DIRS.INFO The most relevant business & tech news

☆ Ford signs battery material supply deals to charge up EV output
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

May 22 (Reuters) - Ford Motor Co (F.N) on Monday unveiled three deals for the supply of lithium products, including lithium hydroxide, as the automaker ramps up electric vehicle (EV) production to 2 million units by the end of 2026. The deals come as North American automakers race to secure supplies of battery materials to boost EV output and catch up with market leader Tesla Inc (TSLA.O) amid surging demand for environment-friendly vehicles. The long-term deal with Canada's Nemaska Lithium is for the supply of up to 13,000 tons of lithium hydroxide every year, while the contract with EnergySource Minerals will help Ford receive lithium hydroxide from the Imperial Valley, California site, expected to be operational in 2025. Ford also disclosed a five-year agreement with Albemarle Corp (ALB.N) to supply more than 100,000 metric tons of battery-grade lithium hydroxide for about 3 million future Ford EV batteries. The lithium hydroxide produced by Nemaska should help qualify Ford vehicles for consumer tax benefits under the U.S. Inflation Reduction Act, the automaker said.

☆ Factbox: Ford strikes multiple lithium deals to ramp up EV production
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

COMPASS MINERALS (CMP.N):Ford signed a five-year supply agreement to obtain battery-grade lithium carbonate from Compass' lithium brine development project in Ogden, Utah. Under the agreement, Compass Minerals will deliver up to 40% of its planned, phase-one battery-grade lithium carbonate to Ford once production begins. NEMASKA LITHIUM:Nemaska Lithium, owned by Investissement Québec and Livent (LTHM.N), will supply lithium products, including lithium hydroxide, to Ford over an 11-year period. ENERGYSOURCE MINERALS:EnergySource Minerals will supply lithium hydroxide produced at its Imperial Valley, California site which is expected to be operational in 2025. SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. (SQM):Chile's SQM (SQMA.SN) and Ford have agreed to a long-term lithium supply agreement, the Chilean lithium miner said in a statement Monday.

DEARBORN, Mich. – Ford Motor is making its case to Wall Street at an investor event Monday, sharing details of its plan to profitably build millions of EVs while growing its traditional operations. Ford CEO Jim Farley kicked off the day discussing the company's growth plans for its gas-powered, fleet, and electric business units. The company's traditional car business earned $2.6 billion, and the automaker's fleet operations reported $1.4 billion in earnings. Galhotra said while the company expects its sales of traditional vehicles to begin declining after 2025 in exchange for EVs, vehicles with internal combustion engines will be around "well into" the next decade, he said. Profitably balancing the shift from traditional vehicles with engines to EVs is an increasingly difficult challenge for traditional automakers such as Ford.

☆ Ford announces key EV minerals deals ahead of crucial capital markets day
▼ + stars: | 2023-05-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

A Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show (NYIAS) in New York, U.S., on Thursday, April 14, 2022. The company is set to outline its path to both goals during its capital markets day Monday. EnergySource Minerals said it has agreed to provide Ford with lithium hydroxide from a new site in Imperial Valley, California, expected to be operational in 2025. The project is expected to produce about 20,000 metric tons of lithium annually. Canadian miner Nemaska Lithium has agreed to supply Ford with up to 13,000 tons of lithium hydroxide per year over 11 years.

☆ Monday is Ford's chance to convince Wall Street skeptics of its EV plans
▼ + stars: | 2023-05-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Ford Motor on Monday will attempt to turn skeptics of its electric vehicle growth plans, which some Wall Street analysts have called "ambitious" and "crazy high," into believers. The automaker's CEO described the capital markets day as an opportunity to demonstrate how the strategy is "coming to life." The company is expected to run through its profit walks for its traditional "Ford Blue" and "Ford Pro" commercial businesses in addition to its "Model e" electric vehicle unit. Ford also is expected to preview its second-generation battery products and technology, which the company has said will be crucial to achieving that 8% EBIT margin. The EV business is expected to lose about $3 billion this year.

☆ Ford, GM and Toyota push into midsize pickup trucks, the latest battleground for U.S. automakers
▼ + stars: | 2023-05-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Midsize pickup trucks are following the lead of their larger, full-size counterparts such as the Ford F-150, Chevrolet Silverado and Toyota Tundra. While the Detroit automakers dominate large pickup truck sales, Toyota Motor is the clear leader in midsize pickup truck sales with its Tacoma. Toyota has commanded a roughly 40% share of the American midsize pickup truck segment since 2019, when Ford and Jeep reentered the market, Edmunds reports. Edmunds reports the Detroit automaker's share of the U.S. midsize pickup segment last year was about 19%, followed by Stellantis ' Jeep Gladiator at 12.8% and the Nissan Frontier at 12.5%. Varying strategiesAutomakers' sales volumes speak to their diverging strategies in the midsize pickup truck segment.

☆ Ford recalls 422,000 SUVs because rear view camera display may fail
▼ + stars: | 2023-05-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The new recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair SUVs with a 360-degree camera. The National Highway Traffic Safety Administration (NHTSA) said the loss of the rear view camera image can reduce the driver's rear visibility, increasing the risk of a crash. Ford said Thursday it had 29 claims of vehicles exhibiting symptoms of malfunctioning screens after getting the 2023 recall repair. The NHTSA in August 2021 opened an investigation after Ford in 2020 recalled 620,246 vehicles for another rear camera issue. The investigation is reviewing if Ford had recalled the vehicles in a timely fashion and if it recalled enough vehicles.

☆ Toyota redesigns bestselling Tacoma pickup amid increased midsize competition
▼ + stars: | 2023-05-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

The Tacoma has led the midsize pickup segment in sales for nearly 20 years, as competitors such as Ford, Jeep and Chevrolet have come, gone and returned to the segment. Midsize pickup trucks represented 4.4% of total U.S. vehicle sales in 2022, according to auto research firm Edmunds. Toyota has commanded a roughly 40% share of the American midsize pickup truck segment since 2019 when Ford Motor and Jeep reentered market, according to Edmunds. 2024 Toyota Tacoma Limited ToyotaTrailing Toyota is General Motors , which sells the Chevy Colorado and GMC Canyon. Tacoma is available in SR, SR5, TRD PreRunner, TRD Sport, TRD Off Road, Limited, TRD Pro, and Trailhunter.

Musk revealed those plans on Tuesday at the company's annual meeting, an about-face for the celebrity executive who recently acquired social media platform Twitter. Musk told CNBC he did not yet have a "fully formed strategy" for Tesla advertising. Tesla spent $151,947 on advertising in the U.S. in 2022, according to advertising intelligence firm Vivvix, which measured ads across places including TV, social media, Web banners and billboards. Diaz-Ortiz is a former Twitter manager who has written books about the social media company. Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments, sees Musk's embrace of advertising as a positive.

☆ 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.

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ Electric Vans, Delayed by Production Problems, Find Eager Buyers
▼ + stars: | 2023-05-16 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

A few minutes of number crunching showed he was spending about $110 to $140 a week on fuel for each of the four older, diesel Transits in his fleet. Then he worked out how much electricity he was using to charge the electric model to drive the same distance — about 300 miles a week. It makes it really, really cheap to operate.”In the auto industry’s transition to electric vehicles, passenger vehicles have led the way. Tesla remains the largest seller by far, while General Motors, Ford Motor, Hyundai, Volkswagen and others are selling multiple electric models. sales total in the U.S. market to top one million this year for the first time.

☆ Ford says it will reduce costs to boost China business
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowBEIJING, May 15 (Reuters) - Ford (F.N) said on Monday it was working to reduce costs in China as it strives to recover from a long sales slump in the world's largest auto market. “Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a representative of Ford China told Reuters in a statement. These actions are necessary for us to build a healthier and more sustainable business in China," the company added. Local Chinese media reported last week, citing unnamed sources, that the company planned to cut 1,300 jobs in China. The company did not comment on how it would cut costs.

☆ Researchers found a surefire predictor of success — and what separates those who find it from those who keep failing
▼ + stars: | 2023-05-12 | by ( Susie Allen | Kellogg Insight | ) www.businessinsider.com time to read: +12 min

Using this insight, the researchers are able to successfully predict an individual's long-term success with just a small amount of information about that person's initial attempts. Indeed, in another recent study, Wang himself found that an early career setback often set up scientists for later success. In all three datasets, an individual's second-to-last attempt did tend have a higher probability of success than their very first effort. Rather, there's a singular learning threshold that separates eventual successes from the rest. "Thomas Edison said, 'people give up because they don't know how close they are to success,'" Wang explains.

☆ US set to issue $362 mln loan for vehicle wiring production
▼ + stars: | 2023-05-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, May 12 (Reuters) - The U.S. Energy Department on Friday said it intends to loan California startup CelLink $362 million to help finance construction of a U.S. manufacturing facility to improve key vehicle wiring components. The conditional commitment from the government's Advanced Technology Vehicles Manufacturing loan program is for the development of lighter, more efficient flexible circuit wiring harnesses for automotive and other industries. Once fully operational, the Georgetown, Texas facility is expected to produce flex harnesses to support some 2.7 million electric vehicles per year, the department said. CelLink, which already has products installed in more than a million vehicles on the road, currently operates a manufacturing facility in San Carlos. The new Texas facility will eventually hold up to 25 manufacturing lines that will be brought online in stages over the next several years depending on demand.

☆ EV maker Rivian takes bold bet with higher-priced vehicles amid heating competition
▼ + stars: | 2023-05-11 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

"We see demand from customers for what we're building" Rivian CEO R.J. Scaringe told Reuters on Wednesday. Rivian is confident of maintaining prices in the face of growing competition, he said, adding that extra-large batteries, better performance and premium features would distinguish the company from rivals. Any immediate impact on Rivian's demand will be difficult to gauge as the company, along with rival Lucid, stopped disclosing current orders in a move that has concerned analysts. "You'll absolutely see prices come down when they're able to have more economies of scale and when there's more competition. Reporting by Abhirup Roy in San Francisco; Editing by Peter Henderson and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Pro Take: Can Nickel, Cobalt and Other Battery Metals Be Sourced Sustainably?
▼ + stars: | 2023-05-11 | by ( Yusuf Khan | ) www.wsj.com time to read: +6 min

Lockheed Martin and Norway’s Storebrand also have recently sold their interests in deep-sea mining companies. Others including German luxury carmaker BMW have said that, given environmental concerns, they won’t use battery metals sourced from the deep sea. More than a dozen countries are concerned about the environmental impact of the practice and are calling for a moratorium on seabed mining. A nickel mining site on the island of Sulawesi, Indonesia. Proponents of deep-sea mining say the nascent practice is a less harmful way to extract nickel than how the mineral is currently sourced in Indonesia.

DETROIT, May 10 (Reuters) - General Motors Co (GM.N) will consolidate North American sales operations for commercial vehicles, parts and telematics services under a new brand umbrella, GM Envolve, that will compete with Ford Motor Co's (F.N) Ford Pro unit and others for revenue from business vehicle fleets. GM executives said the reorganization is aimed at making it easier for commercial fleet customers to negotiate electric and combustion vehicle purchases and sign up for services and software offerings that GM is developing to generate revenue after the vehicle sale. GM is battling with Ford and Stellantis NV for a bigger share of the commercial fleet market. Ford created its Ford Pro commercial fleet unit in May 2021, and is aiming to increase its annual revenue to $45 billion by 2025, driven in part by software-enabled services. Both Ford and GM say they are leaders in commercial fleet sales, using different definitions of the market.

☆ US oil lobby blasts EPA emissions cuts plan, California likes it
▼ + stars: | 2023-05-10 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, May 10 (Reuters) - The largest U.S. oil and gas trade lobby group said on Wednesday it believes sharp emissions cuts proposed by the U.S. Environmental Protection Agency (EPA) would result in the elimination of new internal combustion vehicles. Just said the rules would "eliminate the opportunity to improve" internal combustion and hybrid technologies "and create an outsized reliance on battery materials from other countries to meet United States' transportation needs." They testified the second day of the EPA's virtual public hearings on its aggressive proposal for cutting U.S. vehicle emissions for 2027-2032 model years. The plan would require 13% annual average pollution cuts and a 56% reduction in projected fleet average emissions over 2026 requirements. The EPA estimates the plan would result in 60% of new vehicles by 2030 being electric and 67% by 2032.

The company looked set to add nearly $800 million to its market valuation, based on premarket stock prices, after it reiterated its annual production forecast and beat quarterly revenue estimates. Davidson, who was among the 10 analysts that lowered their price target on a stock that has declined 25% this year. Reuters GraphicsNonetheless, the company is expected to benefit from a pullback in commodity prices and easing supply chain issues. "As sagging EV commodity prices, technology improvements, and supply chain loosening positively impact operations, we see a logical path to positive gross margins next year," Canaccord Genuity analysts said. Reporting by Akash Sriram in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

[1/2] A Ford Ranger Raptor is seen at a Ford event in Michigan, U.S., May 5, 2023. REUTERS/Joe WhiteDETROIT, May 10 (Reuters) - Ford Motor Co (F.N) on Wednesday unveiled the latest addition to its muscle truck franchise - a Ranger Raptor midsize pickup with a 405-horsepower engine and a suspension designed for racing across the desert, made possible in part by Ford's electric vehicles. But a Ranger Raptor will start at $56,960, Ford said. Ford is also ramping up production of its Mustang Mach-E, Ford F-150 Lightning and Transit electric vehicles - generating credits that allow it to sell more high-performance, combustion vehicles such as the Ranger Raptor, the Bronco Raptor and the F-150 Raptor. "We're doing it through a portfolio of products" that includes electric vehicles and a hybrid Maverick pickup, Baumbick said.

☆ Ford reveals redesigned Ranger pickup with new Raptor performance model
▼ + stars: | 2023-05-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNT2024 Ford Ranger Raptor FordDETROIT — Ford Motor on Wednesday revealed its redesigned Ranger midsize pickup truck for the U.S., including a new Raptor performance model. 2024 Ford Ranger Raptor FordFord declined to release the current average transaction price of the Ranger. The Ranger Raptor, which is powered by a 3.0-liter EcoBoost V6 engine, adds to Ford's Raptor lineup that currently includes the F-150 full-size pickup and Bronco SUV. 2024 Ford Ranger Raptor Ford"The mission has always been to climb the mountain to No. 2024 Ford Ranger XLT Sport FordThe Ranger fits in between Ford's compact Maverick pickup and the automaker's full-size F-150 and larger F-Series trucks.

☆ GM hires former Apple executive Abbott to lead software unit
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - General Motors Co (GM.N) on Tuesday named former Apple Inc (AAPL.O) executive Mike Abbott to lead a division that will bring together three software functions within the company. Abbott, whose appointment is effective from May 22, will spearhead development of vehicle and enterprise software technologies. Automakers, including GM and Ford Motor Co (F.N), have been increasingly ramping up their investment on technology and software services amid an electric-vehicle push, as they look to cash in on subscription-based services. At Apple, Abbott led a team responsible for the development of core infrastructure for all of the company's cloud-based services including iCloud, iMessage, Private Relay, Mail and account security. Bloomberg News had in March reported Abbott would step down from his role at the iPhone maker.

☆ Ford to test small UK fleet of hydrogen fuel cell E-Transit vans
▼ + stars: | 2023-05-09 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, May 9 (Reuters) - Ford Motor Co (F.N) said on Tuesday it will test a small fleet of prototype hydrogen fuel-cell versions of its electric E-Transit model to see if they are a workable zero-emission option for customers hauling heavy goods long distances. Ford will lead a consortium in the three-year project that includes BP (BP.L), which will focus on hydrogen and infrastructure, and British online supermarket and technology group Ocado (OCDO.L). Interest in using hydrogen fuel cells to power trucks and vans is getting a boost from fleet operators looking for a more practical alternative to electric vehicles and rising government aid, particularly the U.S. Inflation Reduction Act (IRA). Vehicles with hydrogen fuel cells, in which hydrogen mixes with oxygen to produce water and energy to power a battery, can refuel in minutes and have a much longer range than those with BEVs. But there are major challenges to be overcome for mass adoption of hydrogen fuel cells, including the lack of fueling stations and green hydrogen made using renewable energy to power them.

☆ Ford to open orders on F-150 Trucks amid production snags
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] A model of the all-new Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S., April 26, 2022. REUTERS/Rebecca CookMay 5 (Reuters) - Ford Motor Co (F.N) said on Friday that it will open orders for its popular F-150 Lightning truck next week as part of their plan to scale to annual production of 150,000 units. Ford is facing another production snag on the F-150 pickup trucks due to missing door handles, a source told Reuters on Wednesday. The company faced a production snag in February after a battery fire. Ford this week posted robust first-quarter revenue and reiterated its plans to boost Lightning production to a rate of 150,000 vehicles a year by the end of this year.

Search resuls for: "Ford Motor"

25 mentions found