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Ford (NYSE: F) released its fourth-quarter earnings report after the market closed on Wednesday, beating top and bottom line forecasts. Although its Model e electric vehicle business lost another $5.1 billion last year, CEO Jim Farley promises, “Ford is becoming a fundamentally stronger company.” Here’s a breakdown of Ford’s Q4 2024 earnings.

Ford Q4 2024 earnings preview

Although it sold a record over 97,000 electric vehicles last year, Ford was topped by cross-town rival GM as the number two seller of EVs in the US.

After GM beat Wall St expectations last week with upbeat guidance for 2025, Ford looks to match it. Like GM, Ford will likely face more headwinds this year with Trump expected to end federal EV incentives. He is also threatening to impose tariffs on US trade partners, including Mexico, where the Mustang Mach-E is built.

Although GM doesn’t report separate breakdown for electric vehicles, it said they achieved a “positive variable profit” in Q4 2024.

After losing another $1.2 billion in the third quarter, Ford’s Model e business racked up 3.7 billion in losses through the first nine months of 2024. Ford expects EV losses to reach around $5 billion for the year.

Ford-Q4-2024-earnings
2025 Ford Mustang Mach-E (Source: Ford)

In Q4 2024, Ford is expected to report total company revenue of around $43 billion, down from $44 billion a year ago and $46.2 billion in the third quarter. The company is forecasted to post an adjusted EPS of around $0.33.

Investors will be closely watching Ford’s path to EV profitability and the potential impact of tariffs. Last month, Ford’s US sales fell 6%, while EV sales were up 21%.

Ford-Q4-2024-earnings
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

Financial breakdown

Ford beat Q4 expectations, posting $48.2 billion in revenue, up $2.2 billion year-over-year (YOY). Ford generated $185 billion in revenue for the entire year, its highest ever.

  • Q4 2024 Revenue: $48.2 billion vs $43 billion expected.
  • Q4 2024 Adjusted EPS: $0.39 vs $0.33 expected.

The company reported an adjusted EBIT of $2.1 billion in the quarter, up 103% from Q4 2023. Ford’s Blue and Pro units generated $1.6 billion, while its Model e unit lost another $1.4 billion.

Ford reported an adjusted EBIT of $9 billion for its Pro business for the full year and $5.3 billion for Ford Blue. Its Model e EV business lost $5.1 billion last year. In the fourth quarter, Ford lost about $37,000 on every electric vehicle it sold.

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Ford Q4 2024 Model e electric vehicle unit earnings (Source: Ford)

Ford said the higher EV losses were due to pricing pressure, with volume and revenue falling 9% and 35%, respectively. Ford’s aging F-150 Lightning and Mustang Mach-E are facing an influx of new rivals in the US, such as the Tesla Cybertruck and Chevy Equinox EV.

Farley explained that “In 2025, we expect to make significantly more progress on our two biggest areas of opportunity – quality and cost” as it looks to improve profitability.

Q1 2023 Q2 2023 Q3 2023 Q4 2023 Full-Year 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full-Year 2024 2025 Forecast
Ford Model e EBIT loss ($722 million) ($1.08 billion) ($1.33 billion) ($1.57 billion) ($4.70 billion) ($1.32 billion) ($1.14 billion ($1.22 billion) ($1.39 billion) ($5.07 billion) ($5 billion to $5.5 billion)
Ford Model e EV losses by quarter

Ford expects adjusted EBIT of $7 billion to $8.5 billion in 2025. It’s also forecasting that Model e will lose another $5 to $5.5 billion this year.

Its guidance is slightly lower than expected, given the potential impact of Trump’s imposing tariffs on Canada, Europe, and Mexico.

On the earnings call with investors, Farley said a 25% tariff on imports from Mexico and Canada would have massive impacts, creating billions in losses, but it will continue working with government leaders on a solution.

Ford’s stock fell over 5% on Wednesday’s post-market trading following the report and the potential impact of tariffs.

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Tesla quietly removes range extender battery option on Cybertruck

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Tesla quietly removes range extender battery option on Cybertruck

Tesla has quietly removed the Cybertruck’s range extender from the options in its online configurator.

Does Tesla still plan to bring the product to market?

When Tesla unveiled the production version of the Cybertruck in late 2023, there were two main disappointments: the price and the range.

The tri-motor version, which was the most popular in reservation tallies, was supposed to have over 500 miles of range and start at $70,000.

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Tesla now sells the tri-motor Cybertruck for $100,000 and only has a range of 320 miles.

As for the dual-motor Cybertruck, it was supposed to cost $50,000 and have over 300 miles of range. The reality is that it starts at $80,000, and it has 325 miles of range.

However, Tesla had devised a solution to bring the range closer to what it originally announced: a separate battery pack that sits in the truck’s bed. Tesla called it a “range extender.” It costs $16,000 and takes up a third of the Cybertruck’s bed.

Even though the Cybertruck has been in production for a year and a half at this point, the range extender has yet to launch.

Initially, Tesla said that it would come “early 2025”, but we reported that it was pushed to “mid-2025” late last year.

At the time, Tesla also reduced the range that the removable battery pack adds to the Cybertruck to “445+ miles” rather than “470+ miles” for the dual motor – a ~25-mile reduction in range.

Now, Tesla has removed the option from its online Cybertruck configurator. It used to take reservations for the range extender with a “$2,000 non-refundable deposit”, as seen on the image above, but now it’s not in the configurator at all at the time of writing.

It’s unclear if Tesla is not planning to launch the product anymore or if it is just pausing reservations.

In its specs page, Tesla still lists the achievable range of both versions of the Cybertruck with and without the range extender battery:

Electrek’s Take

I’m curious. Is it dead, or does Tesla just want to stop taking reservations for it?

At first, I was curious about the product even though I didn’t think it would make up for Tesla’s significant miss on Cybertruck specs.

However, after it was confirmed that it takes up 30% of your bed and that it needs to be installed and removed by Tesla at a service center, I think it’s pretty much dead on arrival at $16,000.

It’s going to be a product limited to only a few people at best. And now that’s if it makes it to market.

With the option being removed from the configurator, there’s no production timeline available. Again, the last one was “mid-2025”, which is soon.

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member’s Festival

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member's Festival

Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.

EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:

Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.

To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.

EcoFlow Member
Source: EcoFlow

EcoFlow and its members look to provide “Power for All”

Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.

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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:

In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.

In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.

To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.

Source: EcoFlow

Save big and give back during the 2025 Member’s Festival

As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.

As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.

Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!

Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.

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Tesla loses another top talent: its long-time head of software

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Tesla loses another top talent: its long-time head of software

Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.

Tesla changed how the entire auto industry looks at software.

Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.

When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.

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Tesla also integrated its software into its retail experience, service, and manufacturing.

David Lau deserves a lot of the credit for that.

He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.

Lau listed the responsibilities of his team on his LinkedIn:

  • Vehicle Software:
    • Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
    • UI software and underlying Embedded Linux platforms
    • Navigation and routing
    • iOS and Android Mobile apps
  • Distributed Systems:
    • Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
    • Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
    • Diagnostic tools and fleet management, Manufacturing and Automation:
  • Automation controls (PLC, robot)
    • Server-side manufacturing execution systems that power all of Tesla’s production operations
  • Product Security and Red Team for software, services, and systems across Tesla

Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.

Electrek’s Take

Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.

He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.

I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.

There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.

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