It wasn’t expected to be a good quarter for Ford Motor Co. Even then, the automaker’s second-quarter earnings managed to fall short of Wall Street’s expectations. That sent Ford shares tumbling by 11%, even though company leaders tried to assure investors they’re “on track” to deliver a full-year profit. More from Headlight.News.
Ford this week confirmed it will indefinitely delay the launch of a new, all-electric SUV to put more focus on hybrids. It’s also cut back on production of its F-150 Lightning pickup. But while some EV skeptics take these moves as a sign that the market for all-electric vehicles is waning, Ford actually saw a surge during the first quarter, notably for its Mustang Mach-E. Here’s how it charged up demand.
It’s official. Starting on Leap Day owners of Ford EVs will be able to plug into any of more than 15,000 Tesla Superchargers. That roughly doubles the number of public chargers that they previously had access to. With “charger anxiety” seen as one of the biggest obstacles to widespread EV adoption, Ford is hoping this will help up boost demand for its all-electric products. To make it even easier, Ford will begin shipping free Tesla adapters to its owners starting late next month.
After delaying billions of dollars in investments, Ford is shifting its EV strategy to put more focus on smaller, more affordable models – but ones that will also deliver quick profits, CEO Jim Farley said during an automotive conference in New York on Thursday. EV...
With EV sales growth flattening out, automakers are struggling to find ways to charge them back up. A critical step will require the launch of new, affordable models like the Model 2 Tesla reportedly is developing. During an earnings call, Ford CEO Jim Farley said he’s not planning to cede the market to his rival, revealing that the second-largest Detroit automaker has a “skunkworks” project underway to develop new EVs that could match, perhaps even undercut what Tesla is working on.
The New Year brings bad news for potential EV buyers as only a handful of models now qualify for federal tax credits of up to $7,500. That’s because of new requirements covering the sourcing of batteries and raw materials like lithium and cobalt. Among the brands impacted are Tesla, Nissan, General Motors and Ford. And analysts worry this could further slow growth of EV sales.