In its latest setback, Ford is cutting back on another significant EV investment. The company is scaling back plans at its $3.5B EV battery plant in Michigan as it adjusts to market demand.
Ford said it was “re-timing and resizing some investments” in a statement Tuesday. Although it remains bullish on its long-term strategy, Ford is reducing its investment and cutting jobs at its Michigan EV battery plant.
The company is cutting production capacity at the facility by over 40%. Ford now expects the facility to produce around 20 GWh, a big difference from the 35 GWh initially expected.
Ford is also reducing its investment in the facility by nearly $1.5B while cutting the expected number of jobs to 1,700.
35 GWh annual output of LFP batteries, starting in 2026
400,000 EVs in 2026, or 20% of Ford’s expected 2M output.
Those plans are now being scaled back drastically. The plant will now produce enough LFP batteries for around 230,000 EVs annually.
Ford F-150 Lightning lineup (Source: Ford)
Ford’s chief communications officer, Mark Truby, told reporters (via Bloomberg) that EV adoption “is not growing at the pace” they expected. Truby said Ford wants to be “really disciplined” about spending and matching future demand.
Ford to scale back Michigan EV plant in latest setback
Ford’s EV plant in Michigan was quickly targeted over its partnership with Chinese battery giant CATL. Plans called for Ford to own the plant while licensing CATL’s tech to build the LFP batteries.
The move is part of Ford’s plans to scale back EV investments. Ford said it was delaying its 600,000 run rate goal until next year over the summer.
Ford F-150 Lightning production (Source: Ford)
More recently, it cut one of three shifts at its Rouge EV complex, where the F-150 Lightning is built. Ford’s CFO John Lawler explained last month the company has also “taken out some Mach-E production.
Lawler added that Ford is “slowing down several investments, including making a decision with SK On to delay the second BlueOval SK JV battery plant in Kentucky.”
Ford is pushing back around $12 billion in spending on EVs. Sales of Ford’s electric pickup fell 46% in Q3. The company lost around $36,000 on every EV sold during the quarter.
2023 Ford Mustang Mach-E (Source: Ford)
Truby said the decision was based on “demand and the expected growth for EVs, our business plans, our product cycle plans,” and the ability to create a sustainable plant.
He added, “Labor costs was one of the factors we were looking at.” Ford reached an agreement with the UAW, which increased wages by 25%.
Despite this, Ford said it plans to move ahead with the project. It expects to begin producing LFP battery cells in 2026.
Electrek’s Take
Plans to scale back its Michigan EV battery plant is the latest setback for Ford. The company continues delaying EV investments alongside rival General Motors.
Meanwhile, rivals, including Hyundai and Volvo, are doubling down as they work to expand their brands.
Hyundai surpassed GM and Ford in EV sales in Q3. Including Kia, Hyundai claimed 7.5% of the market, while GM’s Chevy (5.9%) and Ford (5.5%) fell in the rankings.
Jose Munoz, Hyundai’s global president, told Reuters last week, “Based on what I see, I need more. If I had more capacity today, I could sell more cars.”
Meanwhile, Volvo expects its smallest and cheapest electric SUV, the EX30 (check out our review), to keep momentum rolling next year.
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Dodge Charger. Ford Lightning. Some historic car names are just begging to be brought back as new-age electric vehicles, but the best one has always been the Buick Electra – and now, it’s back. Meet the all-new Buick ELECTRA GS concept.
It’s hard to draw a direct line between this new-age concept, which made its debut earlier today in Shanghai, and the OG 1959 Buick Electra. Heck, that car would probably have more parts in common with a lunar rover than this new electric Electra … but as Michael Keaton’s Ray Kroc says in The Founder, “I needed the name.”
The new ELECTRA GS is big, bad, and definitely designed to feel like a chest-forward statement of intent. In fact, the official copy says that the concept draws inspiration from the mythical centaur, embodying both raw power and intelligence.
“The ELECTRA GS is more than a concept. It’s a design manifesto,” said Stuart Norris, Chief Design Officer at SAIC-GM and Vice President of GM China Design. “It’s a bold statement that Buick will continue its success in the electric era with sculptural dynamism, cutting-edge technology, and uncompromised sophistication.”
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Which, sure – but did I mention it’s big? (It’s so big, you guys).
Return of the big Buick
Buick ELECTRA GS Concept; via GM.
At 5,300 mm, the concept Buick is well over seventeen feet long, and it seems tall, too – those are 23″ (twenty-three inch) wheels that scale it down a bit, but it’s nearly as big as a Chevy Tahoe/GMC Yukon at 5,334 mm.
No technical specs are provided, indicating that this very much a styling exercise, but one could easily imagine the same high-powered Ultium underpinnings found in a physics-defying GMC Hummer EV buried below the ELECTRA GS’ curves and making it more than quick enough to live up to any hype generated by the GNX version GM is bound to roll out to SEMA in a year or two.
It’s what’s inside that counts
Inside, the big electric skateboard chassis enables a flat, expansive cabin that the company says is “transformed into a bespoke sanctuary.” The car features four individual captain’s chairs wrapped in premium materials and metallic accents to deliver first-class comfort. The driver’s view is uncluttered with simple instruments and a large HUD, while a 16.3-inch ultra-wide display caters to front-seat passengers (the designated DJs on any long road trip) with bunches of connectivity but, presumably, no Apple CarPlay.
Even so, it seems like a forward-looking, high-tech vision that caters more to Chinese than American sensibilities. “In today’s connected world, where design and technology transcend borders, our team is proud to be shaping a global vision from China’s perspective,” said Norris. “The ELECTRA GS is just the beginning.”
The electric bike brand Tenways, known for its sleek and commuter-friendly e-bikes, is officially entering the cargo bike segment in the US with the launch of the Tenways Cargo One. The front-loading electric cargo bike takes on major brands like Urban Arrow while offering a lower-cost alternative for two-wheeled family transportation.
The new Tenways Cargo One marks a significant expansion for the brand as it joins the growing category of front-loading cargo e-bikes, often referred to by their Dutch name bakfiets. The proliferation of the Dutch word for these bikes is no accident – this style of e-bike is common on streets of major cities and smaller towns alike across the Netherlands, helping families transport several kids on a single bike. The front-loading design allows parents to keep a better eye on their passengers and makes it easier for kids to get in and out of their seats, not to mention keeping the center of gravity lower.
For that reason, front-loading cargo e-bikes are a popular choice in Europe, especially in bike-centric countries like the Netherlands. Now the Shenzhen-based e-bike maker Tenways is bringing that same convenience to the US.
Unlike most of Tenways’ e-bikes, which are shipped directly to consumers for at-home assembly, the Cargo One will be delivered fully assembled via local Tenways dealers. The company cites the bike’s size and complexity as the reason for this shift in logistics, ensuring that riders receive a properly built, ready-to-ride machine from day one. Unlike a typical e-bike that requires only the wheels and handlebars to be bolted in place at home, the Cargo One’s massive passenger/storage box and more complicated linked steering require more of an expert’s touch for assembly.
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The Cargo One is equipped with an extra-large 800-liter front cargo box, designed for family transport, urban deliveries, or general heavy-duty hauling. Lighting is integrated throughout, including “EV-style” sidelights and standard front and rear LED lights, making the bike visible and safe in low-light conditions. A wide double kickstand allows for stable parking even when fully loaded.
Under the hood, the Cargo One features a Bafang mid-drive motor powered by a 960Wh portable battery. Tenways estimates a range of up to 90 km (56 miles) per charge. The drivetrain includes a Gates CDX carbon belt paired with an Enviolo stepless shifting hub, a combination prized for its low maintenance and smooth, intuitive operation.
Braking is handled by hydraulic disc brakes, and the bike is built to accommodate riders between 165 to 196 cm (5’5″ and 6’5″). With a top speed of 32 km/h (20 mph) and a total weight of 56 kg (123 lbs), the Cargo One balances performance and practicality for everyday utility cycling.
In terms of market positioning, Tenways is entering a space largely dominated by high-end European brands such as Urban Arrow and Riese & Müller. These brands have set the benchmark for quality and ride experience in the front-loader segment, but their models typically start at prices well above US $6,000, often pushing past $8,000.
At $5,499, the Tenways Cargo One offers a more accessible entry point for those looking to experience the utility and lifestyle of front-loading cargo e-bikes without reaching into luxury-tier pricing.
With the Cargo One, Tenways is signaling a serious commitment to the growing demand for family- and utility-focused electric bikes. As more U.S. cities invest in bike infrastructure and residents look for alternatives to car ownership, front-loading cargo e-bikes are gaining traction as a practical and environmentally friendly transportation solution.
Electrek’s Take
I’m all aboard this train! Cargo e-bikes are force multipliers in the two-wheeled industry, and these are the true SUVs of the cargo e-bike world. Front-loading cargo e-bikes like the Cargo One have a setup that allows for greater cargo capacity and stability.
We’ve already seen how this makes them a favorite in Europe among parents, small business owners, and urban dwellers who are replacing car trips with e-bike rides. While rear-loading cargo bikes also have their fans, front-loaders offer better visibility of your cargo – whether that’s groceries, kids, or gear – and a lower center of gravity. Front-loaders aren’t non-existent in the US. I see them occasionally in the US, but rear-loading cargo bikes are much more common due to their lower cost and smaller size.
At $5.5k, this is still a hefty chunk of change, but at least it’s a lot nicer than $8k. That difference might just help open up this market further for families that are ready to make the jump. I’m not under any illusion that Tenways is going to see huge sales on a bike like this in the US, at least not at first. But accessibility is the first battle. Once Americans have options, maybe then we can convince them to use those options.
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The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
BP shares jumped on Wednesday after activist investor Elliott went public with a stake of more than 5% in the struggling British oil major, which has pivoted back to oil in a bid to restore investor confidence.
BP shares were last seen up 4.75% at 9:44 a.m. London time. The London-listed stock price is down around 5% year-to-date.
Hedge fund Elliott Management has built its holding in the British oil major to 5.006%, according to a regulatory filing disclosed late Tuesday. BP’s other large shareholders include BlackRock, Vanguard and Norway’s sovereign wealth fund.
Elliott was first reported to have assumed a position in the oil and gas company back in February, driving a share rally amid expectations that its involvement could pressure BP to shift gears from its green strategy and back toward its core oil and gas businesses.
Within weeks, BP, which has been lagging domestic peer Shell and transatlantic rivals and posted a steep drop in fourth-quarter profit, announced plans to ramp up fossil fuel investments to $10 billion through 2027. This marked a sharp strategic departure for the company, which five years ago became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, the company pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.
The oil major scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.
Since switching gears, BP’s CEO Murray Auchincloss and outgoing Chair Helge Lund — who is expected to depart the company in 2026 — retained their posts but were penalized with reduced support during BP’s board re-election vote earlier this month amid pressure from both revenue and climate-focused investors.
BP’s strategic reset back to the company’s oil and gas activities took place just as crude prices began to plunge amid volatility triggered by U.S. tariffs and Washington’s trade spat with China, the world’s largest crude importer.
Energy analysts have broadly welcomed the strategic reset, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.
The energy firm nevertheless remains firmly in the spotlight as a potential takeover target, with the likes of Shell and U.S. oil giants Exxon Mobil and Chevron touted as possible suitors.
BP is scheduled to report first-quarter earnings on Tuesday. The company has said it anticipates lower reported upstream production and higher net debt in the first quarter than in the final three months of 2024.