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☆ EVgo revenue beats analyst expectations as private-label charging business booms
▼ + stars: | 2023-08-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

EV charging network operator EVgo on Wednesday reported second-quarter revenue that beat Wall Street's expectations and posted a narrower-than-expected loss, as more electric vehicle drivers used its network and revenue from its private-label eXtend unit boomed. 8 cents vs. 27 cents expected. Revenue: $50.6 million vs. $29.6 million expected. A year ago, EVgo reported a profit of $17 million, or 6 cents per share, on revenue of $9.1 million. Revenue from eXtend totaled about $33.3 million in the second quarter, or nearly 66% of EVgo's total revenue for the period.

Persons: EVgo, Cathy Zoi, Zoi, Badar Khan Organizations: Wall Street, Refinitiv, Revenue, EV, General Motors, National Grid's

☆ Ford's U.S. sales rose nearly 6% in July, but its EVs are still lagging
▼ + stars: | 2023-08-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Sales of Ford's F-Series pickups, an important profit driver, rose 8.2% in the month to 68,536. The Lightning's factory reopened earlier this week. But sales of Ford's other EV, the E-Transit commercial van, rose over 50% to 791 units in July. Sales of the Bronco SUV climbed over 20% in July, to 12,755, and sales of the smaller Ranger and Maverick pickups rose 8.6% and 13.5%, respectively, from a year ago. U.S. sales of all Ford vehicles, including EVs and Lincoln-brand models, totaled 1,181,207 through July, up 9.4% from the same period in 2022.

Persons: Ford, they're Organizations: Ford Motor Co, Ford Motor, Bronco, Detroit, Lightning, Ford Locations: Dearborn , Michigan, U.S, Lincoln

☆ Hyundai to expand the glove compartment in its EVs, redesigning them to resemble airline overhead bins
▼ + stars: | 2023-08-02 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

Now, Hyundai Motor Group is adding another amenity to that list: a bigger and better glove compartment. The newly designed glovebox is modeled on overhead bins in airliners, Hyundai Motor Group said Wednesday. The dashboard invention was the gold medal winner in an internal contest at Hyundai Mobis, the auto parts division of Hyundai Motor. For example, Toyota eschews a glove box entirely in its electric vehicles, the Toyota BZ4X and Lexus RZ 450e. Why it’s called a glove boxToday’s glove box is the direct descendant of storage bins in early automobiles that were usually in the floor or under the seat.

Persons: It’s, it’s, Dorothy Levitt —, —, Dorothy Levitt, De Dion, Horace W, Nicholls, Levitt, “, ” Organizations: CNN —, Hyundai Motor, Hyundai Motor Group, Hyundai, Kia, Hyundai Mobis, Hyundai Motor . Employees, Toyota, Lexus, McGill University Library, Nationwide Insurance

But Chinese suppliers could be critical if Tesla were to establish a plant in India and keep costs in check for a cheap EV. Instead, the Indian officials said they had suggested a workaround in which Tesla would emulate the approach of Apple (AAPL.O). The U.S. smartphone giant in recent months has obtained approvals to bring Chinese suppliers to India after they found local joint-venture partners. New Delhi in recent months has been approving some Chinese suppliers' JV partnerships with Indian companies on a case-to-case basis, one of the government sources said. One of the Indian officials said pairing local and Chinese players could work for Tesla.

Persons: Dado Ruvic, Tesla, Elon Musk, Apple, China's BYD, Nikunj Ohri, Acharya, Nikunj, Aditi Shah, Aditya Kalra, Jason Neely Organizations: Elon, REUTERS, DELHI, Apple, Tesla, Tata Motors, U.S ., Thomson Locations: India, China, New Delhi, U.S, . New Delhi

☆ Exclusive: Foxconn EV venture targets India, Thailand for new small car
▼ + stars: | 2023-08-01 | by ( Sarah Wu | ) www.reuters.com time to read: +4 min

[1/3] Mobility in Harmony (MIH) Chief Executive Officer Jack Cheng speaks at an interview with Reuters at the headquarters of Foxconn's EV platform unit in Taipei, Taiwan July 27, 2023. India and Thailand are likely contenders for production sites, he said, adding that he expected India to be crucial to MIH's longer-term growth. "I'm building another Shanghai, probably in India," Cheng said. "If this is a Foxconn plant, fantastic, it's the mother company, we put it into the Foxconn plant. If this is a local India plant and it's even more competitive, give it to the India plant."

Persons: Jack Cheng, Ann Wang, MIH, Cheng, Foxconn, Sarah Wu, Kevin Krolicki, Jamie Freed Organizations: Reuters, Foxconn's, REUTERS, EV, PTT, NIO, HK, Foxconn, Thomson Locations: Taipei, Taiwan, TAIPEI, India, Thailand, Southeast Asia, EVs, China, Shanghai

☆ A Tesla owner says she made a 9-day rural road trip through a town without an EV charger by trickle charging from an outlet at an abandoned gas station
▼ + stars: | 2023-08-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Kathleen Goforth went on a 9-day road trip to the Carrizo Plain National Monument, California. Kathleen Goforth said she took her Tesla Model Y on a 9-day road trip through a rural area and had to get creative at one point when it came to charging. "There are no services within or anywhere near the Monument – no food, water, gas stations, and, certainly, no EV charging stations. Earlier this year, another Tesla owner said he faced some "hiccups" on a 6,392-mile road trip but that he ultimately found the carmaker's Autopilot driver assist feature to be a "lifesaver." A Hyundai Ioniq 5 EV owner previously told Insider that successful EV road trips needed to be properly plotted out.

Persons: Kathleen Goforth, Goforth Organizations: Morning, Tesla, EV, Department of Transportation, Kia EV Locations: Carrizo, , California, San Luis Obispo County , California, California

☆ Most cars still cost more to charge than to fill up with gas
▼ + stars: | 2023-08-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

While charging and fueling trucks cost the same, other cars and their electric counterparts differ. It's not yet cheaper to charge some electric cars than to fuel them with gas, a new study suggests. It's not yet cheaper to charge many electric cars than it would be to fuel their gas-powered counterparts up with gas, a new study indicates. Trucks cost about the same to fuel and charge, while entry and midlevel cars and SUVs cost more to charge at home and in public than they do to fuel at a gas station, the group found. Luxury-segment EVs may cost less to charge at home than their gas counterparts would cost to fuel.

Persons: Kelley, that's, Kia Forte, it's, Bolt, Kia, Kia EV6 Organizations: Anderson Economic, Trucks, Ford Trucks, Ford, Chevrolet Silverado, GMC, Chevrolet, Nissan Versa, Hyundai, Nissan, Mercedes, Benz, Lexus, Porsche Macan, Porsche, Volkswagen, Nissan Altima, Subaru

☆ How EVs are upending the 100-year-old auto supply chain
▼ + stars: | 2023-07-31 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +1 min

Companies that make parts for internal combustion engines are facing a harsh future. Revenues for internal combustion engines, as well as fuel and exhaust systems, are expected to decline 44% through 2027, according to the 2023 Deloitte Automotive Supplier Study. While the supply chain is shifting away from parts, the total powertrain part supply pie is also shrinking. While automakers bring more of their supply chain in-house, there are thousands of parts in cars that come from companies all over the world — a branching supply chain of firms each dependent on the success of the others. Bigger firms are either spinning out their internal combustion divisions or just winding them down to pivot toward EVs.

Persons: Tesla Organizations: Battery, Bosch

☆ China's Leapmotor unveils new manufacturing platform, wants others to use it
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, July 31 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology (9863.HK) unveiled on Monday a new platform it developed in-house for making vehicles, which its chief executive said it wants to license to other automakers. The company hopes to sell the platform to other automakers via tech licensing agreements, he said. "We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said. Leapmotor, which employs more than 2,000 engineers, sold 44,500 units in the first half, 14% fewer than a year ago. ($1 = 7.1512 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong, Robert Birsel and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leapmotor, Zhu, Tesla, Zhang Yan, Brenda Goh, Jacqueline Wong, Robert Birsel, Tomasz Janowski Organizations: Zhejiang Leapmotor Technology, HK, Companies, Shanghai Electric Group Corp, Sequoia Capital, Volkswagen, Thomson Locations: SHANGHAI, Zhejiang, Shanghai, Sequoia Capital China

☆ Here's what Tesla owners wish new EV buyers understood
▼ + stars: | 2023-07-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Tesla owners recommend you leave a space open between chargers whenever possible to avoid slowing the speed of the charge. "Tesla etiquette is: Don't park next to someone else at a Supercharger because if you're sharing a stall, you just slowed down their charge." Tesla charging stations have stalls that are labelled with a number and the letters "A" and "B." The more chargers at a location, even if they're spaced out, the slower the overall charge will be as well. Tesla owners say they often use the company's internal navigation system to find charging sites with less traffic to avoid slower chargers.

Persons: Kent Nishimura, Nelson Jackson, Tesla Organizations: Los Angeles Times, Getty, Clean Technica

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow EVs Are Disrupting Small Car Parts SuppliersCompanies that make parts for internal combustion engines are facing a harsh future. The switch to EVs means companies need different parts, and EV powertrains have thousands fewer components than ICE cars. Automakers are finding more efficient ways to build cars, and are making a greater share of parts in-house. Many suppliers are small, family owned firms that have been around for decades. But even the large publicly traded suppliers such as Bosch, Denso, American Axle, Magna and ZF are affected.

Organizations: Suppliers Companies, EV powertrains, Bosch

☆ On Semiconductor forecasts robust Q3 revenue on silicon carbide strength
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Chipmaker ON Semiconductor Corp (ON.O) on Monday forecast third-quarter revenue above market estimates, on optimism that strong demand from the automotive sector will offset broader weakness in the semiconductor industry. Automotive chipmaker NXP last week forecast a strong third-quarter revenue and profit, exuding confidence over a steady automotive demand. Onsemi, which makes sensors and supplies chips to companies like Volkswagen (VOWG_p.DE), expects revenue between $2.10 billion to $2.20 billion in the third quarter. For the second quarter ended June 30, the company's revenue rose to $2.09 billion, ahead of analysts' expectations of $2.02 billion. The revenue was boosted by Onsemi's power solutions group, which provides power management chips, making up about 53% of total quarterly revenue.

Persons: Onsemi, Hassane El, Khoury, Zaheer Kachwala, Shailesh Organizations: ON Semiconductor Corp, NXP Semiconductors, chipmaker NXP, Volkswagen, Thomson Locations: Arizona, Bengaluru

☆ Japan's W-Scope signs 5-yr supply deal with Samsung SDI, shares surge
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 31 (Reuters) - Japan's W-Scope (6619.T) said on Monday it had signed a five-year deal with battery maker Samsung SDI (006400.KS) to supply separators used in lithium-ion batteries, mainly to power electric vehicles (EVs). The company's shares ended up 8.8% in Tokyo. Subsidiary W-Scope Chungju Plant (393890.KQ) will supply about 4 billion square metres of separators to Samsung SDI in South Korea, the United States, and other areas, the company said in a statement. The deal, which runs from 2023 to 2027, has already been factored into the company's earnings for this year, W-Scope added. Reporting by Chang-Ran Kim; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Chang, Ran Kim, Eileen Soreng Organizations: Samsung SDI, Thomson Locations: TOKYO, Tokyo, South Korea, United States

SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.

Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai

☆ It's official: The battery crunch is the new chip shortage
▼ + stars: | 2023-07-31 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

The chip shortage has ailed the auto industry since early in COVID, but a bigger issue is surfacing. Automakers are starting to see the impacts of the electric vehicle battery crunch. It's official: The battery crunch is the new chip shortage. The chip shortage is still impacting vehicle supply, experts say, but automakers are now having to reckon with the battery supply chains as an even bigger headwind. Challenges surrounding electric vehicle production and the battery supply chain are finally materializing for legacy automakers and impacting their bottom lines.

Persons: Jim Farley, Elon Musk, Tesla, Mary Barra, Barra, Oliver Blume Organizations: Ford, Morning, GM, Porsche, Tesla, Battery Locations: COVID, Canadian, EVs

☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

Thanks to their ability to store large amounts of energy in a small package, lithium-ion batteries have become increasingly popular, powering such devices as laptops and vape pens as well as electric cars and bikes. While most of the batteries operate safely, a small percentage can malfunction and catch fire, sometimes with lethal results.

☆ UAW wins Democratic senators' support for joint venture battery workers
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, July 28 (Reuters) - More than half of the Senate's Democrats are backing the United Auto Workers' push for higher wages and benefits for workers at Detroit Three automakers' joint venture battery plants, they said in a letter released on Friday. UAW leaders have sought to secure support from Washington as negotiations opened earlier this month, with UAW President Shawn Fain meeting with lawmakers and President Joe Biden last week. In their letter to the CEOs of the Detroit Three and battery joint ventures, Senate Majority Leader Chuck Schumer joined Senators Sherrod Brown, Ron Wyden, Bernie Sanders, Richard Durbin and others in urging the automakers to embrace the joint venture battery workers before the current contract expires. Stellantis said it respects the UAW's right to organize future hourly employees at its joint venture battery facilities, adding: " The joint venture intends to offer very competitive wages and benefits." Last month, the union chief criticized $9.2 billion federal loan to a Ford/South Korea's SK On joint venture.

Persons: Shawn Fain, Joe Biden, Chuck Schumer, Sherrod Brown, Ron Wyden, Bernie Sanders, Richard Durbin, Ford, Stellantis, Jim Farley, Bill Ford, Biden, Biden's, Fain, David Shepardson, Susan Heavey Organizations: United Auto Workers, Detroit, automakers, General Motors, Ford Motor, Chrysler, UAW, Workers, EVs, SK On, South Korea's SK Innovation, Reuters, Ford, Korea's SK, LG Energy, Thomson Locations: United States, Washington, South, KS, Ohio

U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s. Most of the 11 major S&P 500 sectors posted gains, led by communications services (.SPLRCL), which gained 2.01% as big tech companies kept an upward trend after announcing earnings earlier this week. More than half of the firms listed on the S&P 500 have reported second quarter earnings as of Friday, out of which 78.7% have surpassed analyst expectations, according to Refinitiv data. Advancing issues outnumbered declining ones on the NYSE by a 2.31-to-1 ratio; on Nasdaq, a 2.62-to-1 ratio favored advancers. The S&P 500 posted 26 new 52-week highs and two new lows; the Nasdaq Composite recorded 73 new highs and 69 new lows.

Persons: Win Murray, Diamond Hill, Peers, Dow, Jim Farley, Bansari Mayur Kamdar, Johann M, Maju Samuel, Deepa Babington Organizations: Dow, Nasdaq, Federal Reserve, Peers Nvidia, Marvell Technology, Treasury, Bank of Japan, Big Tech, Dow Jones, Procter & Gamble, Ford, Enphase Energy, Juniper Networks, Exxon Mobil, Chevron, Reata Pharmaceuticals, NYSE, Thomson Locations: China, Bengaluru

☆ A massive ship carrying 3,000 vehicles is burning off the coast Netherlands — and it's spurring concerns over fire risks from EVs
▼ + stars: | 2023-07-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A massive cargo ship burning off the coast of the Netherlands is igniting concerns over fire risks from electric vehicles. The Dutch Coast Guard said on its blog that 23 crew members were evacuated, but one person died. But the intensity of the fire seems to have diminished compared with yesterday," the Dutch Coast Guard said, per an AFP translation. Just 25 or less than 1% of the 2,857 vehicles on board the Fremantle Highway were electric vehicles. The Dutch Coast Guard did not immediately respond to a request for comment from Insider.

Persons: Shoei Kisen Kaisha, Nathan Habers, Bentleys — Organizations: Morning, Fremantle, Dutch Coast Guard, Reuters, Maritime, Allianz Global Corporate, Specialty Locations: Netherlands, EVs, Panama, Germany, Singapore

☆ DOT proposes new car standards that would modestly raise fuel economy and push the sale of EVs
▼ + stars: | 2023-07-28 | by ( Gregory Wallace | ) edition.cnn.com time to read: +3 min

CNN —The Biden administration on Friday proposed modest increases to fuel efficiency standards for the vehicles most Americans drive. The proposal fits alongside the administration’s push for increasing the share of electric vehicles on the roads. A nearly 700-page document outlined the potential options, including the administration’s proposal for increasing car fuel efficiency standards annually by 2% for cars and 4% for light trucks. The Environmental Protection Agency, which calculates the fuel economy estimates shown on vehicle window stickers, uses different tests that result in more realistic estimates. Soon after taking office, the Trump administration re-wrote the more stringent Obama administration’s proposal.

Persons: CNN —, Biden, that’s, Chris Harto, John Bozzella, ”, Dan Becker, Harto, Pete Huffman, Trump Organizations: CNN, US Department of Transportation, Environmental Protection Agency, Consumer, EPA, Alliance for Automotive Innovation, Center for Biological, Natural Resources Defense Council, Democratic, Republican, Obama

☆ Exclusive: BYD tells India partner it wants to drop $1 billion EV investment plan, sources say
▼ + stars: | 2023-07-28 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +4 min

BYD executives told Megha Engineering last week that the battery and EV maker wanted to drop pursuit of the investment, according to the two people with knowledge of that exchange. BYD, China's largest EV maker, declined to comment on the status of its investment proposal and whether it would pull the plan to produce electric cars in India. Megha Engineering did not respond to request to comment. A final decision on whether to approve BYD's investment proposal would be taken by Indian ministries of trade and heavy industries. In 2013 it started building electric buses in India with Megha Engineering, under a joint venture company called Olectra Greentech (OLEC.NS).

Persons: BYD, Megha, Aditi Shah, Zoey Zhang, Kevin Krolicki, Simon Cameron, Moore Organizations: Reuters, Megha Engineering, Engineering, automaker Tata Motors, Thomson Locations: DELHI, India, New Delhi, Hyderabad, China, Shanghai

☆ Facebook cofounder slams Elon Musk, calling Tesla and SpaceX 'scams he got away with'
▼ + stars: | 2023-07-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

Dustin Moskovitz said Elon Musk's successful companies could be seen as "scams he got away with." The Facebook cofounder said Musk sucked up resources from others by overpromising with Tesla. Moskovitz pointed to Musk's promises on autonomous cars, and a report that he exaggerated Tesla ranges. Apparently Mark Zuckerberg isn't the only Facebook founder that's wary of Elon Musk. Spokespeople for Tesla, SpaceX, and Musk also did not respond to a request for comment ahead of publication.

Persons: Dustin Moskovitz, Elon Musk's, Musk, Mark Zuckerberg, that's, Elon Musk, Moskovitz, he's, overpromising, Tesla, Bruce Bennett, —, Elon, BYD, Nikola wasn't, Rivian wasn't, he'll Organizations: Facebook, SpaceX, EV, Reuters, Ford, General Motors, Toyota, Nikola, Elon, Tesla

Companies Tesla Inc FollowNEW DELHI, July 28 (Reuters) - Two senior Tesla executives discussed the company's plans to enter India with officials from the country's investment promotion arm in New Delhi, two people with direct knowledge of the matter said, the latest in a series of high-level talks. Invest India CEO Nivruti Rai, a former Intel executive, held talks with the Tesla executives during a meeting on Thursday, they added. Tesla and Invest India did not immediately respond to requests for comment. Most Tesla meetings with Indian officials have been kept under wraps. Reporting by Aditya Kalra, Shivangi Acharya and Aditi Shah; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: carmaker, Rohan Patel, Roshan Thomas, Nivruti Rai, Piyush Goyal, Tesla, Aditya Kalra, Shivangi Acharya, Aditi Shah, Kirsten Donovan Organizations: Tesla, Invest, Intel, Reuters, Thomson Locations: DELHI, India, New Delhi, U.S, Invest India

☆ Ford CEO says Tesla is having a Model T moment — it's Elon Musk's 'next big test'
▼ + stars: | 2023-07-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Ford CEO Jim Farley said Tesla's price cuts are reminiscent of Ford's Model T days. Where Tesla sits right now reminds Ford CEO Jim Farley a lot of the early days of his own auto company. "They got through Model 3 and Model Y commercialization in the plant and scaling production. Ford and Tesla have been both friends and rivals over the past few years as Ford races to electrify and snatch up some of Tesla's market share. I've always said that our main competition in the pure electric space is going to be BYD and Geely and Tesla," Farley said.

Persons: Jim Farley, Farley, Elon Musk, Tesla, Robert Llewellyn, Henry Ford, Ford, We've, I've, It's Organizations: Ford, EV, Tesla, GM, Volkswagen, Motors, BMW

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