Nissan is in full-throttle emergency mode to save itself: the automaker is cutting 9,000 jobs, slashing production capacity, and selling off its stake in Mitsubishi Motors. The CEO is also reducing his own salary by half.
CEO Makoto Uchida – who took the job amid the epic Carlos Ghosn disaster – today unveiled a “sweeping” reform plan after announcing the company had fallen to a net loss in the latest quarter, Reuters reports.
Uchida “also downgraded the full-year sales and operating profit outlooks and rescinded an earlier target for net income,” the report said, adding that he said it was too soon to provide an accurate forecast.
The reform package will include shuffling around some executives, such as giving Nissan chairman Guillaume Cartier, who oversees Europe, Africa, the Middle East, India, and Oceania, a promotion as the newly created chief performance officer.
Also, Uchida said he would take a 50% pay cut starting this month to help out. (A Google search showed that it looks like he makes roughly 657 million yen, or about $4.30 million, a year.) Its global headcount of 133,580 staff will see a massive reduction of 9,000 workers.
The new reform looks to save the company $3 billion.
“The question is how to do it fast and adapt to reality,” Uchida said at a news conference. “We cannot deny the fact that our sales plan was overstretched given the rapid changes in markets.”
Uchida is looking to cut global capacity by 20% to bring its production capacity worldwide to 5 million units. The automaker has 30 new or updated products in the lineup, and while it doesn’t plan to cancel them, it will likely push back launch dates depending on market needs.
Of course, a major issue with Nissan is that its EVs are just sort of bland: all it has on offer is the Ariya and the Leaf, neither of which are hot sellers in the US. Nissan says it will continue to offer bidirectional, vehicle-to-grid technology on newly launched EVs starting in 2026, joining alliance partner Renault in bundling the technology.
Nissan is also selling off nearly a third of its 34% stake in Mitsubishi, freeing up an additional $482.7 million. Back in the Ghosn days, Nissan took a controlling 34% stake in Mitsubishi, but even after the sale, Nissan said it should remain Mitsubishi’s largest shareholder. Its alliance with Renault has committed around $5.2 billion into itsEV and battery development programs.
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Ford is gearing up to launch new EVs overseas as it battles for global market share. Ahead of its EV blitz, Ford is currently the fastest-growing auto brand in Saudi Arabia. The American automaker is laying the groundwork for “an electrified future” in The Middle East.
Ford sees sales surge in Saudi Arabia with EVs en route
More people are buying Ford’s vehicles in The Middle East than ever. “2024 has been an exceptional year for Ford in the Middle East, with sales having doubled since 2022,” president of Ford Middle East, Ravi Ravichandran, said Thursday.
Ford’s success is being driven by “strong market share gains by our distributors,” Ravichandran explained.
The American automaker is growing in key regions, including the United Arab Emirates, Kuwait, Bahrain, Qatar, and Saudi Arabia.
Ford said it’s currently the fastest-growing auto brand in Saudi Arabia. The sales surge is thanks to “Ford’s extensive and freshest portfolio of vehicles,” the company said. However, the lineup is about to get even more attractive.
The company highlighted its new lineup of vehicles, including its first fully electric vehicle, the Mustang Mach-E.
The “Mustang Mach E represents a landmark moment for us,” Ford’s president of International Markets Group, Kay Hart, said. “It’s our first fully electric vehicle for the region and is truly one of the most exciting vehicles Ford has ever produced.”
Ford will launch the 2025 Mustang Mach-E in the region next year. It will be available in two battery options with an estimated range of 350 to 450 km (217 to 280 miles).
The Mach-E will join Ford’s F-150, Taurus, and Territory models. Next year, Ford’s best-selling nameplate, the Territory, will also arrive in the Middle East in hybrid form.
With a new parts distribution center opening in the UAE in January 2025, Ford said it will offer quicker parts delivery, allowing drivers to get back on the road quicker.
Electrek’s Take
Although Ford is growing in The Middle East, the company is downsizing in other key regions. In Germany, Ford lost two of its most experienced leadership team members this month.
The American automaker now has just two managing directors in Germany, down from nine earlier this year.
Ford is restructuring its business in Germany as it fights stiff competition, including low-cost Chinese EV makers. The Middle East is another key overseas auto market shifting to electric models. Ford will compete with incoming rivals like BYD to gain market share.
In the US, Ford is shutting down production of its once best-selling F-150 Lightning electric pickup in Michigan for nearly two months.
Ford spokesperson Jessica Enoch told Electrek in an emailed statement, “We continue to adjust production for an optimal mix of sales growth and profitability.”
Through the first ten months of 2024, Ford has sold nearly 74,000 EVs in the US, up 38% from the 53,502 sold last year.
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The Fucare electric bikes I’ve tested in the past have largely been fast and powerful machines, but always within the realm of reason. Apparently, that streak has come to an end with the new Fucare Gemini X Sport Dual Motor Dual Battery electric bike, which throws reason to the wind with so much power and speed that you can’t really call it much of an electric ‘bicycle’ anymore.
What I mean is that any two-wheeled EV that can hit 35 mph (56 km/h) is so far beyond the standard e-bike regulations in the US that it can’t even pretend to be in the grey area anymore.
This is a certifiable electric moped, at least in a hyperbolic sense. Good luck getting actual certificates like trying to register it as a motorbike.
But that’s a future problem. Let’s talk about the present, which means it’s time to jump into a review of how this crazy powerful e-moped actually rides.
Extras: LCD display, LED head and tail lights, kickstand, suspension fork, 4″ fat tires, and included fenders & rear rack
Double the trouble, twice
Double batteries usually means double the range. But in this case, doubling the motors keeps the usual range closer to a standard single-battery/single-motor bike, unless you’re choosing to limit that power or only use one motor for casual riding.
Even without getting the double-range benefit, you’re getting a lot of extra power and the ability to supply that power. The pair of supposedly UL-compliant batteries gives us nearly 1.5 kWh of capacity, which is a veritable ton of battery on an e-bike.
I’m glad to see that both batteries get tucked away inside that rather neat-looking trellis frame too. Fucare scores some bonus points in my book for their novel frame designs, which help them look interesting and unique compared to the same old e-bike designs we see from many different companies.
On the other hand, the frame also has its problems, including that the rear chainstays (the tubes on either side of the rear motor) splay out so far that I get heel strike as I pedal. I’ve learned to spread my heels out to avoid it, but it’s not something you should have to adapt to – it should just be designed well to begin with.
There are other compromises too, such as the extreme weight of the bike, pushing 99 lb (45 kg). I had to set up a hanging scale just to check that figure, as you’ll see in my video review above. That is a lot of bike!
And it should be no surprise where all of that weight is coming from. Those dual motors and dual batteries are chunky, of course. That’s a major contributor. But the bike also has a hefty dual crown suspension fork, wide (and heavy) 4″ tires, and a bunch of other add-ons like fenders, rear rack, LED lights, big and visible display, hydraulic disc brakes, etc.
Each of these components add to the usability of the bike, and so I’m glad they’re there. But they each also add to that weight, leaving us just one pound shy of triple digits.
Of course most people are going to treat this bike more like a motorcycle anyway, and so I don’t see a lot of folks attempting to lift this into their car or carry it up a flight of stairs. This is very much a moped or motorbike replacement. It gets well over 30 mph on throttle (with a full battery and a tucked riding posture, you can get close to 35 mph). It’s got a motorcycle-style fork and enough rubber on the road to hug those turns with confidence. And the whole thing just screams motorbike, not electric bicycle. So it’s obvious that weight savings were the last thing on the designer’s minds.
Ultimately, the price is what makes or breaks a lot of these direct-to-consumer electric bikes, and Fucare seems to know that very well. At $1,699, it’s hard to fault the company on performance-to-price ratio.
There aren’t many e-bikes with 1,500W of power, 30+ mph speeds, dual motors, dual batteries, and a slick-looking frame for this price. In fact, most don’t even get close to this price. So I commend Fucare in that sense.
On the other hand, you’re basically taking a risk every time you ride this bike on the road and pretend to be an e-bike, since it is obviously so far outside of Class 2 or Class 3 e-bike specs in most states in the US. So as an off-road only bike, go for it. But for on-road use, you should either adjust the settings appropriately for your local laws or at least ride respectfully of others around you, especially when sharing bike lanes and other areas with vulnerable road users.
This is a lot of bike, and it’s fun to know you can get these performance specs at this price. But you better know going in that this is a vehicle that requires some serious responsibility, too. And a good helmet. And probably a good jacket, while you’re at it.
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Caroline Ellison, former chief executive officer of Alameda Research LLC, arrives at court in New York, US, on Tuesday, Sept. 24, 2024.
Michael Nagle | Bloomberg | Getty Images
Caroline Ellison, the star witness in the prosecution of FTX founder Sam Bankman-Fried, reported to a low-security federal prison in Connecticut on Thursday, according to a spokesman for the Bureau of Prisons.
In September, Ellison was sentenced to two years in prison and ordered to forfeit $11 billion for her role in the massive fraud and conspiracy that doomed the cryptocurrency exchange once valued at $32 billion.
The federal Probation Department had recommended that Judge Lewis Kaplan sentence Ellison to three years of supervised release, with no time behind bars. Defense lawyers also had requested a punishment that didn’t include prison time.
While Kaplan praised Ellison for her extensive cooperation with prosecutors — which led to the conviction of Bankman-Fried — the judge said her criminal sentence needed to deter other potential bad actors from committing fraud.
Ellison ran Alameda Research, which was a sister hedge fund of FTX. She was also romantically involved with Bankman-Fried.
Alameda received much of the $8 billion in customer funds looted by Bankman-Fried from FTX. The stolen money was used for Alameda’s trading operation and other purposes.
Kaplan called FTX the greatest financial fraud perpetrated in the history of the U.S., and told the court in Manhattan during the sentencing that a “literal get-out-of-jail-free card I can’t agree to.”
“I’ve seen a lot of cooperators over the years and I’ve never seen one quite like Miss Ellison,” said Kaplan, who also said he believed that Ellison was genuinely remorseful for her crimes and that her cooperation carried a steep price for her emotionally.
Late last month, Former FTX executive Nishad Singh was sentenced to time served and three years of supervised release, becoming the fourth ex-employee of the collapsed crypto exchange to be punished.
At her sentencing, Ellison read from a statement in a shaky voice while crying at times as she apologized to the people she had hurt and said she was deeply ashamed. She also said she was sorry for not being brave enough to walk away from FTX and Bankman-Fried.
Kaplan allowed Ellison to remain free on bail until surrendering to prison either on or after Nov. 7.
Bankman-Fried chose to stand trial and was convicted of all seven criminal fraud charges against him. He was sentenced to 25 years in prison in March and also was ordered to pay $11 billion in forfeiture by Kaplan.
Both Bankman-Fried and Ellison had faced the same statutory maximum sentence of about 110 years in prison for their crimes.