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☆ Panasonic cuts battery unit's profit outlook, warns on high-end EV sales
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla (TSLA.O) and other automakers to 115 billion yen ($769 million) from 135 billion yen. The battery unit's production in Japan suffered from slowing uptake for high-end EVs in North America, Panasonic said in the presentation material, as the U.S. Inflation Reduction Act spurred demand changes among consumers. Panasonic added its production at its North American operations remained steady, and it saw firm sales of vehicles eligible for tax credits. South Korean battery firm LG Energy Solution (373220.KS) last week warned of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for EV sales. General Motors (GM.N) is also slowing the launch of several EV models to cut their costs, and pulling back on EV product spending.

Persons: Steve Marcus, Tesla, Elon Musk, Daniel Leussink, Kim Coghill, Miral Organizations: Panasonic, REUTERS, Rights, Panasonic Holdings, Korean, LG Energy, EV, General Motors, Thomson Locations: Las Vegas , Nevada, U.S, Japan, China, Europe, North America, KS

☆ Shares of ON Semiconductor fall 21% as fourth-quarter guidance disappoints Wall Street
▼ + stars: | 2023-10-30 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of ON Semiconductor closed down more than 21% Monday after the company's third-quarter report beat expectations but offered weak guidance for the rest of the year. ON Semiconductor said it expects to report fourth-quarter earnings between $1.13 and $1.27 per share, excluding certain items, which is short of the $1.36 analysts had anticipated. Similarly, the company said revenue will come in between $1.95 billion and $2.05 billion, while Wall Street was expecting $2.18 billion. Analysts at Deutsche Bank said ON Semiconductor's guidance suggests the company has "finally succumbed to macro pressures" such as softening demand for cars. Craig-Hallum analysts said they believe weakening demand for electric vehicles will adversely affect ON Semiconductor in the near term.

Persons: Michael Bloom Organizations: ON Semiconductor, Deutsche Bank, Semiconductor, UAW, Wolfe Research, CNBC

☆ Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi's (ON.O) bleak forecast. "ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers," he said in a post on social media platform X on Monday. loadingOnsemi CEO Hassane El-Khoury said the company's top European clients were working to clear their inventory and noted that the company sees "increasing risk to automotive demand due to high interest rates." It contracted to 17.9% between July and September from 25.1% a year earlier due the EV maker's rampant price cuts, which also triggered a price war in key markets such as China. Tesla was trading at about 56 times its 12-month forward earnings estimates, compared with 5.6 times for Ford and General Motors' 4.1, according to LSEG data.

Persons: Phil Noble, Elon Musk's, Edward Moya, General Motors, Stellantis, Gary Black, chipmaker, Hassane El, Khoury, Tesla, Chavi Mehta, Akash Sriram, Shinjini Organizations: REUTERS, Tesla, Panasonic Holdings, Panasonic, Tesla's, Oanda, General, United Auto Workers, Ford Motor, Chrysler, UAW, General Motors, China EV, Ford, EV maker's, Thomson Locations: Manchester, Britain, North America, Stellantis's, China, Bengaluru

☆ I drove the electric BMW i4 and found a more luxurious, familiar alternative to a Tesla
▼ + stars: | 2023-10-30 | by ( Tim Levin | ) www.businessinsider.com time to read: +1 min

I tested the BMW i4 eDrive40, a new electric sports sedan. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That's where the BMW i4 comes in. After testing a 2022 BMW i4 eDrive40 for a few days, I found it's a excellent option for first-time EV buyers who want something more familiar and luxurious than a Tesla Model 3. Plus, it's a great choice for anyone feeling left out by the flood of new electric SUVs.

Persons: —, Tesla, It's Organizations: BMW i4, BMW, Service, Tesla

Politicians from across the spectrum have visited the garrison of workers permanently stationed outside the Crevalcore plant, less than 40 kilometres from Ferrari's headquarters. Marelli has put the plan on hold but confirmed it wants to abandon the plant, leaving workers in a limbo. Samira Chouri, 50, has worked at the Crevalcore plant for 18 years. Some 37% of the EU's 800 billion euros ($845 billion) post-pandemic recovery fund is earmarked for climate friendly investment. Climate change think tank ECCO said Italy needed to spend between 7-13 billion euros more per year to meet Europe's decarbonisation goals.

Persons: Marelli, Grazia Vitiello, Samira Chouri, Calsonic, I'm, Sergio Manni, Francesco Simeri, Chouri's, Giovanni Sanfelice, ANFIA, Francesco Zirpoli, Zirpoli, Giorgia Meloni's, Europe's, Vittorio Sarti, Giulio Piovaccari, Vagnoni, Toby Chopra Organizations: U.S, KKR, Volkswagen, BMW, Fiat Chrysler, FCA, Venice University, Center, Automotive, Mobility, Thomson Locations: Italy, Italy's, Emilia Romagna, Marelli, Stellantis, France, Crevalcore, Europe, Rome, Italian

☆ UAW strike: GM and union reach tentative labor agreement
▼ + stars: | 2023-10-30 | by ( Vanessa Yurkevich | Chris Isidore | ) edition.cnn.com time to read: +6 min

Neither the union nor GM would confirm the tentative deal. Most recently that happened at Mack Trucks, where nearly 4,000 UAW members went on strike on October 8 after voting no on their own tentative agreement. There are a total of more than 18,000 UAW members at GM now on strike, though they could be returning to work within days. The strike had a total of nearly 50,000 UAW members on strike at one point or another, although not all at the same time. During the UAW strike, a coalition of unions at Kaiser Permanente had 75,000 workers walk out in the largest US health care strike in history.

Persons: Stellantis, Mack Trucks, Fain, Ford, Joe Biden, Biden, Betsy Klein Organizations: New, New York CNN —, Motors, United Auto Workers, America’s, Ford, GM, UAW, Mack, EV, Air Force, Kaiser Permanente Locations: New York, Spring Hill , Tennessee, Arlington , Texas, Fargo, Michigan, Delaware

☆ I'm a car dealer who only sells electric cars. This is what everyone else is getting wrong — and the advice I give prospective EV buyers.
▼ + stars: | 2023-10-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

Alex Lawrence is the CEO and cofounder of an all-electric used car dealership in Utah. AdvertisementAdvertisementAlex Lawrence is a 49-year-old entrepreneur and the CEO of EVAuto, an all-electric used car dealership in Bountiful, Utah, which he co-founded in 2019. EVAuto sells a variety of electric cars, from Tesla to Porsche to Rivian. We wanted to be the largest seller of used electric vehicles in America. Now that they're going to be on the Supercharger network, that helps solve the charging problem.

Persons: Alex Lawrence, Alexa St, John, —, EVAuto, Price, I'm, I've, they've, they're, Lorenzo Di Cola, It's, you'll, We've, Tesla, it's, Tim Levin Organizations: Service, Porsche, Ford, Chevrolet, GMC, Plaid Locations: Utah, Bountiful , Utah, America, Italy

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

☆ Hertz's embrace of Teslas isn't going so well
▼ + stars: | 2023-10-28 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Hertz had initially aimed to make 25% of its fleet electric by the end of 2024. Today, 11% of Hertz's cars are electric, and 80% of those are Teslas. AdvertisementAdvertisementIn 2021, Hertz started going all-in on EVs, announcing a plan to buy 100,000 Teslas as part of an effort to give customers electric options. Add it all up, and Hertz's third-quarter profits would have been "several margin points higher" if its fleet was similarly sized but didn't include EVs, Scherr said. This year, electric cars have been languishing on dealer lots, forcing automakers to cut prices and lather on other incentives.

Persons: Hertz, EVs, —, Stephen Scherr, Scherr, it's, Elon Musk, Tesla, General Motors — Organizations: Service, General Motors, EV, Manufacturers, Ford, General, EVs Locations: EVs

☆ Americans are so anxious about going electric that they're willing to pay up for hybrids
▼ + stars: | 2023-10-28 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWhile car companies try desperately to gin up demand for their latest electric models, consumers are begging for a compromise: hybrids. In the auto industry, the same logic applies to hybrids, which can provide a more convenient bridge to full EV adoption. Hybrid revolutionThis need for hybrids isn't new. Ford said this week it would postpone $12 billion in new EV investment as the company assesses demand going forward.

Persons: isn't, —, –, they're, Chris Harto, Harto, Akio Toyoda, Cameron Johnson, Ford, Martin French Organizations: Industry, Service, Consumer, EVs, Auto, Consumer Reports, Toyota, Dealers, Magic City Auto Group, Honda Locations: Edmunds, Virginia

☆ Ford shares fall after pulling full-year forecast, wider losses in EV unit
▼ + stars: | 2023-10-27 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses. The company's quarterly report added to the gloom around the EV market, which has seen inflation-wary consumers pull back on some purchases. Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. The automaker has lost about $4.32 billion in market cap throughout the duration of the strike, according to LSEG data. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Ford, BEV, Wells, Wolfgang Rattay, John Lawler, Shivansh Tiwary, Nathan Gomes, Krishna Chandra Organizations: Ford Motor, Detroit, United Auto Workers, UAW, REUTERS, EV, Reuters, Ford, General Motors, Thomson Locations: Kentucky, Frankfurt, Germany, Bengaluru

☆ Ford’s Cost Problem Isn’t Just About EVs
▼ + stars: | 2023-10-27 | by ( Stephen Wilmot | ) www.wsj.com time to read: +1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty ImagesFord Motor lost about $37,000 on each electric vehicle it sold last quarter. It doesn’t help that the company’s gas-engine business also costs more than it should—a difference from crosstown rival General Motors that investors are ignoring at their peril. The third-quarter results Ford reported after hours on Thursday weren’t great, with an adjusted operating profit of $2.2 billion. By way of comparison, GM’s operating profit in the third quarter was $3.6 billion.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler

☆ Ford pauses a $12 billion EV investment, after saying electric vehicles are too expensive
▼ + stars: | 2023-10-27 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Ford has postponed $12 billion in spending on EV manufacturing capacity. The company has warned that electric vehicles are too expensive and that demand is slowing. AdvertisementAdvertisementFord has halted billions of dollars in investment in EV manufacturing, warning that customers will not pay a premium for these vehicles. AdvertisementAdvertisementThe company stressed that it is still committed to spending on future EV models, however. "Electric vehicles are expensive," he said.

Persons: Ford, —, John Lawler, Lawler, Toshihiro Mibe, General Motors, Bill Ford Organizations: Service, EV, CNBC, Honda, Bloomberg, General, The New York Times Locations: Kentucky

☆ 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

☆ Volvo Cars CEO strikes cautious tone on solid-state battery technology
▼ + stars: | 2023-10-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: 1 min

The CEO of Volvo Cars is bullish about the long-term potential of electric motors, but appears more cautious on solid-state batteries — technology that's generated much hype around its potential to transform the performance of EVs. Speaking to CNBC's Squawk Box Europe on Thursday morning, Jim Rowan said electric motors were seeing "massive improvements." However, on solid-state batteries he said: "My personal opinion is that solid-state is still some years off, but of course we're involved in the research and development around that." "But I think there's many more incremental benefits that we're going to see with the current electrical propulsion systems, that [are] … just going to continue to drive performance," Rowan added.

Persons: Jim Rowan, Rowan Organizations: Volvo

☆ Jeep Maker Stellantis Bets on a Chinese EV Startup, but Is It the Right One?
▼ + stars: | 2023-10-26 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Chinese companies can produce EVs 30% more cheaply than Western ones, according to Stellantis’s research. Photo: Leonhard Simon/Getty ImagesBuying into a Chinese automaker sounds like a great answer to the challenge of making cheaper electric vehicles. If only it were easier to pick winners. Chrysler owner Stellantis said Thursday that it was spending the equivalent of about $1.6 billion to buy a roughly 20% stake in Zhejiang Leapmotor Technology . It will get two board seats and become Leapmotor’s exclusive export partner via a Europe-based joint venture in which Stellantis will own 51%.

Persons: Leonhard Simon, Stellantis Organizations: Chrysler, Zhejiang Leapmotor Technology Locations: Zhejiang Leapmotor, Europe

☆ Ford Retrenches Further on EVs, Citing Waning Demand
▼ + stars: | 2023-10-26 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty Images<br>Ford Motor posted $1.2 billion in net income in the third quarter, swinging from a loss in the prior-year period, but it withdrew its guidance for the year, citing the impact of the United Auto Workers strike. The company also said it is pushing out $12 billion in planned investment on electric vehicles, reiterating concerns about consumer demand and pricing pressure from competitors. It plans to delay a second battery plant in the U.S., a facility in Kentucky that is a joint-venture with Korean battery-maker SK On.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler, Korean, SK Locations: U.S, Kentucky

☆ Ford Retrenches Further on EVs Amid Demand Uncertainty
▼ + stars: | 2023-10-26 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty Images<br>Ford Motor posted $1.2 billion in net income in the third quarter, swinging from a loss in the prior-year period, but it withdrew its guidance for the year, citing the impact of the United Auto Workers strike. The company also said it is pushing out $12 billion in planned investment on electric vehicles, reiterating concerns about consumer demand and pricing pressure from competitors. It plans to delay a second battery plant in the U.S., a facility in Kentucky that is a joint-venture with Korean battery-maker SK On.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler, Korean, SK Locations: U.S, Kentucky

☆ Stellantis is teaming up with Chinese startup Leapmotor on EVs
▼ + stars: | 2023-10-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

The two will form a joint venture that will give Stellantis the exclusive rights to produce, export and sell the Chinese brand’s vehicles outside Greater China. Stellantis will control the joint venture, with a 51% stake, while Leapmotor will take a 49% share. In July, Volkswagen announced it was buying a 5% stake in Chinese EV maker Xpeng and unveiled a strategic partnership to jointly develop new vehicles. News of Stellantis’ latest partnership comes about a year after it terminated its joint venture in China with Guangzhou Automobile Group Company (GAC). Stellantis is acquiring Leapmotor shares at a price of 43.8 Hong Kong dollars ($5.6) apiece, according to a Thursday stock exchange filing by the Chinese firm.

Persons: Hong Kong CNN —, Leapmotor, Mercedes, Nio, Stellantis, weren’t Organizations: Hong Kong CNN, Chrysler, Volkswagen, Xpeng, Reuters, CNN, Nio, Guangzhou Automobile Group Company, Hong Locations: Hong Kong, Leapmotor, Hangzhou, Greater China, Shanghai, China

☆ Hertz CEO says company will continue to add electric vehicles to its fleet, despite issues
▼ + stars: | 2023-10-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Hertz CEO Stephen Scherr told CNBC's Jim Cramer Thursday that his company will continue buying electric vehicles for its fleet, even though the cars caused some headaches during the last quarter. "I think there's no technology change, EVs included, that run a straight line without some hiccups and challenges, and that's this," Scherr said. Scherr said Hertz saw its EVs depreciate in value this year as Tesla made significant price cuts to its models. EVs make up about 11% of Hertz's fleet, with Teslas accounting for 80% of the group, Scherr said. He added that Hertz will buy more Teslas as well as General Motors -made EVs, aiming to have 10,000 in its fleet by year-end.

Persons: Hertz, Stephen Scherr, CNBC's Jim Cramer, Thursday's, Scherr, Tesla, EVs Organizations: Wall, Motors, GM

☆ 50 new EVs are hitting the US soon. It's not clear if there are buyers for them.
▼ + stars: | 2023-10-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

More and more electric vehicles are coming even as demand slows. Some of the new models in the pipeline might appeal more to the new demographic of EV shopper. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Reckoning with the new reality for EV shoppersThis year is stacking up to be huge for electric vehicle growth.

Persons: —, We've, Stephanie Valdez, Streaty, Valdez Organizations: Dealers, Service, Industry, Streaty, Cox Automotive, Ford, GM Locations: wean

☆ Auto execs are coming clean: EVs aren't working
▼ + stars: | 2023-10-26 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Dealers have been warning of slowing EV demand for months. While GM's about-face was somewhat of a surprise to investors, the Detroit car company is not alone in this new view of the EV future. Just a few months after dealers have started coming forward to warn of slowing EV demand, manufacturers appear to be catching up to that reality. In July, the company extended its self-imposed deadline to hit annual electric vehicle production of 600,000 by a year, and abandoned a 2026 target to build 2 million EVs . In scrapping plans with GM to co-develop sub-$30,000 EVs, Honda CEO Toshihiro Mibe said the shifting EV environment was difficult to gauge.

Persons: Mercedes, —, Mary Barra, Bolt, GM doesn't, Tesla's Elon Musk, Harald Wilhelm, Mercedes isn't, Ford, Toshihiro Mibe, Mibe Organizations: EV, Dealers, Service, GM, Barra, Benz, Honda, Bloomberg Locations: Detroit

☆ Depreciation on EVs went up because of Tesla's price cuts, says Hertz CEO Stephen Scherr
▼ + stars: | 2023-10-26 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDepreciation on EVs went up because of Tesla's price cuts, says Hertz CEO Stephen ScherrHertz Chair and CEO Stephen Scherr joins 'Mad Money' host Jim Cramer to talk its EV fleet, quarterly earnings, its stock price and more.

Persons: EVs, Hertz, Stephen Scherr Hertz, Stephen Scherr, Jim Cramer

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

☆ Ford will postpone about $12 billion in EV investment as buyers become more cautious
▼ + stars: | 2023-10-26 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

As a result, it's postponing about $12 billion in planned spending on new EV manufacturing capacity. But it now plans to ramp up its EV manufacturing capacity, and its spending on that capacity, more gradually than previously planned. Lawler said that Ford will postpone about $12 billion in planned spending on manufacturing capacity for EVs, including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City – Ford's new EV manufacturing campus in Tennessee – will continue as originally planned. As part of its third-quarter earnings report, Ford said on Thursday that its electric-vehicle business unit, called Ford Model e, lost $1.3 billion on an operating basis in the period.

Persons: Ford's –, Ford, John Lawler, Lawler Organizations: Ford, Blue Oval, Model, United Auto Workers Locations: North America, Kentucky, Tennessee

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