About half of Ford dealers have opted to sell EVs in 2024. Ford’s EV dealer program has around 1,550 participants. That’s down from around two-thirds around this time last year.
Ford confirms 50% of dealers will sell EVs in 2024
Ford’s CEO Jim Farley revealed last December that 1,920 dealers, or around two-thirds of its network, joined its program.
According to the latest information, several dealers have opted out. Ford spokesperson Marty Gunsberg told the Detroit Free Press that the number is now just over 50%.
The other half will continue selling ICE and hybrid vehicles. Gunsberg explained, “EV adoption rates vary across the country, and we believe our dealers know their market best.” He confirmed, “Enrollments for 2024 are just over 50% of the network.” That means 86% of the US population will be within 20 miles of a Ford dealership that can sell or service an EV.
Ford eased requirements for its EV dealer program in January following “changes in the market.” The changes include fewer L2 chargers required and an extended installation deadline.
Ford F-150 Lightning (Source: Ford)
You can expect to start seeing advertising at Ford dealers that sell EVs. Ford said this will help EV drivers find fast chargers.
Gunsberg confirmed several dealers have opted out of Ford’s voluntary Model e program. The initial Model e program will run from 2024 to 2026.
2023 Ford Mustang Mach-E (Source: Ford)
Ford dealers can choose from two tiers: Certified and Elite. Initially, Certified dealers were required to invest $500,000 for one public DC fast charger. For around $1M, dealers could opt for the Elite tier, which includes another fast charger, demo units, a presence on Ford.com, and more.
Following backlash, Ford reduced the required charging stations and upfront investments.
Ford’s dealer program will run again in 2027 as Ford expands its lineup, including another EV pickup and a three-row electric SUV.
Ford F-150 Lightning Flash (Source: Ford)
The news comes after Automotive News reported that 50% of Buick dealers have chosen buyouts rather than sell EVs. GM gave Buick dealers a choice last year – join or voluntarily give up their franchise.
GM will have around 1,000 Buick dealers at the end of the year. That’s down 47% from 1,958 in January. Buick plans to go all-electric by 2030.
Electrek’s Take
Ford dealers opting out of selling EVs comes as the automaker slows investments in electrification.
The company is delaying around $12B in EV spending. CFO John Lawler confirmed Ford has “taken out some Mustang Mach-E production” in October. Lawler said, “We are also slowing down several investments, including making a decision with SK On to delay the second BlueOval SK JV battery plant in Kentucky.”
This comes despite Ford hitting a new EV sales record in November, with the F-150 Lightning becoming the top-selling electric truck through the first 11 months of the year.
Ford said it is now the second best-selling EV brand in the US, behind Tesla. The Lightning will face new competition in 2024, with Tesla ramping deliveries of its Cybertruck and GM launching its Chevy Silverado EV RST trim. GM will also introduce the GMC Sierra electric pickup.
To keep up, Ford added a new Flash trim (pictured above) to the 2024 Lightning lineup. The 2024 Ford F-150 Flash has a tech-loaded interior, extended range battery with up to 320 miles range, Ford’s Tow Tech package, and a heat pump, starting under $70K.
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Tesla has wiped off the 26,000 miles on the odometer of a Cybertruck in service, scratched the vehicle, and then returned it to the owner like nothing happened.
A Tesla Cybertruck owner in Oregon was quite surprised when he went to pick up his Cybertruck, which was in service to install a new lightbar, fix some panel gaps, and figure out an ABS alert that wouldn’t go away.
According to a thread on the Cybertruck Owners Club, Tesla had wiped the odometer clean on the Foundation Series ‘Cyberbeast’, which had over 26,000 miles on it.
The owner shared a video of the Cybertruck’s odometer going from 0 to 1 mile for the second time:
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The odometer on the vehicle was wiped and both the app and service many also showed the same mileage.
The owner shared a screenshot of the app after 15 miles:
He went to the online forum for advice:
Anyone else have their odometer Thanos-snapped after a controller swap? Can Tesla unsnap it or am I forever “True Mileage Unknown”?
It was not the only surprise from this service visit for this Cybertruck owner.
The owner was not satisfied with the lightbar installation, which he claims has a half-inch gap on the passenger side while it is flush on the driver side. He wrote:
It’s basically smiling sideways at everyone.
It’s also unclear why Tesla was messing with the vehicle’s tailgate, but it ended up having a bolt moving around it, causing scratches and Tesla left a bolt unbolted:
At this point, the truck was returned with more problems than it had when it entered service.
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Ray Dalio, founder of Bridgewater Associates LP, speaks during the Greenwich Economic Forum in Greenwich, Connecticut, US, on Tuesday, Oct. 3, 2023.
Bloomberg | Bloomberg | Getty Images
Bridgewater Associates founder and billionaire Ray Dalio warned Monday that Moody’s downgrade of the U.S. sovereign credit rating understates the threat to U.S. Treasuries, saying the credit agency isn’t taking into account the risk of the federal government simply printing money to pay its debt.
“You should know that credit ratings understate credit risks because they only rate the risk of the government not paying its debt,” Dalio said in a post on social media platform X.
“They don’t include the greater risk that the countries in debt will print money to pay their debts thus causing holders of the bonds to suffer losses from the decreased value of the money they’re getting (rather than from the decreased quantity of money they’re getting),” the Bridgewater founder said.
Moody’s on Friday cut the U.S. credit rating one notch to Aa1 from Aaa, citing the federal government’s ballooning budget deficit and soaring interst payments on the debt. It was the last of the three major credit agencies to downgrade the U.S. from the highest possible rating.
U.S. stocks fell on Monday as the 30-year Treasury bond yield jumped to 4.995% and the 10-year note yield climbed to 4.521% in response to Moody’s downgrade.
“Said differently, for those who care about the value of their money, the risks for U.S. government debt are greater than the rating agencies are conveying,” Dalio said.
Bridgewater’s assets under management dropped 18% in 2024 to some $92 billion, Reuters reported in March, down from a recent peak of $150 billion in 2021.
Nissan is on the brink of collapsing. After the Honda deal fell through, it looks like another Japanese automaker is tossing it a lifeline. As Nissan struggles to stay afloat, Toyota is emerging as a potential “backer” in a new tie-up.
Are Toyota and Nissan partnering?
“If we don’t take action now, the situation will only get worse,” Nissan’s President, Ivan Espinosa, said during a press conference on May 13.
Facing falling sales, ballooning debt, and slumping profits, Nissan introduced a new recovery plan last week, “Re:Nissan.” The struggling automaker aims to cut costs by 250 billion yen to return to profitability by FY 2026.
As part of its efforts to turn the business around, Nissan will cut 20,000 jobs by FY2027. It’s also abandoning plans to build a new EV battery facility in Japan. Seven other plants will be closed, including one in Thailand and two in Japan.
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After its planned EV merger with Honda fell through in February, rumours surfaced that Nissan was scrambling to find another partner.
(Source: Nissan)
According to a new report from Japan’s MainiChi, a Toyota executive recently reached out to Nissan about a potential partnership. The tie-up could involve Toyota acting as Nissan’s “backer” to support it while it restructures.
Nissan and Toyota both unveiled a wave of new electric vehicles set to roll out over the next few years. The upgraded Nissan LEAF EV will arrive in the US and Canada later this year with more range, an NACS port, and a new crossover style. It will be one of ten new Nissan or Infiniti models to arrive by 2027.
Nissan’s upcoming lineup for the US, including the new LEAF EV and “Adventure Focused” SUV (Source: Nissan)
In Europe, Nissan will launch the next-gen LEAF later this year, followed by the new Micra EV and Qashqai electric crossover. In 2026, the new Nissan Juke EV will join the lineup.
Nissan’s lineup for Europe. From left to right: The new Nissan Qashqai, LEAF, and Micra EV (Source: Nissan)
Meanwhile, Toyota’s upgraded bZ electric SUV (formerly the “bZ4X”) will arrive at US dealerships in the second half of 2025.
Toyota already has a stake in several Japanese automakers, including Subaru (20%), Mazda (5.1%), Suzuki (4.6%), and Isuzu (5.9%), so backing Nissan wouldn’t come as a shock.
Espinosa said Nissan was open to new partnerships. Nissan’s chief said the company will continue collaborating with others, including Mitsubishi, which will use the upcoming LEAF as the basis for its new EV for North America.
Japanese carmakers have been notoriously slow in shifting to all-electric vehicles, which is now costing them in key overseas markets like Southeast Asia, Central and South America, and others.
Chinese EV leaders, like BYD, are quickly expanding overseas to drive growth this year. Next year, it will launch its first kei car (see the first spy shots), or mini EV, which is already being called “a huge threat” to Japan.
Pooling resources and teaming up may be the best (or only) option at this point. Can Toyota help Nissan turn things around? Or will it be too little, too late? Let us know your thoughts in the comments.
Check back soon for details. This is a developing story. We’ll keep you updated with the latest.
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