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☆ Ford shares fall 9% after earnings underline worries about costs and EV plans
▼ + stars: | 2023-10-27 | 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 its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.

Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America

☆ What happened to Jeep? The mother of all SUVs has lost its edge as sales fall and cars pile up on dealer lots
▼ + stars: | 2023-08-04 | by ( Alexa St. John | ) www.businessinsider.com time to read: 1 min

And Jeep has more inventory sitting on lots right now than many of its peers. JeepWhile competing automakers are operating rather lean and intentionally keeping lighter levels of supply at dealerships, the number of cars Jeep has on lots is considerably higher. (This number isn't always a red flag, depending on how popular a car is or how an automaker handled supply shortages in recent years.) Jeep had 77 days' supply at the end of June, according to Cox Automotive — higher than the national average of 53 days. Ford isn't far off, at nearly 76 days, but GM's GMC and Chevrolet sat at 63 and 50 days' supply, respectively, in the same period.

Persons: Ford isn't, Cox Organizations: Jeep, Cox Automotive, GMC, Chevrolet, Toyota, Hyundai, Honda

Going "car-lite" and cutting nonessential car travel can be an affordable, impactful choice. That may sound expensive, but even a used car in the US now costs about $32,000. Even a brand-new, high-end bike costs about 90% less than the average used car. Public transit costs vary, but one household can save $10,000 a year by using public transportation instead of a car. Smart's research shows that families with a car experience an average income growth of 1% every two years.

Persons: Sonja Langford, Charlotte , North Carolina —, Langford, she's, Peter Krull, Krull, Michael Smart, Smart, Langford isn't Organizations: Service, University of North, Transportation, Earth Equity Advisors, Tesla, Rutgers University, Subaru, Charlotte, Bloomberg, Research Locations: Wall, Silicon, Charlotte , North Carolina, University of North Carolina, Asheville , North Carolina, Los Angeles

☆ As Ford loses billions on EVs, the company embraces hybrids
▼ + stars: | 2023-07-28 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Co. displays a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, Sept. 17, 2020. Heads up, hybrid fans: Ford Motor is working on a whole bunch of new hybrid models. "We have been surprised, frankly, at the popularity of hybrid systems for F-150," Farley said during Ford's second-quarter earnings call. More than 10% of F-150 pickup customers are opting for the hybrid model, Farley said, and that percentage has been increasing. But why double down on hybrids just as the industry is making a big push toward pure EVs?

Persons: Jim Farley, Ford isn't, Farley, Ford's Organizations: Ford Motor Co, Ford, Detroit automakers, EV, Toyota Locations: Dearborn , Michigan

☆ People put down deposits for every electric truck in development, leaving dealers in the lurch when they eventually cancel all but one
▼ + stars: | 2023-07-22 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Dealers lose in the race to get an electric truck in consumers' driveways. Dealers have more to lose than manufacturers, who book revenue once the truck leaves the factory. In an electric truck market where buyers are placing bets on what will arrive first, dealers are likely to be the ones left in the lurch. Listening to dealers about where the demand pendulum is swinging will be crucial for car companies as they roll out more and more electric models in the coming years. Car companies that use dealers book revenue on a car once it leaves the factory (that's one of the biggest advantages legacy car companies have over startups that use a direct-to-consumer model).

Persons: Cybertruck, Tesla, Karl Brauer, Brauer, they're, Ford, EVs, Jessica Caldwell, Edmunds, Caldwell Organizations: Dealers, Ford, GM, iSeeCars, EV, Car

☆ Some US cities are allowing corporations to vote in local elections in hopes of stimulating the economy
▼ + stars: | 2023-07-02 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +3 min

Seaford, Delaware is seeking to give business entities the right to vote in local elections. For a small town of about 8,500 people, that's a voter turnout of only 4%. A new bill now being considered in the small town, however, could help increase those numbers. Seaford's town leaders want to give corporations based there the right to vote. In April, Seaford Mayor David Grenshaw cast the tie-breaking city council vote to amend the city's charter, giving business entities — ranging from small businesses to large corporations — the right to vote in local elections.

Persons: It's, —, Seaford Mayor David Grenshaw, Grenshaw, WRDE, Claire Snyder, hasn't Organizations: Service, CBS, Seaford Mayor, CNN, Hall, Seaford, Corporations Locations: Seaford , Delaware, Delaware, Seaford, Delaware's, Newark , Delaware

☆ The Twitter manager who went viral for sleeping at the office is going on a vacation after Elon Musk fired her
▼ + stars: | 2023-03-14 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A former Twitter executive said she's taking a vacation just weeks after she was laid off. Esther Crawford was one of Elon Musk's top lieutenants and went viral for sleeping at the office. The Twitter executive worked at the company for over two years after it acquired her startup, Squad, in 2020, according to her LinkedIn page. Crawford isn't the only former Twitter executive to take off on vacation after the widespread layoffs. Still, it's unclear whether Twitter's severance pay is as cushy as that of other tech companies for all those laid off.

An assembly worker of Ford Motor works on the 40 millionth Ford Motor F-series pickup truck at the Dearborn Truck Plant in Dearborn, Michigan, U.S., January 26, 2022. REUTERS/Rebecca Cook/File PhotoDETROIT, Sept 21 (Reuters) - Automotive industry suppliers are raising prices to their customers across the board, not just with Ford Motor Co(F.N), which warned this week it was taking a $1 billion inflationary cost hit. Several suppliers said Ford isn't suffering alone, as automakers across the board are being asked to shoulder more of the burden suppliers have faced from spiking energy, labor and raw material costs. Suppliers contacted by Reuters said they have raised prices on parts in the range of 7% to 20%. Many suppliers can't move fast enough, offering trailing contracts that leave them squeezing costs and accepting lower profit margins when prices spike.

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