Those $30,000 EVs are “right around the corner,” Ford’s CEO Jim Farley promises. Ford is now testing vehicles with sourcing 95% complete.

When will Ford’s $30,000 EVs be available?

Although Farley warned that EV adoption will only be about 5% of the US market in the near term, Ford sees an opportunity with more affordable electric cars.

Ford is “well-positioned” to navigate the recent US policy changes, including the loss of the $7,500 EV tax credit, Farley explained during the company’s third-quarter earnings call.

The cornerstone of its growth plans is the new Ford Universal EV Platform, a low-cost, flexible architecture that will unlock a new family of electric cars priced around $30,000. Despite scaling back EV plans, including cancelling its three-row electric SUV, Ford is doubling down on affordable EVs.

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Farley confirmed during the call that EVs starting at around $30,000 are “not a distant plan,” adding that they are “right around the corner” at Ford.

The company is now testing vehicles, and sourcing is 95% complete. By the end of this year, Ford will begin installing equipment at its Louisville Assembly plant, where the new vehicles will be assembled. It’s also on track to start producing LFP battery cells in Michigan, which will be key to lowering costs.

Farley’s comments come as Ford’s EV sales plummeted in October following the expiration of the $7,500 federal tax credit.

Ford sold just over 4,700 electric vehicles in the US in October, 25% fewer than a year ago. Meanwhile, Ford halted production of the F-150 Lightning at its Rouge EV Center to focus on gas and hybrid models.

After reporting Q3 earnings last week, Ford said, “F-150 Lightning assembly at the Rouge Electric Vehicle Center will remain paused.” The move comes after a fire at a supplier plant in New York disrupted aluminum supply, which Ford relies on for its F-Series pickups.

A major Tesla shareholder announced that they are voting against Elon Musk’s CEO compensation package, but the odds are still in his favor.

As we have been extensively reporting over the last few weeks, Tesla shareholders are set to vote on a new compensation package for Elon Musk worth up to $1 trillion.

The package is highly controversial. On one hand, the board, Musk, and his fans are presenting it as an “all or nothing” situation on which the “future of Tesla”, or even “the world” (actual quote from Musk) hangs in the balance.

The CEO has threatened to quit if he doesn’t get the package, which he claims is mainly about increasing his stake and control over Tesla as the automaker continues to develop AI technology, which he claims to fear in the wrong hands.

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On the other hand, critics point to Musk getting more stock options than all other Tesla employees combined, despite being a part-time CEO for the better part of the last 3 years.

Furthermore, there are issues with the way the package is structured, which could lead to Musk banking tens of billions of dollars worth of options without delivering any major advancements at Tesla.

Now, Norges Bank Investment Management, Norway’s massive sovereign-wealth fund, has pronounced itself on the compensation package as a shareholder.

They are firmly against it:

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk — consistent with our views on executive compensation.”

As of the last disclosure, the fund owns over 1% of Tesla’s stock, making it one of the most significant shareholders.

California Public Employees’ Retirement System, branded as CalPERS, also announced that it is voting against Musk’s pay package, citing reasons very similar to Norges’. The fund holds approximately 5 million shares of Tesla stock.

On the other hand, Baron Capital Management also pronounced itself on the pay package at the same time as the Norwegian fund. Unsurprisingly, given Ron Baron’s long-time support for Musk, Baron sided with Musk.

But his fund is much smaller and reportedly holds approximately 0.4% of Tesla.

The vote will be final at Tesla’s annual shareholders meeting on November 6th.

Prediction market Polymarket currently puts the odds of the package passing at 93% with $66,000 in trading volume:

Electrek’s Take

Institutional shareholders are going to make or break the vote for Musk. We know insiders and retail investors are going to vote for the package, since if you fall within either of those categories at this point, you are probably a fan.

But the institutional shareholders have other people to answer to, and they need to justify their votes.

“I like Elon and I believe in his ridiculous predictions about AI and robots” is just not enough. The proxy firms that advise those institutional shareholders have already pronounced themselves against, but the question remains: how many of them will follow the advice?

For now, it looks quite split, which would point to a yes passing as long as there’s a strong 90% yes turnout from retail shareholders, which appears to be the case.

After November 6th, Elon Musk will own Tesla forever. For better or worse.

Kia is set to launch a slate of new electric and hybrid vehicles over the next year as it looks to boost its presence in the US, European, and other global markets.

Kia preps for new electric and hybrid vehicles

Get ready to see more Kia models on the road over the next few years. The South Korean automaker plans to introduce five new or refreshed flagship models in 2026.

For the first time since it hit the market in 2019, the Seltos, one of Kia’s most popular vehicles, is getting a complete redesign.

The new Kia Seltos will be offered as a hybrid for the first time. It will launch in Korea first in 2026 alongside a partially refreshed Niro, before rolling out globally.

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In the US, Kia plans to navigate the new tariffs and policy changes by boosting local production of its most popular SUVs. The Telluride, Kia’s largest SUV, is getting an overhaul, which will also include a hybrid version for the first time.

Kia America’s vice president, Eric Watson, confirmed the second-gen Telluride debut at the LA Auto Show later this month.

Although like nearly all automakers, Kia’s EV sales plummeted in October after the federal tax credit expired. Kia sold just 666 units of its three-row EV9 SUV and 508 EV6 models in the US last month.

Despite this, Watson said that “Kia’s future remains very bright, and the brand will continue to grow” as it enters the holiday sales season and into 2026. Even with slower EV sales, Kia is still on track for its third straight record sales year in the US.

While Kia focuses on SUVs and hybrids, it’s delaying the EV4 electric sedan “until further notice.” Kia said the change is because “market conditions for EVs have changed.”

Kia has even bigger plans in Europe. Early next year, Kia is launching its new entry-level electric car, the EV2. The Kia EV2 is expected to be a cornerstone of Kia’s growth plans, priced under €30,000 ($35,000).

It will sit below the EV3, which is already the most popular retail EV in the UK and among the best-sellers in Europe.

Kia also plans to launch an electric version of the Siros SUV in India as it aims to play a bigger role in the global auto market.

And these are just the new vehicles Kia is launching in 2026. The Korean automaker has already introduced a wave of new models this year across key markets, such as the EV5, a midsize EV SUV, and the PV5, its first electric van.

Source: Newsis, Kia