Ford (F) is expected to release its first quarter 2023 earnings after market close on Tuesday, May 2, as the company’s first report to break down EV financial results separately. Wall Street analysts expect Ford’s overall earnings to increase slightly in Q1 alongside higher revenues as the industry’s shift to fully electric vehicles intensifies.
Ford EV sales in the first quarter of 2023
After selling a record 61,575 fully electric models last year, Ford’s momentum slipped in Q1, losing its position as the second-largest EV manufacturer in the US to rival American automaker General Motors (GM).
Ford sold 10,866 EVs in the first three months of the year, representing 41% growth year-over-year (YOY).
The biggest surprise was Mustang Mach-e sales fell nearly 20% to just over 5,400 units compared to 6,734 in Q1 2022, though it was mainly due to its plant in Mexico undergoing renovations to ramp production.
Meanwhile, despite a production halt earlier this year, F-150 Lightning sales reached 4,291, with demand for electric trucks climbing.
Ford continues to be a leader in the commercial segment, with E-Transit sales up 62.7% as businesses and fleets look for zero-emission alternatives.
Ford Mustang Mach-E (Source: Ford)
Ford Q1 2023 earnings preview
Ford’s upcoming Q1 earnings are expected to be the first where the automaker will break down its financial results into three segments, Ford Model e (EV), Ford Pro (business and software), and Ford Blue (ICE).
Ford has already said it expects the electric vehicle business to lose $3 billion this year as it looks to double Mach-e and triple F-150 Lightning production.
This comes after Ford already lost $2.1 billion last year and a total of $6 billion since 2021. Despite the massive losses, the automaker expects its first-gen EVs to approach the breakeven point this year. However, the surplus will be more than offset by new electric investments.
As for the first quarter, we will likely see substantial losses from Ford’s EV unit with lower margins and production hurdles.
Ford Q1 2023 revenue forecast (Source: Estimize)
On the positive side of things, with supply chain issues easing and input costs falling, Analysts are forecasting overall revenue to increase to around $39 billion from $34.5 billion in Q1 2022.
Ford Q1 2023 earnings forecast (Source: Estimize)
Earnings per share (EPS) is expected to come in around 0.41 to 0.42, showing slight growth from 0.38 in the first quarter last year.
Rival GM released Q1 earnings last week, showing revenue growth of 11% to $40 billion in the first three months of 2023. GM says it expects a breakout year with new EV launches after raising earnings and cash flow guidance for the year.
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Packing up to 852 hp and a cutting-edge technology stack developed by Huawei, Chinese luxury brand Maextro just revealed its latest entry into the Mercedes-Maybach EQS and Rolls-Royce Spectre segment of ultra-luxe EVs. Meet the all-new Maextro S800.
Despite a somewhat steady stream of new Chinese EVs that defy expectations and threaten to re-set the global order of performance cars, semi trucks, and just about everything in between, brands like Maybach, Rolls-Royce, and even Bentley have seemed relatively “safe,” in the sense that their value is based on something a bit less objective than lap times or kW/mile.
The shimmering, sparkly, fiber-optic headliner was pioneered by Rolls-Royce over a decade ago, pushing back against the more open and accessible glass-roofs that were becoming popular in the higher end market. Huawei goes a step further, adding similar, Swarovski-like shimmer to not just the headliner – but the door handles, the headlights, projections dancing around the car as you approach it in the street.
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It looks and feels special, in other words. And these cars are all about making their owners feel special. Different.
When Henry Rolls began work on his first US factory in Springfield, Massachusetts way back in 1919, there was supposedly a mantra that management repeated to the workers. It went, “every time you touch the car, you add cost. Make sure you add value.”
I’m not here to argue that Huawei is living up to the same maxim with the Maextro, but I am here to argue that this car’s bespoke, purpose-built platform doesn’t share any parts with a lesser offering from the Mercedes or BMW or Volkswagen lineup in the way that a Maybach, Rolls-Royce, or Bentley does. That may not mean much to you and me, but the people shopping six- and seven-figure cars, it might.
Those well-heeled buyers will get a choice of EREV or “pure” battery electric powertrains good for between 480 and 852 all-electric horsepower. 32 ADAS sensors including both radar and lidar compliment a suite of cameras analyze the road ahead and feed data to Huawei’s ADS road perception system, which is constantly adjusting torque distribution, suspension compression and rebound, and front and rear steering to deliver a tech-driven chauffeur experience that Huawei insists is second to none.
That digital chauffeur is also pretty handy when the weather goes sideways, too. Huawei says the Maextro’s sensor array can help it to increase the detection distance in rain, fog, and dust by 60% compared to the benchmark, while delay was reduced by 40%.
In the event a collision is unavoidable, the car can adjust its stance, seating position, raise the windows, and unlock the central control lock to enable outside help to open the doors. Following the collision, the Maextro S800 switches the redundant power supply and calls for help, as well.
Finally, reports indicate that the Maextro S800 supports the 800V high-voltage system in some trims, suitable for 6C charging, which means it can be energized with up to 390 kW of charging power, taking just 10.5 minutes to charge the 66 kWh battery in the EREV version (523 hp) from 10% to 80%.
The Maextro S800 will enter the Chinese in May this year with a price range of 1 – 1.5 million yuan (about $135–205,000 US).
Volvo Penta will debut its latest modular and scalable battery energy storage system (BESS) platform for the off-grid construction and mining industries at the bauma equipment show – here’s what you can expect.
Best-known for its marine engines and gensets, Volvo Penta is the power production arm of the Volvo Group, specializing in putting energy to work. Operating under the tagline, ‘Made to Move You’, Volvo Penta is headed to bauma 2025 with a plan to keep construction, port shipping, and mining operations moving productively and competitively throughout their transitions to battery and (in theory, at least) hydrogen power.
To that end, the company will show off a job site ready version of the scalable and modular BESS subsystem concept shown last year.
Volvo says its new, modular BESS subsystem will enable other OEMs and third party system integrators to seamlessly deploy electric power to meet the ever-exceeding energy needs in construction and mining.
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“Our modular and scalable battery-electric platform is designed to support the electrification ecosystem—combining high-performance drivelines with the crucial energy storage subsystems for efficient charging and operation in construction and mining,” says Hannes Norrgren, President of Volvo Penta Industrial. “We want to meaningfully collaborate with our customers on value-added customization that will enable them to stay productive, efficient, and future-ready.”
The Penta substation at bauma will be built around the company’s “Cube” battery pack, an energy-dense solution with a favorable C-rate designed to make it easy for BESS manufacturers to offer more compact job site solutions capable of charging and discharging energy with high levels of speed and efficiency, enabling both stationary and mobile BESS configurations that can change and grow to meet the evolving needs of a given asset fleet or project.
A Volvo Penta-developed DC/DC unit converts the voltage from the Cube battery packs (600 V) into lower voltage (24 V) for powering auxiliaries and portable offices.
Electrek’s Take
BESS concept packed with Penta Cube batteries; via Volvo.
Volvo Penta has always provided power. Historically that’s been from combustion, but the company is looking ahead, developing products that will bring energy to job sites, tractors, and more long after the last ICE engine shuts down.
Just days after Rivian announced that it would be making its iconic electric delivery vans available to anyone willing to pay for one, the company launched the new Rivian Upfit Program, offering a “one-stop shop” to help fleet managers put its EVs to work.
Launched in partnership with commercial vehicle heavyweights Ranger Design, Sortimo of North America, Bush Specialty Vehicles, Holman, LEGEND, and EV Sportline, the Rivian Upfit Program helps fleet buyers make the switch to electric by simplifying the ordering process and delivering an experience that more closely reflects the experience fleet managers get at dealerships.
Despite partnering with leading brands and launching into a well-establish market, however, the program’s web page seems largely aimed at people outside the space – even kicking off with an explanation of what upfitting is:
Upfitting is the process of customizing a vehicle in order to meet fleet, business, or individual consumer needs to tackle the job at hand. This work is done after the vehicle has been built and released from the factory, and can include everything from shelving modifications, flooring options, to sirens and flashers and much more.
The program was announced on LinkedIn with a number of photos indicating upfit options for Rivian’s R1T and R1S vehicles focused on lifeguard and roadside assistance duty, and Rivian’s van upfit with a HVAC/telecom style toolbox arrangement.
That same competitiveness has led to talented fleet managers at those franchise dealers putting in the effort to get to know the needs of the businesses and buyers in their regions, to understand what upfit options makes sense for their local markets, and – crucially – what to stock for quick turnaround when their customers need it.
Rivian is hoping its upfit partners will do a lot of that heavy lifting for them, but my two cents is that if building cars is hard, building relationships is harder, and Rivian isn’t going to make a good first impression by talking down to its customers. If you think differently, let me know how I got it wrong in the comments.