Ford remained the second top-selling EV brand in the US, behind only Tesla, after selling nearly 26,000 EVs in Q4. The F-150 Lightning was America’s best-selling electric truck in 2023, while the Mustang Mach-E had its best sales year yet.
Ford sold a record 25,937 electric vehicles in the last three months of 2023, up 24% over the third quarter.
The American automaker sold a total of 72,608 EVs in 2023 (+18% YOY), a new record. The growth was enough to remain the second top-selling EV brand behind Tesla.
After electric truck sales soared nearly 75% in Q4, Ford’s F-150 Lighting was the best-selling electric truck. Ford sold 11,905 Lightning models in Q4 for a total of 24,165 in 2023.
The Mustang Mach-E was the second best-selling electric SUV in the US, with 40,771 units sold last year, another record. Ford’s E-Transit was the best-selling electric van, with sales of 7,672 in 2023 (+18% YOY).
“I am especially proud Ford remained the No. 2 EV brand in America,” Ford’s CEO Jim Farley said.
Ford F-150 Lightning and E-Transit charging (Source: Ford)
Ford remains second in US EV sales amid record Q4
Ford edged out GM, which sold 19,469 EVs in Q4, down slightly from the previous quarter. GM ended production of its top-selling Bolt EV as it ramps production of its Ultium vehicles.
Hyundai, which doesn’t provide an exact breakdown, sold nearly 47,000 IONIQ 5 and IONIQ 6 EVs last year, a record of its own. However, these numbers don’t include the Kona electric. With Kia and the Kona EV included, Hyundai Motor Group likely topped Ford in EV sales last year.
2023 Ford F-150 Lightning (Source: Ford)
As demand continues building for the Lightning electric truck, Ford spokesperson Martin Gunsberg told Electrek the company is “making adjustments to pricing, production, and trim packages.”
2024 Ford F-150 Lightning prices start at $54,995, $5K higher than last year’s base model. The entry-level 2024 F-150 Lightning Pro features up to 240 miles EPA-est range. Other trims, except the Platinum, saw increases between $2K (Lariat 320 mile range) and $7,500 (XLT 240 mile range).
2024 Ford F-150 Lightning prices and trim options (Source: Ford)
The Platinum trim is the only model receiving a price cut. It will be $7,000 lower than last year’s model. The Platinum Black is $5,000 less than the 2023MY.
Ford added a new Flash trim with 320 miles range, a tech-oriented cabin, and a heat pump. It also comes with Ford’s Tow Tech package and Power Tailgate. Although it was initially expected to start under $70K, the new starting price is $73,495.
2024 Ford F-150 Lightning Flash trim (Source: Ford)
Gunsberg explained that the adjustments are to “achieve the optimal mix of sales growth, profitability, and customer access to the IRA tax benefit.”
Ford is also updating the 2023 Mustang Mach-E with $7,500 available in Red Carpet Lease Cash.
Electrek’s Take
Despite a record year, Ford is scaling back EV plans. Ford’s CFO, John Lawler, said Ford is “slowing down several investments,” including around $12 billion in EV spending.
This includes reducing planned production at its Marshall plant by roughly half, cutting inverter and motor capacity, and scaling back on plans to integrate vertically.
Ford, like Toyota, is leaning into its hybrids amid rising EV competition. Ford’s hybrid sales outshined EVs, with over 37,000 sold in Q4. The automaker sold more than double the amount of hybrids (133,743) than EVs (61,575) last year.
EVs only accounted for 3.64% of Ford’s total vehicle sales. Meanwhile, hybrids accounted for 6.7%, leaving nearly 90% as gas-powered ICE vehicles.
Although Ford placed second in US EV sales, Tesla was first by a wide margin. Tesla delivered a record 484,507 EVs in the fourth quarter to beat its 1.8 million guidance for 2023.
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Richard Teng, chief executive officer of Binance Holdings Ltd., at an event hosted by the Foreign Correspondents Association in Singapore, on Tuesday, Sept. 17, 2024.
Ore Huiying | Bloomberg | Getty Images
Binance CEO Richard Teng says the Trump administration has been a “fantastic” reset for the cryptocurrency industry.
“It’s an extremely different environment that we’re operating in,” Teng told CNBC on Tuesday.
In the span of 16 months, Binance has gone from a political outcast to a possible power broker in Washington. Once the poster child for regulatory defiance – Binance was slapped with a record $4.3 billion settlement with regulators and forced to oust billionaire founder Changpeng “CZ” Zhao – the crypto exchange is now navigating a dramatically friendlier political landscape under President Donald Trump’s second administration, Teng said.
“We’ve benefited from this shift,” said Teng, who was appointed Binance’s CEO in November 2023.
Teng’s comments come as the crypto exchange is in talks to have the Trump family take a financial stake in the company, according to a report by The Wall Street Journal earlier this month. That same day, Bloomberg reported that World Liberty Financial, a Trump-linked crypto bank that has not yet launched, is engaged in talks with Binance to launch a dollar-pegged stablecoin.
If such deals were reached, it would mark a staggering reversal for a company that was once a pariah in Washington.
Teng, a soft-spoken former regulator, was careful with his words when addressing the reports.
“I believe both World Liberty Financial as well as CZ himself have tweeted and denied the reports,” said Teng, who runs the exchange’s operations outside the U.S.
As for the rumors about a Trump stake in Binance.US, Teng demurred.
“.US and .com are quite different animals, right?” he said. “They have different sets of shareholders, different boards of directors, and different CEOs running the show.”
Binance structured the two exchanges as independent entities in response to regulatory scrutiny, aiming to ring-fence its U.S. operations from the broader international business.
Still, Teng is bullish on what the new political environment means for crypto.
“We went from four years of Operation Choke Point 2.0 to now – you have a very pro-crypto, pro-AI president,” he said. While Binance.com doesn’t operate in the U.S., he said, “We have benefited from all these pro-crypto policies.”
Choke Point 2.0 is how industry insiders refer to an alleged crackdown by legacy banks on digital asset firms during the Biden administration.
Teng described a rapid global expansion that brought Binance from 170 million to 265 million users in just one year.
“We have received a lot of approaches from different governments around the world,” Teng said, citing regulatory progress in Japan, Australia, Hong Kong, Brazil, Argentina and the United Arab Emirates.
Binance is now licensed in 21 jurisdictions, and its influence extends well beyond the reach of any one country. That includes sovereign wealth funds, some of which are starting to quietly allocate to crypto, Teng said.
In the background of all this optimism is the reality of Binance’s checkered past.
Zhao, the company’s founder and former CEO, was criminally charged, forced to step down and served a short prison sentence. Binance paid the multibilllion-dollar settlement – finalized in late 2023 – to resolve a raft of violations with U.S. regulators, including the Department of Justice and the Commodity Futures Trading Commission.
One major front remains open: The Securities and Exchange Commission’s civil case against Binance and Zhao.
The SEC and Binance in February agreed to a 60-day pause in proceedings as both sides consider a potential resolution. The stay comes amid a broader pullback by the SEC from several high-profile crypto lawsuits—signaling a potential regulatory reset under the new administration.
“We under-invested in compliance in those very early days,” Teng said. “But what’s important as a responsible institution is to acknowledge those early mistakes, make amends for it and invest greatly into compliance, which we are doing now.”
Binance now employs more than 1,300 professionals in compliance, roughly a quarter of its total workforce, Teng said. “The direction of travel is very clear. It’s one of compliance.”
The Nigerian government might disagree.
One of Binance’s top compliance officers, Tigran Gambaryan, was recently imprisoned under harsh conditions. In Nigeria, Binance faced charges of alleged non-payment of value-added tax and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform.
Alongside Gambaryan, who is a U.S. citizen and a former employee of the Internal Revenue Service, Nigeria has also imprisoned fellow executive Nadeem Anjarwalla, who is British-Kenyan. Both were charged and remanded in custody by Nigerian authorities. Anjarwalla escaped custody in March 2024, and Gambaryan was released several months later.
“The treatment he went through in Nigeria is not warranted,” said Teng about Anjarwalla. “We have always tried to liaise and work cooperatively with governments around the world.”
Since taking over as CEO, Teng has shifted the company from a founder-led startup to a board-governed organization.
“Now I report to the board of directors,” Teng said. “We have a board of seven members, including three independent directors and an independent chairman.”
For all the scrutiny Binance faces, Teng insists the platform remains dominant.
“At any point in time, we have more than 40% of global market share,” he said.
He dismissed concerns about Coinbase’s growing political clout and the momentum behind crypto exchange-traded funds, arguing that ETFs are a gateway into crypto trading.
“A lot of users that start trading through ETFs subsequently advance to cryptocurrency platforms,” Teng said, noting that while crypto trades nonstop, ETFs are limited to business hours.
Binance took on its first institutional investment earlier this month in a $2 billion deal with Emirati state-owned investment firm MGX, which is an AI and advanced tech fund that counts BlackRock and Microsoft as partners. It’s the largest investment ever made into a crypto company and the biggest to be fully paid in stablecoins.
Teng said he sees the investment as a way to bridge crypto and AI.
“We are utilizing AI on an extensive basis,” said Teng, noting that Binance uses artificial intelligence for customer service, security and compliance monitoring. “This is the blockchain sector. We have to continue to utilize technology to achieve efficiency.”
Asked what keeps him up at night, Teng rattled off a list: Security, compliance, product innovation and opportunities for mergers and acquisitions.
“We want to make sure we run a very robust, operational, best-in-class platform,” he said.
Cynics will point at big rebates and claim they mean the vehicle isn’t selling, but that just exposes them as industry noobs. A rebate is a powerful financial tool that helps dealers overcome obstacles like negative equity, poor credit, down payment requirements, and interest rate objections so you can drive home in the car of your dreams today.
If you’re dealing with any of the above, pay attention: these EVs could get you behind the wheel of a new electric ride sooner than you think!
Update 23MAR: added some off-road!
As I was putting this list together, I realized there were plenty of ways for me to present this information. “Biggest EV incentive deals ..?” Not everyone qualifies for those. “Most stackable EV rebates ..?” Too much research. In the end, I went with national cash back offers and chose to present them in alphabetical order, by make. And, as for which deals are new this month? You’re just gonna have to read the article. Enjoy!
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Audi RS e-Tron GT Quattro
Audi RS e-Tron GT Quattro; via Audi.
The Audi RS e-Tron GT Quattro is a stunning, high-end electrified cruise missile of an automobile that combines Porsche DNA with Audi styling and, presumably, sufficient all-weather performance chops to earn the legendary Quattro badge. From now until March 31st, you can receive $12,500 in customer bonus cash when you purchase or lease a select, new 2024 Audi RS e-Tron GT Quattro (the “standard” RS gets $7,500).
Chrysler Pacifica PHEV
When the plug-in hybrid Chrysler Pacifica minivan first went on sale all the way back in 2016, it seemed to imply that the old Chrysler Corporation was going to race ahead of the other Big Three US carmakers.
That didn’t happen, but the Pacifica is still the king of cupholders, while the van’s stow n’ go seating, and all the other practical, clever details that add up to remind you Chrysler invented these things. Through March 3rd, you can get a $7,500 cash allowance plus up to $7,500 in Federal income tax credits on Pacific Plug-in Hybrid Select, S, and Pinnacle trim level vans – and that’s before any negotiations with your dealer.
Dodge Charger
2024 Dodge Charger Daytona EV Scat Pack; via Stellantis.
As the auto industry transitions to electric, Dodge is hoping that at least a few muscle car enthusiasts with extra cash, will find their way to a Dodge store and ask for the meanest, loudest, tire-shreddingest thing on the lot.
These days, that’s the new electric Charger – and you still owed money on the Hemi you just totaled, Dodge will help get the deal done on its latest retrotastic ride with a $3,000 rebate plus 0% financing for up to 72 months!
Ford F-150 Lightning
F-150 Lightning with available Ford Intelligent Backup Power; via Ford.
Now through March 31st, Ford is offering retail buyers of remaining 2024 Lightning pickups 0% interest for up to 72 months plus $4,000 in retail bonus cash AND a free L2 home charger (cost of installation included). As with all offers, it’s good to read the fine print, but this is a killer deal for Ford truck fans.
Genesis GV70 Electrified
Genesis GV70 Electrified; via Hyundai.
Genesis’ GV70 Electrified crossover doesn’t get the love it deserves in most circles – but that’s true of just about every Genesis offering. If you’re willing to give the top shelf Koreans a chance, though, I think you’ll find them to be every bit the equal of anything in their class.
And if you don’t, the $10,000 retail bonus cash offer on remaining 2024 models reported by USNews will surely help readjust the models you’re comparing the Genesis to!
Jeep Grand Cherokee 4xe
Jeep Grand Cherokee 4xe; via Stellantis.
I have, admittedly, never spent a lot of time in the latest iteration of Jeep’s Grad Cherokee. Once upon a time, I drove a ZJ GC with the immortal and buttery-smooth 4.0L inline six and every iteration since has, in my opinion, been a step in the wrong direction. I’d still prefer a ZJ, sure, but after a week spent behind the wheel of a white-on-black 2025 Jeep Grand Cherokee 4xe, I have come around. That interior is a nice place to be, whether that’s because of Mercedes’ influence or Fiat’s or Peugeot’s is less clear – but shouldn’t take away from the experience.
If you haven’t given the latest JGC a chance, yet, know that its 17.3 kWh 400 V lithium-ion is big enough to go 26 miles on pure electric power, with “just” two hours needed on a L2 port to get you back to 100% charge. I think that’s worth a look.
Kia EV6 GT
Kia EV6 GT; via Kia.
CarsDirect is reporting 24-month leases on the positively awesome Kia EV6 GT featuring up to $19,000 in lease cash. Other EV6 variants get decent cash back offers, too – be sure to ask your local dealer about the one you’re interested in.
At the end of the day, it doesn’t matter. Mercedes dealers are ready to get these things off the lot now, and if you can live with some awkward proportions you’ll be rewarded with solid performance, excellent fit and finish, and all the rest of the things that made the 3-pointed star an icon.
2025 Toyota bZ4X Limited AWD Supersonic Red (Source: Toyota)
It’s not breaking any sales records, but the Toyota bZ4X is a reasonably capable five-passenger crossover EV that should meet most people’s needs with enough of Toyota’s legendary quality baked in to make it a safe enough bet for a decade of hassle-free driving. Plus, with $10,000 in TFS Lease Subvention cash and plenty of dealer discounts floating around, it might be the best deal in Toyota’s current lineup.
Electric Volvo Cars
2025 Volvo EX90; via Volvo Cars.
Volvo is offering $7,500 EV Lease Bonus Cash on remaining 2024 C40 Recharge models, as well as 2025 EX40 and EX90 SUVs. Those deals can be combined with another $1,000 in Conquest or Volvo Loyalty cash and up to $2,000 additional dollars for Costco Executive members (“Gold Star” Costco members get $1,500 back).
Disclaimer: the vehicle models and rebate deals above were sourced from CarsDirect, CarEdge, USNews, and (where mentioned) the OEM websites – and were current as of 23MAR2025. Despite my best efforts to filter these, some deals may not be available in your market, or be stackable with every other discount, or to every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.
A video came out last week comparing two approaches to autonomous vehicles: cameras and LiDAR. The video was fun, as YouTube videos are wont to be, but the fallout from it has been anything but fun, with pretty much everyone missing the point of the video in the first place.
The video was posted by YouTuber Mark Rober, who typically does science & engineering related stunts. It was essentially a comparison test between Tesla’s camera-only autopilot/FSD system and LiDAR systems, with the LiDAR vehicle running Luminar’s system.
The experiment tested whether the cars could react to seeing a child in the road in six circumstances: standing, running into the road by surprise, fog, rain, bright lights, and standing behind a comical Wile E. Coyote style wall with a picture of a road painted on it.
Clearly, one of these things is not like the others. Five of the tests gave us potentially meaningful results about the world around us, and the sixth was just for fun.
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The test results showed the LiDAR doing better overall, primarily due to its better performance in fog and rain. But each vehicle produced impressive results on some of the tests – like the child jumping out in front of the car and the bright lights tests, both of which seemed quite difficult (the latter especially for a vision system).
But even in the rain and fog tests, these were quite biblical levels of rain and fog. For more realistic light fog or lighter rain, the cameras likely would have fared better.
There are a few other downsides of vision-only, such as that it can have trouble looking into lights (though it did well in the bright light test), and Tesla has in the past had a hard time with crossing trucks or overpasses being hard to distinguish from billboards, both of which can be solved with the ranging functions of LiDAR or radar.
So all told, these results track with the technical limitations of cameras when compared to LiDAR. Since cameras are passive and LiDAR is active (sending out laser pulses to reflect off of objects), LiDAR is able to “see through” certain things that cameras can’t.
And this is a debate which EV fans have heard plenty about – it’s the fundamental difference between Tesla’s approach and the approach of just about everyone else. Tesla is going vision-only, but most other companies are using a hybrid approach with some mix of vision, LiDAR, radar, ultrasonics, etc.
Tesla actually did used to have sensors other than vision, as early Tesla cars had radar in addition to cameras. But CEO Elon Musk directed the company to remove radar (over the objection of engineers) because he figures if humans can drive with two eyes and no lasers, cameras should be able to do the same. (He isn’t alone, though – Andrej Karpathy, Tesla’s former head of AI and a well respected person in the field, agrees that vision-only is the right approach).
So the tests showed us that LiDAR has some capability that vision doesn’t, but we already knew that. What are the benefits of vision-only?
First, there are clear advantages on cost and complexity, because you need less sensing equipment. LiDAR has been expensive, though costs are dropping rapidly, so this may be less of a factor going forward.
Also, LiDAR sensors used to be huge spinning rigs attached to vehicles, but now they often take the form of a “taxi bump” that looks a bit like a taxi light on the top of the car, just above the windshield – but this still does restrict the design of a vehicle and a lot of people don’t like the look.
Second, vision-only could potentially make for a simpler software solution because you don’t have to reconcile the input from multiple sensing methods to figure out the reality in front of you.
This is something that held Tesla back in the early days of vision + radar, because there were a lot of false positives and negatives from weird situations (e.g. curved metal objects like soda cans could look bigger than they should, stationary vehicles were hard to distinguish, etc.). While the data was more robust because there were multiple sensing methods, it was proving itself harder to interpret.
And, while it’s not an inherent benefit of vision-only, the specific benefit for Tesla is that the company has a LOT of vision data it can use for training. This is a big advantage that it has over every other company by several orders of magnitude, since millions of Teslas have been driving around collecting data for years now, whereas companies like Waymo only have a few hundred cars.
So, we know a bit about the differences in technology, their strengths and weaknesses, and the long-time industry debate that motivated this test. Nothing seems all that unreasonable about what we’ve heard so far, and the test turned out about as expected. There’s still an open question over what the best path forward is, though the general consensus is that more sensing data is better than less, and that Tesla is making a risky move with its vision-only system.
So, why so much drama?
Okay, well, it’s the internet. So that’s reason number one. Everyone else here is chasing the same thing Rober chases: views. And so that’s probably the only thing we need to say, alright, article over, moving on.
…. But no, really. The actual drama is over the differentiation between “Autopilot” and “Full Self-Driving,” and over the behavior of Teslas when activating or deactivating the system, specifically on the headline “Wile E. Coyote” test.
Most discussion has focused on this particular test, because, well, it’s the most fun one. Rober is one of the most popular YouTubers on the planet, after all, so he should know a thing or two about how to make a compelling video (and the intro sentence of the video is quite a doozy):
As Rober said in the very first line of the video, he had his Tesla on Autopilot, not Full Self-Driving, during this test.
Some criticism has focused on the title of the video, which is “Can You Fool A Self Driving Car?”, suggesting that the test would use Tesla’s “Self-Driving” system.
These are two separate systems, and FSD is more sophisticated than Autopilot. However, Autopilot has long colloquially been referred to as self-driving (often to the chagrin of Tesla defenders), and while Tesla does refer to FSD as “self-driving,” it very much isn’t. Both of the systems are classed as “level 2,” which means the driver is still responsible for the vehicle at all times, even though FSD can be activated in more situations than Autopilot. And many more Teslas have Autopilot than FSD, so it makes sense to test the more common one.
Luminar’s LiDAR can be “self-driving,” insofar as there are level 3+ systems that use Luminar’s sensing technology (such as Mercedes’ DRIVE PILOT).
So the title is not technically incorrect, does use similar colloquialisms in both cases, and is, after all, a youtube video, and we’re all hopefully aware of how YouTube titles need to be crafted to fit Google’s algorithm and hopefully can get beyond the title and into the literal first frame of the video for the more accurate description of what’s happening here.
And we’ve covered a final criticism before, which is a screenshot showing that Rober didn’t have the system active in the video. This is previously-documented as “normal” Autopilot behavior, where the system turns itself off about a second before a definite crash. The screenshots were taken during this second. Rober also responded mentioning that the video used different takes to keep it compelling, and posted the full uncut footage on Twitter.
Another criticism focuses on the subsequent stock surge seen by Luminar (LAZR). The company’s stock went up from 5.05 to 8.35 over the course of the week after the video, a rise of 65%. This has raised some eyebrows, but I expect that the main explanation here is that prior to the video, only pretty dedicated EV/self-driving folks knew about Luminar, and now it’s been exposed to people associated with the most traded stock on the planet for several years running, TSLA. This is naturally going to drive a ton of volume to a small stock (with ~0.03% of TSLA’s market cap).
We’ve also seen others trying to recreate the video, with more success for the Tesla.
But these criticisms focus mainly on the Wile E. Coyote test, which everyone acknowledges is not a realistic situation. That test was for the youtube video – the real meat of it was the other 5 tests that actually could happen in the real world.
And even on those 5 tests, people are getting overexcited about the differences shown. The fog and water were both significantly heavier than what would most often be experienced in real life. In more “real world” weather circumstances, a camera may have worked plenty well enough (assuming the cameras aren’t obscured by water or condensation – which is certainly an issue). And if the inclement weather is as bad as shown in the video – maybe it’s time to stay home (or, uh, head straight to the hurricane evacuation center).
All in all, it felt like a fun test for a YouTube video, which described technology in a simple way to a crowd that hadn’t heard about it, was generally accurate about the strengths and weaknesses of the compared systems, but just overstated a lot of things “for content.”
There’s a discussion to be had there about content requiring more and more extreme stunts these days to be compelling, but the level of the reaction has gone well overboard. But then, that’s to be expected for anything on the internet, especially about Tesla.
And the discussion over which approach is correct will continue – companies like Luminar think that LiDAR is superior, and Tesla thinks cameras are enough. Time will tell who’s right, but most professionals in the field tend to place their bets on the former, rather than the latter.
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