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Ford (F) released its third-quarter 2022 earnings report after the stock market close today. The automaker has been battling supply chain bottlenecks all year, warning investors of a hit to its bottom line last month.

According to the automaker’s release, Ford beat Q3 2022 revenue as its electric vehicles continue gaining momentum. In addition, the company says it will be transferring its self-driving tech interests internally after a significant loss on its Argo AI investment.

Ford Q3 2022 earnings preview

Earlier today, we released a preview of Ford’s third-quarter earnings, including what you can expect from Wall St analysts.

Ford forecasted Q3 operating profit between $1.4 billion to $1.7 billion, despite Wall St expectations of around $1.8 billion.

According to estimates, Ford is expected to post rising revenue from last year, between $36 billion and $37 billion. As mentioned in the earlier post, a few things to look out for are comments on Ford’s Rivian stake (almost 10%), full-year guidance, and electric vehicle targets.

Up until now, ford has stuck with its guidance for 2022 despite an expected $1 billion hit in additional supply chain costs.

Ford Q3 2022 financial results and analysis

Just after the market close, Ford reported it had exceeded Wall St revenue expectations despite lingering supply chain issues.

Ford’s revenue came in at $39.4 billion, up 10% from last year. Operating profit of $1.8 million was in line with Wall St. forecasts and above Ford’s recent guidance.

Meanwhile, Ford achieved strong operating cash flow of $3.8 billion in Q3. Adjusted free cash flow of $3.6 billion is pushing the automaker’s FY guidance to between $9.5 billion to $10 billion.

The automaker believes the third quarter set the company up for a solid finish to the year and anticipates 2022 operating profit of around $11.5 billion, up about 15% from previous forecasts.

To reach this, Ford says, it will take about 10% YOY growth in wholesale shipments.

Despite this, Ford posted a net loss of $827 million due to a $2.7 billion loss on its Argo AI investment (more on this below).

Ford’s Q3 2022 earnings results were influenced by two things, according to the automaker:

  1. Supply shortages resulting in around 40,000 vehicles sitting in inventory awaiting parts
  2. A higher-than-expected supplier payment of around $1 billion

The company ended the quarter with $32 billion in cash and $49 billion in liquidity.

Ford’s Q3 electric vehicle progress

Ford says it’s on the “cusp” of an evolution in electric vehicles and that orders continue to grow substantially with unprecedented demand for EVs.

  • Ford remained the #2 EV brand in the United States through Q3 2022, behind only Tesla. The automaker says it’s still on track to meet its 600,000 EV run rate by the end of 2023 and 2 million by 2026.
  • In Q3, Ford also set new US dealership requirements for dealers to boost electric vehicle deployment.
  • Ford broke ground at its BlueOval City in Tennessee, a focal point in Ford’s EV plans which is slated to open in 2025.
  • The company will add shifts to boost the Mustang Mach-E production capacity while continuing to scale E-Transit production.
  • In Europe, where Ford has led the commercial segment for seven years, Ford revealed the E-Transit custom.
  • To meet these targets, Ford continues securing raw materials and battery capacity.
  • Ford’s investments in Rivian remained under $1 billion in the third quarter.

Ford expects climate initiatives in the United States to boost demand while offsetting its investments to accelerate EV production capabilities. The automaker says it believes it will meet the requirements for certain Mach-E and F-150 lighting models to receive the federal EV tax credit.

Ford-Q3-2022-earnings-results-1
Ford electric vehicle lineup Source: Ford

Ford shifts self-driving tech plans internally

During Q3, Ford decided to shift its spending on L4 advanced driver assistance systems being developed by Argo AI to focus on the internal development of L2/L3 technology.

As Argo has failed to attract investors, Ford has posted a substantial loss ($2.7 billion pretax) on its investment in the company. When Ford first invested in Argo, it planned to introduce L4 technology by 2021. However, as Ford’s CEO, Jim Farley, states:

But things have changed, and there’s a huge opportunity right now for Ford to give time – the
most valuable commodity in modern life – back to millions of customers while they’re in their
vehicles.

Before adding:

It’s mission-critical for Ford to develop great and differentiated L2+ and L3 applications that at the same time make transportation even safer.

Ford’s chief also mentioned they would hire talented engineers from Argo as the company dissolves to accelerate internal development. The company says the decision comes as it sees rising interest and margins in other segments, such as Ford Pro and electric vehicles. Although the company is not capital constrained, it will use the investments to drive strategic growth in these areas.

Other observations from Ford’s third-quarter results

  • Ford’s auto market share grew in North America to 12.8% (+1.7% YOY) and in Europe to 6.6% (up 0.4% YOY).
  • In China, Ford’s market share dropped 0.5% YOY to 2%. The company also noted a quarterly loss due to investments in electric vehicles in the region.
  • Ford Pro, the automaker’s portfolio of business services and products, continues gaining momentum, with the company’s electric commercial van, the E-Transit holding a solid lead in full-size commercial trucks and vans in the United States (90%) and Europe.
  • Starting next year, Ford will report in three business segments, including Ford Model e (for electric vehicles), Ford Pro (its business products and services), and Ford Blue (ICE vehicles) as the company gets ready to accelerate EV sales.

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A 100-MW solar farm just broke ground in Wisconsin

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A 100-MW solar farm just broke ground in Wisconsin

National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.

The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.

Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.

“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”

Electrek reported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Tesla announces 500 kW charging as it finally delivers V4 Supercharger cabinets

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Tesla announces 500 kW charging as it finally delivers V4 Supercharger cabinets

Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.

The rollout of Supercharger V4 has been a strange one, to say the least.

Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.

Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.

For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although

Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”

Here are the main features of the V4 Cabinet as per Tesla:

  • Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
  • Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
  • Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.

Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.

We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.

Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.

While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.

Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:

It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.

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Hyundai is launching an AI-powered EV next year to keep pace in China

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Hyundai is launching an AI-powered EV next year to keep pace in China

Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.

With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.

A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”

In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.

With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.

Hyundai-AI-powered-EV
Hyundai IONIQ 5 with Waymo autonomous driving tech (Source: Hyundai)

Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.

The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.

Hyundai-AI-powered-EV
Hyundai at the Beijing Auto Show 2024 (Source: Hyundai Motor)

Hyundai hopes new AI-powered EV boosts sales in China

Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.

Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.

Hyundai-AI-powered-EV
Hyundai IONIQ 6 (Source: Hyundai)

BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.

Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).

2025-Hyundai-IONIQ-5-prices
2025 Hyundai IONIQ 5 (Source: Hyundai)

Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.

Last month, Hyundai opened its first overseas digital R&D center in China to help kick off its return to the region.

According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs

With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.

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