In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

The F-150 Lightning Pro EV saw its original price of $59,974 drop to $49,995, while other models were discounted between 6% and 15%. The priciest F-150 Lightning model, Platinum EXT Range, went from $98,074 to $91,995.

According to Ford’s announcement, the lower prices will be applied to dealer stock, meaning that the customers who already ordered the EV but didn’t have it delivered will also benefit.

Ford debuted the Lightning series of EVs back in 2021 and had an initial price of $40,000 for the basic model. However, the surging costs and supply chain prompted the automaker to hike the prices on several occasions.

Despite the hiked prices, F-150 Lightning has seen an increase in sales of 119% in the second quarter of 2023. Overall, Ford EVs were up 11.9% in sales for the first half of the year.

While the numbers indicate that the customers were not discouraged by hiked prices of the F-150 Lightning, Ford still decided to make them more affordable. This is likely a result of an increased inventory and could also indicate that new models might be coming in the fall.  

The post Ford Slashes Prices of F-150 Lightning EV By Almost $10K appeared first on theprimarymarket.com.

After cutting the Mach-E price by 8%, Farley expressed an unwillingness to carry out a price-cutting strategy in the same way that company founder Henry Ford did with the Model T starting in 1913.

“You do not want to commoditize the product,” Farley told the Wall Street Journal, adding that he believed the founder’s strategy to be harmful. The resale value for people who bought at higher prices is awful. They never forget. There’s a limit to how far we’ll go.”

In addition to the company’s recent price cut, Farley also spoke of new developments regarding the manufacturing of Ford vehicles. While the likes of General Motors have committed to phasing out features such as Apple CarPlay, Ford has no intention of doing so, with Farley explaining that the company has no choice in the matter due to 70% of its customers in the U.S. being Apple device users.

The post Ford CEO Expresses Concern Over EV Price Cuts appeared first on theprimarymarket.com.

The automaker stated it is set to replace the battery packs in the 18 vehicles that had been recalled, however, the company is not aware of any fires or injuries related to the defect. Production of the vehicles took place over a four-week period starting at the beginning of the year.

After an EV battery fire occurred in early February, Ford announced that Monday would see the company recommence all of its on-site production. The fire was not related to the defect identified in the recalled F-150 Lightning vehicles.

Quality actions have already been implemented in response to the setback, with Ford releasing the following statement: “The root cause identified was related to battery cell production at the SK On plant in Georgia. SK On is the automotive battery unit of SK Innovation.”

The company will resume production with a clean stock of battery packs.

The post Ford to Recommence F-150 Lightning Production Next Week appeared first on theprimarymarket.com.

According to a report by The Wall Street Journal, the cuts were announced in an internal mail sent out on Monday. The automaker will notify the affected employees by the end of the week.

The majority of the layoffs will take place in the U.S., Canada, and India. The cuts will affect 2,000 salaried positions and 1,000 contracted workers that work for Ford through an outside agency.

Reportedly, the automaker hopes the layoffs will allow the company to redirect resources into developing EVs and accompanying technology. 

“Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century,” said Executive Chairman Bill Ford and Chief Executive Jim Farley in the internal mail.

Ford has been bullish in attempts to position itself as one of the top EV makers in the world. The company intends to pour $50 billion into the electric cars business in the next four years while aiming to sell two million EVs by then. It also split into two divisions, with one working on electric cars and the other one on traditional cars.

The post Ford to Lay Off 3,000 Workers Amid EV Transition appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

The F-150 Lightning Pro EV saw its original price of $59,974 drop to $49,995, while other models were discounted between 6% and 15%. The priciest F-150 Lightning model, Platinum EXT Range, went from $98,074 to $91,995.

According to Ford’s announcement, the lower prices will be applied to dealer stock, meaning that the customers who already ordered the EV but didn’t have it delivered will also benefit.

Ford debuted the Lightning series of EVs back in 2021 and had an initial price of $40,000 for the basic model. However, the surging costs and supply chain prompted the automaker to hike the prices on several occasions.

Despite the hiked prices, F-150 Lightning has seen an increase in sales of 119% in the second quarter of 2023. Overall, Ford EVs were up 11.9% in sales for the first half of the year.

While the numbers indicate that the customers were not discouraged by hiked prices of the F-150 Lightning, Ford still decided to make them more affordable. This is likely a result of an increased inventory and could also indicate that new models might be coming in the fall.  

The post Ford Slashes Prices of F-150 Lightning EV By Almost $10K appeared first on theprimarymarket.com.

After cutting the Mach-E price by 8%, Farley expressed an unwillingness to carry out a price-cutting strategy in the same way that company founder Henry Ford did with the Model T starting in 1913.

“You do not want to commoditize the product,” Farley told the Wall Street Journal, adding that he believed the founder’s strategy to be harmful. The resale value for people who bought at higher prices is awful. They never forget. There’s a limit to how far we’ll go.”

In addition to the company’s recent price cut, Farley also spoke of new developments regarding the manufacturing of Ford vehicles. While the likes of General Motors have committed to phasing out features such as Apple CarPlay, Ford has no intention of doing so, with Farley explaining that the company has no choice in the matter due to 70% of its customers in the U.S. being Apple device users.

The post Ford CEO Expresses Concern Over EV Price Cuts appeared first on theprimarymarket.com.

The automaker stated it is set to replace the battery packs in the 18 vehicles that had been recalled, however, the company is not aware of any fires or injuries related to the defect. Production of the vehicles took place over a four-week period starting at the beginning of the year.

After an EV battery fire occurred in early February, Ford announced that Monday would see the company recommence all of its on-site production. The fire was not related to the defect identified in the recalled F-150 Lightning vehicles.

Quality actions have already been implemented in response to the setback, with Ford releasing the following statement: “The root cause identified was related to battery cell production at the SK On plant in Georgia. SK On is the automotive battery unit of SK Innovation.”

The company will resume production with a clean stock of battery packs.

The post Ford to Recommence F-150 Lightning Production Next Week appeared first on theprimarymarket.com.

According to a report by The Wall Street Journal, the cuts were announced in an internal mail sent out on Monday. The automaker will notify the affected employees by the end of the week.

The majority of the layoffs will take place in the U.S., Canada, and India. The cuts will affect 2,000 salaried positions and 1,000 contracted workers that work for Ford through an outside agency.

Reportedly, the automaker hopes the layoffs will allow the company to redirect resources into developing EVs and accompanying technology. 

“Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century,” said Executive Chairman Bill Ford and Chief Executive Jim Farley in the internal mail.

Ford has been bullish in attempts to position itself as one of the top EV makers in the world. The company intends to pour $50 billion into the electric cars business in the next four years while aiming to sell two million EVs by then. It also split into two divisions, with one working on electric cars and the other one on traditional cars.

The post Ford to Lay Off 3,000 Workers Amid EV Transition appeared first on theprimarymarket.com.