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Ford (F) assembled a “super-talented skunk works team” to build a low-cost EV platform. The small team consisted of “some of the best EV engineers in the world,” according to Ford’s CEO Jim Farley. It will be used to launch several new software-defined electric models.

Ford is “secretly” developing a low-cost EV platform

Following Tuesday’s Q4 and full-year 2023 earnings results, Farley explained that Ford is adjusting its capital while switching gears to focus on smaller EVs.

Ford’s leader said on the company’s earnings call that the company made a bet in silence two years ago to develop a low-cost EV platform. Ford put together a small team with “some of the best EV engineers in the world.” The project was separate from Ford’s main operations.

Farley described it as “a start-up.” The team developed a flexible platform that will be used to launch several types of vehicles (is an electric Maverick finally coming?).

Not only that, but it will “be a large installed base for software and service,” as seen at Pro, its commercial unit.

The move to launch affordable EVs comes as several rivals announced they will do the same. Farley said Ford’s “ultimate competition is going to be affordable Tesla and the Chinese OEMs.”

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Ford F-150 Lightning production at Rouge EV plant (Source: Ford)

According to Ford’s CEO, customers are unwilling to pay a significant premium for EVs. For this reason, Ford is leaning into hybrids as a bridge to its next-gen electric models.

Slowing EV investments and pace

Ford’s Model e electric vehicle business lost $4.7 billion last year. The company said growing losses were due to “extremely competitive pricing” and investments for its next-gen electric models.

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Ford Q4 Model e earnings (Source: Ford)

Although EV volume was up 20% (mainly from the F-150 Lightning), Ford lost about $47,000 per EV built in the last three months of 2023.

Meanwhile, Ford’s hands-free BlueCruise driving passed 150 million miles, up 25% from Q3. BlueCruise gross margins are at +70% as Ford doubles down on software-defined vehicles.

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Ford electric Explorer SUV (Source: Ford)

Ford Pro is a nearly “$60 billion high-margin hardware, software, and physical services business” with mostly recurring revenue. The unit doubled its operating profit to $7 billion last quarter and is on track for “mid-teen EBIT margins.”

Ford expects its Model e EV business to continue losing money with an operating loss of $5 to $5.5 billion this year.

Electrek’s Take

Ford’s move to develop a low-cost EV platform comes after several rivals, including Tesla, Volkswagen, Hyundai, Kia, Stellantis, and others, have announced similar plans.

The company is taking what it learned with its first-gen models to improve efficiency with new models rolling out.

Ford is launching the electric Explorer in Europe. It also plans to launch a new full-size electric truck and three-row SUV for the US market as part of its next-gen EV lineup.

Ford is coming off a record EV sales year, with the F-150 Lightning topping the Rivian R1T to become the best-selling electric pickup. The Mustang Mach-E was the second best-selling electric SUV behind Tesla’s Model Y, while the E-Transit was the top-selling electric van.

Despite the success, Ford is delaying around $12 billion in EV spending as it aligns production and inventory for customer demand.

A new platform for affordable EVs would likely greatly improve Ford’s ability to compete with EV leaders like Tesla and BYD.

In December, Tesla’s CEO Elon Musk said that the upcoming low-cost Tesla model ($25,000) is “advanced” in development. The Tesla Model 3, its cheapest EV, starts at $38,990 (excluding incentives and savings).

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Lucid (LCID) calls out rivals as the 2026 Air remains the most efficient EV in the US

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Lucid (LCID) calls out rivals as the 2026 Air remains the most efficient EV in the US

Lucid Motors (LCID) is calling out the competition after the 2026 Air remains the most efficient EV in the US according to new EPA rankings.

2026 Lucid Air remains most efficient EV in EPA rankings

It has been 9 years since Lucid introduced the +400-mile-range Air, its first luxury electric sedan. Since then, the California-based EV maker has come a long way, introducing its first electric SUV, the Gravity, and plans to launch a series of more affordable midsize vehicles, starting later next year.

Lucid’s former CEO, Peter Rawlinson, who was a top engineer at Tesla before joining the luxury EV startup in 2013, promised the company’s innovations would be “the key to unlocking greater efficiency,” and ultimately, more affordable vehicles.

Rawlinson was not kidding. The 2024 Lucid Air Pure was deemed the “world’s most efficient car” with a record 5 miles of range per kWh and a 146 MPGe rating, the highest rating ever given to an EV by the EPA.

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Even with a slate of new EVs hitting the market, many claiming next-level efficiency, the Lucid Air is still ahead of the pack.

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The 2026 Lucid Air (Source: Lucid)

According to new EPA rankings, the 2026 Lucid Air Pure RWD (with 19″ wheels) remains the most efficient EV in the US with a 146 MPGe rating.

The Air beat out the 2026 Tesla Model Y Standard RWD (138 MPGe), 2026 Tesla Model 3 Premium RWD (137 MPGe), 2026 Toyota bZ (131 MPGe), and the 2026 Mercedes-Benz CLA250 Plus EV (126 MPGe).

Lucid’s communications boss, Nick Twork, shared the news on social media, saying the Air “delivers “S-Class size with unmatched efficiency.”

While many automakers tout EV range using more lenient WLTP or CLTC test cycles, Twork said Lucid’s advantage “comes from a holistic engineering approach” that was designed years ago and “still ahead of any passenger car sold today.”

Electrek’s Take

By developing electric vehicle components from the ground up, including the powertrain, battery systems, and software, Lucid has an advantage over many legacy automakers that rely on third parties to outsource.

For one, Lucid’s innovations are already driving down costs. The first Lucid Air Dream Edition, launched in 2021, started at $169,000. Today, you can snag the Lucid Air for as low as $70,900.

Lucid is now ramping production of its first electric SUV, the Gravity. Last month, it launched the lower-priced Gravity Touring trim, starting at $79,900.

Starting later next year, Lucid will begin production of its midsize platform, which will spawn at least three “top hats” priced around $50,000. The first will be a midsize crossover SUV, followed by a more rugged SUV that will share design clues from the Gravity X concept. Although it’s yet to be confirmed, the third is expected to be a midsize sedan that could go head-to-head with the Tesla Model 3.

Rawlinson previously said Lucid’s midsize vehicles are aimed “right in the heart of Tesla Model 3, Model Y territory.”

After reporting Q3 earnings last month, Lucid said it had enough liquidity to fund it through the first half of 2027 and confirmed it’s on track to begin production of the midsize platform in late 2026.

Ready to test Lucid’s luxury EVs for yourself? Lucid is running a Cyber Monday Special, offering $2,000 toward an Air or $3,000 toward a Gravity. Check out the links below to find Lucid Air and Gravity models in your area.

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Hyundai and Kia are lapping the competition as US market share reaches a new record

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Hyundai and Kia are lapping the competition as US market share reaches a new record

Hyundai Motor and Kia are racing past US rivals, scoring their largest market-share jump since the pandemic. The Korean auto giants’ market share reached a record 10.9% in October.

Hyundai and Kia capture record US market share

Hyundai and Kia’s big bet on the US is paying off. Despite the new tariffs on imported vehicles and loss of the $7,500 federal EV tax credit, the Korean automaker is outpacing the competition.

Thanks to strong demand for electrified vehicles, especially SUVs, Hyundai and Kia captured a record 10.9% share of the US market in October.

Hyundai Motor, including Genesis and Kia, saw its combined US market share rise 3.4% from 7.5% in 2019. According to The Korean Economic Daily, this was the largest gain among major OEMs, including the “Big 3” GM, Ford, and Stellantis.

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The growth is primarily due to its expanding lineup of hybrid SUVs, including the Tucson, Sorento, Telluride, Santa Fe, and Palisade.

Since 2020, Hyundai and Kia’s US hybrid market share has surged from just 5% to 14% this year. Through October, the Korean automaker sold 257,340 hybrids, already topping the roughly 222,500 it handed over in 2024.

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Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)

Although hybrid sales surged, Hyundai and Kia’s EV sales dropped in October following the loss of the $7,500 federal tax credit.

Hyundai sold just 1,642 IONIQ 5s last month, a 63% decrease from October 2024 and significantly fewer than the over 8,400 sold in September.

Kia didn’t fare much better with just 666 EV9s and 508 EV6s sold in October, a stark contrast from the 1,941 and 1,732 sold in October 2024.

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2026 Kia EV9 (Source: Kia)

The policy changes caused Kia to delay the launch of several new EVs, including the EV4, its first electric sedan, and the high-performance EV9.

Hyundai Motors North America CEO, Randy Parker, said the policy changes have “temporarily disrupted the market,” but the company is confident it will reset over the next few months.

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Hyundai IONIQ 9 models, which are built at the HMGMA EV plant in Georgia (Source: Hyundai)

After the US and South Korea agreed to lower tariffs from 25% to 15% last month, Hyundai and Kia are now on par with Japanese automakers, including Toyota. Japan reached a similar deal with the US in September.

With local production picking up at Hyundai Motor Group’s Metaplant America and Kia’s West Point plant in Georgia, the Korean automakers expect to carry the momentum into 2026.

Hyundai and Kia have been pushing some of the strongest promotions to make up for the loss of the federal tax credit. Kia introduced a $10,000 customer cash discount across its entire EV lineup last month. Meanwhile, Hyundai is still offering IONIQ 5 leases as low as $189 per month, which is about as low a payment you’ll find for an all-electric vehicle.

Interested in testing one for yourself? We can help you get started. You can use our links below to find Hyundai, Kia, and Genesis vehicles near you.

Electric Vehicles:

Hybrid vehicles:

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You probably won’t believe which country leads the world in e-bike battery safety

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You probably won’t believe which country leads the world in e-bike battery safety

If you ask the average American which country is doing the most to improve e-bike battery safety, most people probably wouldn’t guess China. But that’s exactly where the world’s strongest, most comprehensive lithium-ion safety rules are coming from – and the latest round just went into effect today.

Beginning December 1, China has officially banned the sale of all e-bikes built to the older national standard, replacing them with a new, far stricter rule set known as GB 17761-2024. Under the announcement from the State Administration for Market Regulation, any e-bike sold in China from today forward must carry a valid CCC certification under this brand-new standard. Older certificates are now invalid, and retailers caught selling non-compliant bikes face enforcement from local regulators.

The new rules go far beyond what most countries require. They tighten fire-resistance requirements, restrict the amount of plastic allowed on an e-bike, cap total vehicle weight, and mandate improved electrical safety. The regulations also work hand-in-hand with a second standard, the already-implemented GB 43854-2024, which sets some of the toughest lithium-ion battery testing requirements in the world, including mandatory over-charge protection, thermal abuse tests, puncture tests, and a ban on repurposed or second-hand cells, a major cause of past fires.

Balancing safety and convenience for existing owners, Chinese regulators also built in consumer protections. Bikes that were already purchased and registered under the old rules won’t be forced off the road. And companies are required to support repairs and spare parts for at least the next five years. But unregistered “old-standard” bikes must have been formally plated already, or they’ll no longer be legal to operate.

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For a country often stereotyped as producing unsafe batteries, the reality is almost the opposite. China is now setting the global pace on e-bike safety – aggressively tightening standards, sharply reducing fire risks, and pushing manufacturers to meet levels of testing that most of Europe and the US still haven’t matched.

via: ITHOME

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