BMW, Ford, and Honda form new company streamline electrical grids, invite other automakers to join
Three major automakers have come forward and announced an equally-owned company focused on creating a single, cost-effective platform to connect EV drivers, automakers, and utility companies. BMW Group, Ford Motor Company, and American Honda Motor Company have partnered up to create ChargeScape, LLC – potentially unlocking new value as an EV owners in North America.
If you didn’t think the world’s largest automakers weren’t taking electrification seriously, this past summer offers plenty of evidence otherwise. While the overall market and EVs especially remains highly competitive, legacy automakers like BMW, Ford, and Honda have been collaborative in the best way.
First we saw a major domino effect in North America after Ford vowed to adapt Tesla’s NACS charging standard which was followed by GM, and pretty much everyone else thereafter. Then, in late July, seven of the world’s largest automakers including the likes of BMW and Honda announced an alliance to build a clean energy-powered fast charger network in North America consisting of over 30,000 new piles.
While many of these companies remain competitors, it has been refreshing to see them join forces to tackle certain hurdles currently facing EV adoption, such as lack of chargers and a universal standard. Another issue currently lurking ahead is the strength electrical grids in North America as EV adooption grows, in addition to a universal platform for utility companies and EVs to communicate with one another.
Today, Ford, BMW, and Honda have announced ChargeScape, which looks to tackle these exact issues for the benefit of all.
BMW, Ford, and Honda look to decarbonize the grid
According to a press release from BMW Group today on behalf of its new partners in Ford and Honda, ChargeScape emerges as a new company that leverages all three companies’ industry experience with the goal of creating an Open Vehicle-Grid Integration Platform (OVGIP).
By creating a single, universal platform, ChargeScape looks to alleviate any need for individual automakers to interact separately with each electric utility. Instead, ChargeScape’s platform would give utility companies managing the grid in North America access a potentially universal pool of energy across EV batteries.
The newly formed company also says it will be able to gather a trove of energy use data from EVs tapped into the grid while charging, providing utilities with precious aggregated information that can be used to improve energy efficiencies and gain a more granular insight on peak demand windows.
Additionally, BMW, Ford, and Honda state that ChargeScape will give more power (literally and figuratively) to EV owners charging at home, including the potential to earn financial benefits by replenishing during off-peak hours. Better still, vehicle-to-grid (V2G) capabilities should eventually enable those EV owners to send the stored energy in their vehicles batteries directly back into the grid, curbing peak demands while potentially putting some money back into consumer pockets.
Add solar technology and home energy storage systems to the equation and the potential for an energy users giving back to their local grids is tremendous. ChargeScape looks to tap into that prospect. BMW North America’s vice president engineering, Thomas Ruemenapp, spoke:
Electric grid reliability and sustainability are the foundation for an EV powered future. ChargeScape aims to accelerate the expansion of smart charging and vehicle-to-everything solutions all over the country, while increasing customer benefits, supporting the stability of the grid and helping to maximize renewable energy usage. We’re proud to be a founding member of ChargeScape and are looking forward to the opportunities this collaboration will create.
The new business formed by Honda, Ford, and BMW has vowed to also help decarbonize the electrical grid in North America, prioritizing clean energy that comes from renewable sources such as wind and solar. By encouraging EV drivers who own homes to integrate renewables into their charging routines, ChargeScape looks to help lower carbon emissions for all while again, putting more power into the hands of consumers regarding how they obtain, use, and sell their energy. American Honda Motor Co. vice president of sustainability & business development, Jay Joseph also spoke:
As Honda seeks to achieve our global goal of carbon neutrality, we are counting on this platform to create new value for our customers by connecting EVs to electric utilities, strengthening grid resources and reducing CO2 emissions. With automakers accelerating toward the electrified future, we must find solutions like ChargeScape that enable all stakeholders to work together for the good of our customers, society and our industry by enabling greater use of renewable energy for and from mobility.
Lastly, ChargeScape looks to further collaborate in brining its OVGIP future to life. Ford, BMW, and Honda have offered an open invitation to all the other automakers to join the company to help expedite and unlock its full potential.
Electrek’s Take
This is the news I love to see and to share with all of you.
Here we have an American, German, and Japanese automaker each joining an equally-shared company to promote EV adoption in North America. Granted none of these three are truly direct competitors in most vehicle segments, but remain companies fighting for the wallets of North American consumers.
The idea of ChargeScape is a marvel to ponder and to me, represents a step toward a future in EVs I feel is inevitable. I foresee EV drivers who own homes adopting solar and wind, charging their vehicles using renewables and storing it in the cars and in their home power packs, then gaining access to V2G capabilities (pending lots of permitting, regulation, and legislation I’m sure), and becoming active participants in grid infrastructure rather than mere users.
Giving consumers to ability to sell their excess energy back during peak demands – especially if it comes 100% from renewables, is tremendous – and a universal platform from BMW, Ford, and Honda could truly help expedite that dream. I love the open invite to join too and hope more automakers take notice and offer to help. Looking at you Toyota. Haha, yeah right!
This feels like a win for everyone – except maybe utility companies who are going to lose their monopoly on energy sales, but I think they’ll still fare just fine. Power to the people, baby!
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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