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☆ Ford's electric future looks bright, as the automaker doubles down on batteries and cuts costs
▼ + stars: | 2023-06-23 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

As CEO Jim Farley continues to rein in costs, Ford is preparing to enact a new round of layoffs in the coming weeks, according to a Wall Street Journal report Thursday. Nonetheless, news of the potential layoffs come after Farley told Jim this week that Ford still needs bring down costs at its EV division. The company has estimated its EV costs are roughly $7 billion higher than its competitors. F 1M mountain Ford stock performance month-to-date. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Farley, Ford, Jim Cramer, Farley, Jim, We're, Jim Cramer's, Rebecca Cook Organizations: Ford, U.S, Wall, U.S . Energy Department, SK, Blue, SK —, EV, it's EV, CNBC, Ford Motor Co, Amperex Technology Locations: Korean, U.S, Marshall , Michigan, Romulus , Michigan

☆ Cramer and Jim Faber break down Powell's testimony, test driving Ford's EVs, and US-China relations
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer and Jim Faber break down Powell's testimony, test driving Ford's EVs, and US-China relationsCNBC's Carl Quintanilla, Jim Cramer and David Faber discuss the news of the day.

Persons: Email Cramer, Jim Faber, CNBC's Carl Quintanilla, Jim Cramer, David Faber Locations: China

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ Ford's EV charging deal with Tesla puts pressure on GM, other rival automakers
▼ + stars: | 2023-05-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – A surprise deal between Ford Motor and Tesla on electric vehicle charging technology and infrastructure could put new pressure on other automakers' EV strategies. The tie-up between the two rivals will give Ford owners access to more than 12,000 Tesla Superchargers across the U.S. and Canada, starting early next year. More importantly, Ford's next generation of EVs — expected by mid-decade — will use Tesla's charging plug, allowing owners of Ford vehicles to charge at Tesla Superchargers without an adapter. Ford CEO Jim Farley and Tesla CEO Elon Musk announced the deal Thursday during a live audio discussion on Twitter Spaces. Tesla vehicles and its Supercharger network use what's known as NACS.

☆ We’re pleased to see Ford rethink its China strategy as it accelerates EV business
▼ + stars: | 2023-05-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Ford's business has been struggling in China. Ford's internal combustion engine (ICE) business is profitable in China, and its luxury brand Lincoln is what Ford calls the "profit pillar" for the region. But China does not represent a huge business for Ford, which generates roughly 1% of total revenue from mainland China. While Ford does not have plans to exit China, the CEO is taking a closer look at its strategy there. Like for Tesla, China is key for Ford because it's the biggest EV market in the world.

WASHINGTON, May 3 (Reuters) - Ford CEO Jim Farley said on Wednesday that price cuts in the electric vehicle market were "a worrying trend" after the U.S. automaker dropped prices for its Mustang Mach-E in response to a series of reductions by rival Tesla (TSLA.O). Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year. Farley compared the price war in the EV market to Henry Ford's series of price cuts for the Model T starting in 1913. Ford will follow Tesla price cuts for models such as the Mustang Mach-E that competes head-on with Tesla's Model Y, he said. Ford chose to build a new electric vehicle manufacturing hub near Memphis, Tennessee, in part because the region has cleaner electricity from hydro and nuclear facilities, Farley said.

☆ GM overtakes Ford as second best-seller of EVs in U.S. but still trails Tesla by a wide margin
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors pulled ahead of Ford Motor to become the country's second best-seller of all-electric vehicles during the first quarter, trailing only industry leader Tesla . 2 last year, reported EV sales Tuesday of 10,866 over the same time frame. GM still significantly trails Tesla in EV sales. Motor Intelligence estimates Tesla, which does not report sales by region, sold 161,630 EVs in the U.S. during the first quarter. Both GM and Ford have said they plan to overtake Tesla in EV sales in the years ahead, however Elon Musk's company is targeting significant expansion of its own EV production.

☆ Ford's first quarter sales increase 10.1% on improved F-Series truck production
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

REUTERS/Brendan McDermidDETROIT – Ford Motor on Tuesday reported a roughly 10% increase in its quarterly U.S. sales, led by jumps in its critical F-Series pickups and Bronco SUVs. Sales of Ford's trucks increased by nearly 20%, while car sales were up by 5.1% and SUVs increased by less than 1%. Ford reported sales of 170,377 F-Series pickups, up about 21% compared to a year earlier. Ford's sales increase comes as Wall Street analysts monitor rising vehicle inventories and incentives for the U.S. automotive industry following historically low levels of both during the past three years. Morgan Stanley estimates industry sales last month increased 8.7%, as automakers increase production levels following several years of significant supply chain problems.

☆ Ford is already working on another electric pickup truck as it ratchets up the pressure on Tesla
▼ + stars: | 2023-03-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford announced plans for its next electric pickup truck. The yet-to-be-named truck, code-named Project T3, will join Ford's popular F-150 Lightning electric truck and the Mustang Mach-E SUV in the company's EV lineup. This means engineering an electric pickup truck that is "fully updatable, constantly improving, and supports towing, hauling, exportable power and endless new innovations owners will want," Ford said. Once the new truck assembly line is complete, it will be capable of producing 500,000 electric truck a year at full production, Ford said. Cost-saving efforts will be key for the success of Ford's electric vehicle business, which this year is on track to burn $3 billion this year alone.

☆ Ford's EV business lost $2 billion in 2022, offset by big profits in fleet and legacy units
▼ + stars: | 2023-03-23 | by ( John Rosevear | ) www.cnbc.com time to read: +4 min

The badge of a Ford Motor Co. E-Transit electric vehicle during a presentation in Washington, D.C., U.S., on Wednesday, July 28, 2021. Ford Motor said Thursday its electric vehicle business lost $2.1 billion last year on an operating basis, a loss that was more than offset by $10 billion in operating profit between its internal combustion and fleet businesses. The Detroit automaker expects 2023 to unfold along similar lines, forecasting an adjusted loss of $3 billion for its EV unit, adjusted earnings of about $7 billion for its internal combustion unit, and adjusted earnings of roughly $6 billion for its fleet business. Those revised results show that while Ford Model e, the company's EV unit, lost $2.1 billion last year, Ford Blue and Ford Pro generated $6.8 billion and $3.2 billion of adjusted operating income, respectively. Those 2022 Model e losses more than doubled unit losses from 2021, as the company continues to ramp up EV production.

As the image shows, on an earnings before interest and tax (EBIT) basis, Ford Model e had a profit margin of roughly negative 40% in 2022. Ford Motor disclosed on Thursday that its electric vehicle unit, called Ford Model e, lost $2.1 billion in 2022 — and could lose as much as $3 billion in 2023. Here, step by step, is how Lawler said Ford expects Model e to get to a positive 8% EBIT profit margin in under four years:Scale. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026.

☆ Ford says it will burn $3 billion on EVs this year, in a bleak signal for the cars that underpin its future
▼ + stars: | 2023-03-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford Chief Financial Officer John Lawler rationalized the expected losses on a call with reporters by explaining that Ford Model e exists as an "EV startup within Ford." As part of this restructuring, Ford created Model e, the EV division, Ford Blue, the gas-powered vehicle division, and Ford Pro, the commercial vehicle division. For now, Ford says, its Blue and Pro divisions will be driving profits while Model e loses money. While Model e is slated to lose money this year, Ford provided profitable projections for its Blue and Pro divisions this year. For 2023, Ford Blue is expected to earn about $7 billion for the company, while Ford Pro's earnings before taxes are expected to near $6 billion, the company said Thursday.

☆ Ford halts F-150 EV production for another week after battery fire
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Ford Motor Co (F.N) will halt production of its electric F-150 Lightning pickup for another week following a battery issue that caused an EV truck to catch fire earlier this month, the U.S. automaker said on Friday. SK On, a South Korean EV battery maker and supplier to Ford, has again started building battery cells at a plant in Georgia. "It will take SK time to ensure they are back to building high-quality cells and to deliver them to the Lightning production line," Ford said in a statement. Last week, the automaker said it will continue to hold already-produced vehicles while it worked through engineering and process updates. The fire incident involving Ford's EV truck happened on Feb. 4, during a pre-delivery quality inspection at its Dearborn, Michigan plant, causing the company to halt production the next day.

☆ China to scrutinize Ford's EV battery deal with CATL - Bloomberg News
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - China will scrutinize Ford Motor Co's (F.N) latest deal with battery giant CATL (300750.SZ) to ensure the Chinese company's core technology is not shared with the U.S. automaker, Bloomberg News reported on Thursday. Ford did not immediately respond to a Reuters request for a comment, while CATL could not be reached outside market hours. Senior Chinese leaders asked for the extra scrutiny given the sensitivity of the deal and the current state of tensions between Washington and Beijing, the report said. Ford on Monday announced plans to invest $3.5 billion to build an electric vehicle battery plant in Michigan, with help from CATL's technology. Under the deal, CATL - short for Contemporary Amperex Technology Co Ltd - will license the technology and technical assistance needed for Ford to produce lithium iron phosphate batteries in 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.

☆ Tesla or Ford? Analysts name their favorite stock as the EV race heats up
▼ + stars: | 2023-02-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Ford's EV sales – currently at 3.6% of its monthly total sales – have been a major focus of Wall Street. Amid talk of an EV pricing war , who will win: Tesla, or Ford? Ford Bank of America in a Jan. 30 note called both Ford and Tesla's decision to cut prices "odd." Tesla Most analysts seem to be more optimistic on Tesla at present. For Tesla, analysts have an average price target upside of 1.8%, and 65% have a buy rating on the stock.

☆ There's a massive disconnect between markets and the Fed - and Jerome Powell's messaging could fall upon deaf ears
▼ + stars: | 2023-02-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Let's break down what to know ahead of the Federal Reserve's widely expected interest rate hike today. Today's rate hike decision probably won't surprise anyone, as markets have long priced in a 25-basis-point move for the February and March meetings. Goldman said he'll be watching for three things in Powell's speech:Powell will talk tough: "He's going to push back on financial markets. In any case, according to Reinking, unless Powell musters up some serious aggression, any messaging will ultimately fall upon deaf ears. What will your investment strategy look like following another interest rate hike from the Fed?

☆ DHL buying Ford's electric cargo vans showcases Club holding's EV strategy
▼ + stars: | 2022-12-05 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

The news DHL will acquire 2,000 Ford E-Transit cargo vans by the end of 2023, the companies announced Monday. DHL— owned by Germany's Deutsche Post — said it has already received some of the E-Transit vans, adding them its global fleet of roughly 27,000 electric vans. Ford has sold roughly 5,800 E-Transit vans through November , and the vehicle has become the top-selling commercial vehicle in North America, according to the company. One of those is called Telematics, the official name for the fleet management software DHL will use under Monday's deal. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Orders for the electric F-150 were so strong that Ford started building another factory next door to boost production
▼ + stars: | 2022-12-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Ford had to literally tear down the walls of its factory to cope with demand for the electric F-150. "That surprised us – I think it surprised a lot in the industry, how ready people already were for electric vehicles," says Darren Palmer, who heads up Ford's electric vehicle (EV) program. Darren Palmer speaks with customers in front of a Ford F-150 Lightning. Despite recently committing $50 billion to its EV program over the next four years, the success of an electric F-150 was never certain. The 2022 Ford F-150 Lightning Lariat.

☆ Ford claims No. 2 spot in EVs behind Tesla – but gap remains wide
▼ + stars: | 2022-12-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Tesla remains the industry leader by a wide margin, but has been losing market share as more EVs enter the market. The company reported sales of 53,752 all-electric vehicles in the U.S. through November. Tesla has long-dominated U.S. EV sales. Ford reported its EV sales as part of its November results, which overall were down 7.8% from a year earlier. Its EV sales were up from a year ago, when sales volume was very limited.

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