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Ford reported its fourth-quarter earnings Tuesday after the market, beating Q4 revenue and profit estimates. The automaker expects the momentum to continue in 2024 despite pulling back EV investments.

Ford’s fourth-quarter EV sales

Ford sold a record 25,637 EVs in the last three months of 2023 (+24% YOY), edging out rival GM. The F-150 Lightning topped Rivian’s R1T to become the best-selling electric pickup of the year, with 24,165 units handed over.

The Mustang Mach-E was the second best-selling electric SUV in the US behind Tesla’s Model Y with 40,771 models sold, also a record.

Ford’s E-Transit was the best-selling electric van, with 7,672 units sold last year, up 18% from 2022.

Despite the growth, Ford has scaled back EV initiatives. Ford’s CFO, John, said the company is “slowing down several investments,” including around $12 billion in EV spending last year.

Last month, Ford announced it was cutting F-150 Lightning production amid “slower than expected” demand. The production cut is the second in less than five months.

Ford said the move was to “achieve the optimal balance of production, sales growth and profitability.”

Lawler added that Ford is “changing the pace and flow” of capital and EV capacity in November, including plans to scale back production at its Marshall plant by about half.

Rival GM announced last month it was changing its “all in on EVs” strategy to include more PHEVs as it faces growing competition.

Ford Q4 earnings results

Ford posted Q4 revenue of $46 billion, up 4% YOY on favorable net pricing. This tops Wall St estimates of around $43 billion, according to data from Estimize. However, Ford had a net loss of $526 million in the fourth quarter due to a $1.7 billion adjustment for UAW wages.

Fourth quarter adjusted EPS of $0.29 also topped Wall St bottom line estimates of $0.12 per share.

For the full year, Ford’s revenue reached $176 billion, up 11%. Ford’s net income improved to $4.3 billion in 2023, while adjusted EBIT was essentially flat at $10.4 billion.

Ford confirmed plans to defer EV spending with slower-than-expected demand. Despite this, Lawler said ” EVs are here to stay, customer adoption is growing, and their long-term upside is central to
Ford+.”

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Ford Q4 Model e earnings (Source: Ford)

Ford’s Model e, electric vehicle segment, saw a net loss of $4.7 billion last year. The automaker said the losses were due to “extremely competitive pricing” and investments for its next-gen EVs.

EV volume was up 20%, driven mainly by the F-150 Lightning. However, operating income slipped to $1.6 billion while EBIT margins fell to -98.2%.

Ford said the growing operating losses are due to lower pricing, higher material costs, and investments in its next-gen EVs.

As Ford built momentum with its services, software subscriptions rose 8% to about 630,000 in Q4. Last year, Ford expanded its BlueCruise ADAS to Great Britain, Germany, and Spain, joining the US and Canada.

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Ford 2024 guidance (Source: Ford)

Ford expects its Model e-business to post an operating loss of $5 to $5.5 billion this year as it prepares to launch its next-gen EVs. Overall, Ford expects to post adjusted EBIT of $10B to $12B this year.

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Tesla vs. Bezos, Slate, Windrose, Lucid, and Paul ‘Muad’Dib’ Atreides

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Tesla vs. Bezos, Slate, Windrose, Lucid, and Paul 'Muad'Dib' Atreides

On today’s battle-ready episode of Quick Charge, it’s Elon Musk vs. the world as big players position themselves for control of enough lithium to build 600 million electric cars and the rest of the industry squares up to Tesla in the battle for market leadership.

While Windrose is making sales and expanding into new markets, the Tesla Semi is still in limited tests, Robotaxi launches as a “ride hailing service” in California with randos in the drivers’ seat and Academy Award nominated actor/noted college football analyst Timothée Chalamet teams up with Lucid to steal (even more) sales from the embattled Model S and X lines.

Today’s episode is brought to you by Retrospec, the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Quick Charge listeners can get 10% off their next e-bike ride through August 14 with the exclusive code ELECTREK10 only at retrospec.com.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Driivz and ezVOLTz pair up to supercharge EV charging reliability

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Driivz and ezVOLTz pair up to supercharge EV charging reliability

EV charging company ezVOLTz has partnered with Driivz, the EV software arm of Vontier, to make its “Charging as a Service” platform even smarter and more reliable for fleets, businesses, and state and local governments across the US.

If you’re not familiar with ezVOLTz, it’s a full-service EV charging provider. It handles everything, from installing hardware-agnostic chargers to managing the backend with its software platform, ezCONNECT. Now, ezVOLTz is plugging into Driivz’s charging and energy management tech to help run things even more smoothly.

With Driivz’s help, ezVOLTz plans to keep its network humming with 24/7 monitoring and real-time issue detection. Driivz’s Alert Management System can auto-fix up to 80% of charger hiccups remotely without sending a tech on-site. That means more uptime and fewer headaches for drivers and site owners.

“EV adoption is surging, and drivers and the companies and entities that serve them need smart, connected, and reliable charging options,” said ezVOLTz CEO Sam Malhotra. “The Driivz team and their smart charging and energy management solutions are a natural fit in bolstering our services.”

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The partnership also gives ezVOLTz new tools to grow its network. Driivz’s software tracks usage patterns and charger performance, helping pinpoint the best spots for new installations. Driivz will also support the ezVOLTz app, letting users plan road trips and find chargers nationwide.

“Reliability and ease-of-use are two of the most important considerations for EV drivers,” said Andrew Bennett, CEO of Driivz. “We’re proud to partner with ezVOLTz in delivering seamless and reliable charging to their customers.”

As more businesses, fleets, and municipalities plug into EVs, partnerships like this one aim to make sure the charging experience keeps up.

Read more: Driivz expands in the US EV charging market with a new HQ


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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An electric Subaru BRZ? Don’t rule out an EV version just yet

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An electric Subaru BRZ? Don't rule out an EV version just yet

The Subaru BRZ may live on as an EV after all. Subaru wants its share of the sports car market, and an electric BRZ could hit the sweet spot.

Is Subaru launching an electric BRZ?

Subaru discontinued the BRZ in Europe in 2020 after the first generation. Although its twin, the Toyota GR86, was sold until the 2024 model year, the BRZ was released as a US-only model.

In its third generation, it could return as an EV. Speaking with Autocar, Subaru’s European head, David Dello Stritto, said, “Our options are open,” hinting that the BRZ could make a comeback in electric form.

Subaru’s global EV product boss, Inoue Masahiko, confirmed an electric version of the sports car “was under consideration.” He added that Subaru has extensively looked into an EV version of the BRZ with its partner, Toyota.

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Masahiko explained that “We did consider electrifying the BRZ and GR86, but the win-win relationship is more important.” So far, “We can’t get the kind of benefits from both sides,” he added.

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2026 Subaru Uncharted EV (Source: Subaru)

Subaru is already launching several new electric vehicles in Europe, including the new Uncharted, E-Outback (known as Trailseeker in the US), and an updated Solterra SUV.

Stritto said that an electric sports car will depend on the success of these models first, especially the Uncharted. According to Subaru’s European boss, the Japanese automaker feels “very positively about Subaru enthusiasts, but we need to see how Uncharted does first.”

Subaru-new-EVs
2026 Subaru Solterra EV (Source: Subaru)

As for an “electrified” powertrain, or hybrid, Masahiko said the vehicle’s packaging “would make it difficult,” adding an EV version would be “easier” to create.

The comments come after Stritto told Autocar last week that a new entry-level EV could also be in the works. However, that will also depend on how well the Uncharted sells.

For those in the US, don’t worry – Subaru is not planning to discontinue the BRZ. If it did launch as an EV, would you consider one? It would go up against the new Hyundai IONIQ 6 N and Tesla Model 3 Performance.

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