Farley, Joe White, Jonathan Oatis Organizations: Rouge Electric Vehicle, Reuters Connect DETROIT, Ford, EV, Detroit's, Motors, Silverado, Lightning, Ford's, Thomson Locations: Dearborn , Michigan, U.S

☆ Ford slashes prices of F-150 Lightning trucks as EV price war heats up
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

July 17 (Reuters) - Ford Motor (F.N) deepened a price war in the electric-vehicle industry on Monday by slashing the prices of its F-150 Lightning trucks, including a 17% cut for the base model, as it aims to boost its share of an EV market dominated by Tesla (TSLA.O). The Detroit automaker, which had raised Lightning prices earlier this year, said it was able to cut prices on improvements in scale and battery raw material costs. The move comes amid a price war started by Tesla a few months ago, which has seen the EVs of legacy automakers piling up at dealers as sales slow. Ford also said it has temporarily closed its Rouge Electric Vehicle Center in Michigan to complete final plant upgrades as it aims to triple the facility's annual run rate to 150,000 Lightning trucks, beginning this fall. Battery raw material prices have been one of the factors that pushed up EV prices.

Persons: Tesla, Marin Gjaja, We've, Ford, Nathan Gomes, Shivansh, Pooja Desai Organizations: Ford, Tesla, General, Rivian, Detroit, Reuters Graphics, Electric Vehicle Center, EV, Thomson Locations: Austin, Michigan, Bengaluru

☆ Ford’s electric F-150 Lightning just got much cheaper
▼ + stars: | 2023-07-17 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

CNN —Ford announced on Monday that it is slashing prices significantly for its electric F-150 Lightning pickup truck. Since the F-150 Lightning’s release in mid-2021, the auto manufacturer has raised prices several times, citing in part “significant material cost increases” for key electric vehicle battery components like lithium, cobalt, and nickel. The Platinum Extended Range, its most expensive model, is down more than $6,000 to about $92,000. These models are also eligible for a tax credit of up to $7,500 under the 2022 Inflation Reduction Act, according to Ford. Customers can expect these cheaper cars to become available as early as October.

Persons: CNN — Ford, Kelley, Ford, “ We’ve, ”, Marin Gjaja Organizations: CNN, Kelley Blue, Ford Locations: Michigan

☆ Ford to move forward with $3.5 billion EV battery plant with Chinese company
▼ + stars: | 2023-02-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

DETROIT – Ford Motor said Monday it will collaborate with a Chinese supplier on a new $3.5 billion battery plant for electric vehicles in Michigan, despite tensions between the U.S. and China. Glenn Youngkin saying he was withdrawing the state from a competitive process to attract the planned Ford plant over its connection to the Chinese company. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. With this $3.5 billion investment, Ford says it and its battery partners have announced $17.6 billion in investments in electric vehicle and battery production in the United States since 2019. Gretchen Whitmer called the investment a "big win" for the state, which has moved to attract more battery production after missing out on previous multibillion investments.

☆ Ford cuts prices on electric Mustang Mach-E, following Tesla’s lead
▼ + stars: | 2023-01-30 | by ( Michael Wayland | ) www.nbcnews.com time to read: +3 min

DETROIT — Ford Motor is increasing production and cutting prices of its electric Mustang Mach-E crossover, weeks after industry leader Tesla announced similar plans for its EVs. The reductions range from $600 to $5,900, compared with Tesla’s price cuts of up to $13,000 on its Model Y earlier in January. Analysts expected Tesla’s cuts to put pressure on other automakers to cut their own prices. “We are responding to changes in the marketplace,” Gjaja said during a media briefing, referencing new federal EV incentives and Tesla’s price cuts. Ford said existing Mustang Mach-E customers awaiting delivery of their vehicle will automatically receive the adjusted price.

☆ Ford hits back at Tesla's price cuts by lopping nearly $6,000 off the Mustang Mach-E
▼ + stars: | 2023-01-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The price reductions for the Mustang Mach-E vary by trim level and performance package. At the highest end, the Mach-E GT with extended range now goes for $63,995, a $5,900 reduction from the previous price. Elon Musk's long-term play on the price cuts, which Deutsche Bank estimates could cost the company $7 billion in profits this year, could protect its customer base amid rising competition and increase its market share. Gjaja would not say how the price cuts impact Mach-E's profitability, only saying it would vary by trim level. Ford CEO Jim Farley has publicly set his sights on Tesla, vowing last spring to unseat Musk's car company as the top seller of electric vehicles.

☆ Ford cuts prices on electric Mustang Mach-E, following Tesla's lead
▼ + stars: | 2023-01-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — Ford Motor is increasing production and cutting prices of its electric Mustang Mach-E crossover, weeks after industry leader Tesla announced similar plans for its EVs. The reductions range from $600 to $5,900, compared with Tesla's price cuts of up to $13,000 on its Model Y earlier in January. Analysts expected Tesla's cuts to put pressure on other automakers to cut their own prices. "We are responding to changes in the marketplace," Gjaja said during a media briefing, referencing new federal EV incentives and Tesla's price cuts. To increase Mach-E production, Ford is upgrading the plant in Mexico where the vehicles are made.

☆ Ford’s EV price cuts could pressure profitability, a headwind the automaker needs to address
▼ + stars: | 2023-01-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Ford Motor (F) confirmed Monday what Jim Cramer has been speculating for weeks: Price cuts on its electric vehicles following similar moves by Tesla (TSLA). Depending on the models, Ford's price reduction "hurts our decision to own Ford," Jim said Monday after the automaker said the move will make some Mach-E trims unprofitable. Last year, Ford announced a split of its EV and internal combustion engine units into separate businesses — called Ford Model e and Ford Blue, respectively — aiming to increase efficiencies unique to each and maximize profits. F 1Y mountain Ford (F) 1 year performance The Club's take With investors concerned about margin pressure due to the price cuts, we'll be looking for messaging on Ford's next steps to address the problem. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Ford and Tesla slashed car prices — but only one is giving customers who missed out their money back
▼ + stars: | 2023-01-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford is working to refund Mach-E owners after cutting prices. Ford, the first to hit back against Musk's price war, is taking a different approach with its price cuts. "We want our customers to know they made the right decision by choosing a Mustang Mach-E," Gaja said. Ford hitting back at Tesla's EV price war is the company's latest move to compete directly with Musk's electric car company. Are you a Mustang Mach-E owner or a Tesla owner impacted by price cuts?

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