As the leader of the over 120-year-old automaker, Ford CEO Jim Farley has an essential job of steering it into the future. Farley said smaller EVs, which Ford is shifting toward, are “super important for our society.” Meanwhile, Farley addressed the love for larger, “monster vehicles” in the US.
Although Ford is known for its big, heavy trucks and SUVs, its future may be much lighter. Ford’s CEO confirmed that the automaker needs a “radical change” as it focuses on smaller, more profitable EVs.
“We are just in love with these monster vehicles,” Ford’s CEO said at the Aspen Ideas Festival Friday. And although Farley agreed, “I love them too,” he acknowledged they are a major issue due to their weight.
Ford’s CEO added, “We have to start to get back in love with smaller vehicles. It’s super important for our society and for EV adoption.”
After Farley revealed earlier this year that the company had been secretly working on a new EV platform for smaller, low-cost EVs, Ford is doubling down.
Ford is expected to launch an electric car for around $30,000 in 2027. According to Farley, it will be profitable.
Ford is shifting away from monster vehicles with EVs
Although Farley didn’t reveal any new details, Ford is building a team with “some of the best EV engineers” to make the vehicle come to life. Ford has recruited former Tesla, Rivian, Apple, and Lucid engineers to develop the platform.
In an interview with CNBC, Farley said to get to a profitable EV, you have to make a “radical change.”
That change from Ford comes as it delayed plans for a larger three-row electric SUV to focus on smaller EVs that can turn a profit. Ford is also pushing back its next-gen EV pickup, the “T3,” until 2026.
Farley explained that “big, enormous EVs” are never going to make money. “The battery alone is $50,000,” he said, referring to larger-duty vehicles like Ford’s Super Duty models, which would need massive battery packs to enable +500 smile range.
Ford must build EVs profitably in the next five years as leading Chinese automakers like BYD expand into new global markets.
Farley explained that Ford already has competition that make money on EVs, are expanding globally, and building their supply chains.
“And if we don’t make profitable EVs in the next five years, what is the future? We will just shrink into North America.”
Ford lost $132,000 on every EV sold in the first three months of the year, but Farley is confident Ford’s next-gen models will be profitable.
Electrek’s Take
Although Ford has historically made the most money from “monster vehicles,” like larger trucks and SUVs, Farley is right. It will shrink if Ford fails to keep up in the global EV race.
About 98% of Ford’s profits come from the US, but what will happen when lower-cost, more advanced EVs from foreign automakers hit the US market? We are already seeing overseas rivals like Hyundai and Kia gaining market share in the US.
Kia and Hyundai are launching smaller, more affordable EVs in global markets. Kia’s EV3 has already secured over 10,000 reservations in Korea, starting at $30,700 (KRW 42.08 million).
Most others are at this point, too. Volvo’s $35,000 EX30 is hitting new global markets (although it’s delayed again in the US). GM says the $35,000 Chevy Equinox EV model will be available to order later this year.
Will Ford find its market? That’s what Farley hopes for by doubling down on smaller, more affordable EVs now.
FTC: We use income earning auto affiliate links.More.
National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check outEnergySage, a free service that makes it easy for you to go solar. They have 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 you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get startedhere. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.
Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and 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:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
FTC: We use income earning auto affiliate links.More.
Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
FTC: We use income earning auto affiliate links.More.