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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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Day 1 of the Electrek Formula Sun Grand Prix 2025 [Gallery]

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Day 1 of the Electrek Formula Sun Grand Prix 2025 [Gallery]

Today was the official start of racing at the Electrek Formula Sun Grand Prix 2025! There was a tremendous energy (and heat) on the ground at NCM Motorsports Park as nearly a dozen teams took to the track. Currently, as of writing, Stanford is ranked #1 in the SOV (Single-Occupant Vehicle) class with 68 registered laps. However, the fastest lap so far belongs to UC Berkeley, which clocked a 4:45 on the 3.15-mile track. That’s an average speed of just under 40 mph on nothing but solar energy. Not bad!

In the MOV (Multi-Occupant Vehicle) class, Polytechnique Montréal is narrowly ahead of Appalachian State by just 4 laps. At last year’s formula sun race, Polytechnique Montréal took first place overall in this class, and the team hopes to repeat that success. It’s still too early for prediction though, and anything can happen between now and the final day of racing on Saturday.

Congrats to the teams that made it on track today. We look forward to seeing even more out there tomorrow. In the meantime, here are some shots from today via the event’s wonderful photographer Cora Kennedy.

Stay tuned for more!

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Tesla sold 5,000 Cybertrucks Q2, Optimus is in chaos, plus: the Infinity Train!

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Tesla sold 5,000 Cybertrucks Q2, Optimus is in chaos, plus: the Infinity Train!

The numbers are in and they are all bad for Tesla fans – the company sold just 5,000 Cybertruck models in Q4 of 2025, and built some 30% more “other” vehicles than it delivered. It just gets worse and worse, on today’s tension-building episode of Quick Charge!

We’ve also got day 1 coverage of the 2025 Electrek Formula Sun Grand Prix, reports that the Tesla Optimus program is in chaos after its chief engineer jumps ship, and a look ahead at the fresh new Hyundai IONIQ 2 set to bow early next year, thanks to some battery specs from the Kia EV2.

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.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). 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.

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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.


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Tesla launches Oasis Supercharger with solar farm and off-grid batteries

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Tesla launches Oasis Supercharger with solar farm and off-grid batteries

Tesla has launched its new Oasis Supercharger, the long-promised EV charging station of the future, with a solar farm and off-grid batteries.

Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to the Supercharger stations, and CEO Elon Musk even said that most stations would be able to operate off-grid.

While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.

Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:

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All of these pieces have been in place for years, and Tesla has now discontinued the Powerpack in favor of the Megapack. The Supercharger network is also transitioning to V4 stations.

Yet, solar and battery deployment haven’t accelerated much in the decade since Musk made that comment, but it is finally happening.

Last year, Tesla announced a new project called ‘Oasis’, which consists of a new model Supercharger station with a solar farm and battery storage enabling off-grid operations in Lost Hills, California.

Tesla has now unveiled the project and turned on most of the Supercharger stalls:

The project consists of 168 chargers, with half of them currently operational, making it one of the largest Supercharger stations in the world. However, that’s not even the most notable aspect of it.

The station is equipped with 11 MW of ground-mounted solar panels and canopies, spanning 30 acres of land, and 10 Tesla Megapacks with a total energy storage capacity of 39 MWh.

It can be operated off-grid, which is the case right now, according to Tesla.

With off-grid operations, Tesla was about to bring 84 stalls online just in time for the Fourth of July travel weekend. The rest of the stalls and a lounge are going to open later this year.

Electrek’s Take

This is awesome. A bit late, but awesome. This is what charging stations should be like: fully powered by renewable energy.

Unfortunately, it will be much harder to open those stations in the future due to legislation that Trump and the Republican Party have just passed, which removes incentives for solar and energy storage, adds taxes on them, and removes incentives to build batteries – all things that have helped Tesla considerably over the last few years.

The US is likely going to have a few tough years for EV adoption and renewable energy deployment.

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