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Ford Tweaks EV Plans Again as EVs Break Sales Again
Manage episode 435563117 series 2988189
We are rounding down a week of east coast travel here on the last day of the NAMAD Annual Membership Meeting. Today we are looking at Ford’s recently announced change in their EV plans and how EVs may not be slowing down as much as some sources may say.
Show Notes with links:
- Ford is adjusting its electrification plans, canceling its long-planned three-row electric crossovers and delaying the next-generation full-size electric pickup by 18 months. The automaker will now focus on a family of hybrid three-row crossovers.
- Ford's changes could result in up to $1.9 billion in costs, including a $400 million noncash charge related to the cancellation of the crossover.
- CFO John Lawler: "We looked where the segment was evolving, the amount of competition, the customer needs, and then, the size of the battery that needs to go in a pure EV, the cost structure, the pricing, We could not put together a vehicle that met our requirements to be profitable in the first 12 months of launch."
- The next-gen full-size electric pickup's launch has been pushed to late 2027.
- Moving forward, Lawler said EVs would represent roughly 30 percent of Ford’s capital expenditure, down from a planned 40 percent.
- Despite talks of an EV slowdown, the U.S. market saw record-breaking sales in Q2 2024, with 18 electric models surpassing 5,000 units sold. Tesla, Ford, and Hyundai lead, but newcomers are gaining ground.
- EV sales hit a record 320,463 units in Q2, up 11% from last year and 23% from Q1.
- The 18 models that sold 5K units: Tesla Model Y, Model 3, Model X and Cybertruck; Ford Mustang Mach-E and F-150 Lightning; Hyundai IONIQ 5; Toyota bZ4X; Rivian R1S; Cadillac Lyriq; BMW i4; Kia EV6, EV9, and Niro; Chevrolet Blazer EV; Volkswagen ID.4; Mercedes EQE; and Nissan Ariya.
- As we previously reported, Tesla's market share dipped below 50% for the first time, now at 49.7%, and Hyundai Motor Group (including Kia and Genesis) claimed 10% of the U.S. EV market, outperforming Ford (7.4%) and GM (6.3%)
- Stephanie Valdez Streaty, Cox Automotive Industry Insights Director said: “Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption.”
- Chick-Fil-A is stepping into the entertainment arena with plans to launch its own streaming service, focusing on family-friendly content. The fast-food giant is partnering with top production companies to create original shows, marking a bold move into the media landscape.
- Chick-Fil-A is developing original content for a new streaming platform.
- The focus will be on family-friendly shows, particularly in the unscripted genre.
- Collaborations include production companies behind popular series like NBC’s The Wall and Netflix’s 13 Reasons Why.
- A 10-episode family-friendly game show has already been greenlit.
- Budgets for these projects are reported
Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/
JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/
Read our most recent email at: https://www.asotu.com/media/push-back-email
822 episodes
Ford Tweaks EV Plans Again as EVs Break Sales Again
The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier
Manage episode 435563117 series 2988189
We are rounding down a week of east coast travel here on the last day of the NAMAD Annual Membership Meeting. Today we are looking at Ford’s recently announced change in their EV plans and how EVs may not be slowing down as much as some sources may say.
Show Notes with links:
- Ford is adjusting its electrification plans, canceling its long-planned three-row electric crossovers and delaying the next-generation full-size electric pickup by 18 months. The automaker will now focus on a family of hybrid three-row crossovers.
- Ford's changes could result in up to $1.9 billion in costs, including a $400 million noncash charge related to the cancellation of the crossover.
- CFO John Lawler: "We looked where the segment was evolving, the amount of competition, the customer needs, and then, the size of the battery that needs to go in a pure EV, the cost structure, the pricing, We could not put together a vehicle that met our requirements to be profitable in the first 12 months of launch."
- The next-gen full-size electric pickup's launch has been pushed to late 2027.
- Moving forward, Lawler said EVs would represent roughly 30 percent of Ford’s capital expenditure, down from a planned 40 percent.
- Despite talks of an EV slowdown, the U.S. market saw record-breaking sales in Q2 2024, with 18 electric models surpassing 5,000 units sold. Tesla, Ford, and Hyundai lead, but newcomers are gaining ground.
- EV sales hit a record 320,463 units in Q2, up 11% from last year and 23% from Q1.
- The 18 models that sold 5K units: Tesla Model Y, Model 3, Model X and Cybertruck; Ford Mustang Mach-E and F-150 Lightning; Hyundai IONIQ 5; Toyota bZ4X; Rivian R1S; Cadillac Lyriq; BMW i4; Kia EV6, EV9, and Niro; Chevrolet Blazer EV; Volkswagen ID.4; Mercedes EQE; and Nissan Ariya.
- As we previously reported, Tesla's market share dipped below 50% for the first time, now at 49.7%, and Hyundai Motor Group (including Kia and Genesis) claimed 10% of the U.S. EV market, outperforming Ford (7.4%) and GM (6.3%)
- Stephanie Valdez Streaty, Cox Automotive Industry Insights Director said: “Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption.”
- Chick-Fil-A is stepping into the entertainment arena with plans to launch its own streaming service, focusing on family-friendly content. The fast-food giant is partnering with top production companies to create original shows, marking a bold move into the media landscape.
- Chick-Fil-A is developing original content for a new streaming platform.
- The focus will be on family-friendly shows, particularly in the unscripted genre.
- Collaborations include production companies behind popular series like NBC’s The Wall and Netflix’s 13 Reasons Why.
- A 10-episode family-friendly game show has already been greenlit.
- Budgets for these projects are reported
Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/
JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/
Read our most recent email at: https://www.asotu.com/media/push-back-email
822 episodes
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