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Ford Motor Company CEO Jim Farley recently posted an opinion piece to social media, sharing a fresh and inspiring perspective about his newfound love for electric vehicles. As a self-described “lifelong petrol head,” Farley definitely found his niche by heading one of the world’s most prominent automakers. Given his foresight into the future of electrification, it’s easy to see why he’s CEO, and better still, he has the data to back his statements up.

Jim Farley said he always wanted to be a “car guy.”

With time spent at Toyota and Lexus before joining Ford in 2007, Farley has definitely engrained himself in the car world. During his tenure at Ford Motor Company, he has risen through the ranks as a senior member of the executive team before being named the company CEO in 2020.

Long before Farley took over, the automotive industry had begun to shift toward electric vehicles that are more powerful, quieter, and, most importantly, cleaner in emissions. In a recent post, Farley said, “The rumble of a V-8 feels like the soundtrack of my life,” and that he still spends many weekends “wrenching” on his 1973 Ford Bronco.

The head of Ford clearly has a passion for combustion vehicles, which he spent most of his career developing, but Farley has admitted to a newfound love of electric vehicles and explains why. Furthermore, he does an excellent job of addressing common misconceptions about EVs as well as his predictions for the future of the industry.

Ford CEO
Farley charging an F-150 Lightning during his 2023 road trip / Source: Jim Farley/LinkedIn

Ford CEO: EVs will be the next great shift in mobility

We highly recommend reading the opinion piece in its entirety recently posted to LinkedIn by Ford CEO Jim Farley. It’s a five-minute read that is well thought out and relatable, and Farley comes off as informed, honest, and approachable, even as the head of a major automaker.

The piece is also full of strong arguments that make pro-EV advocates like us throw our hands up and say, “Preach!” This first part sounds partially like an ad for the F-150 Lightning, but Farley does share some insight on how he fell in love with EVs:

As a lifelong petrol head, I was surprised as anyone when I fell in love with electric vehicles.

It wasn’t government policies or political beliefs that sparked this late-career romance with electric vehicles. It’s because I drive one – my Ford F-150 Lightning Platinum. It is astonishingly quiet and smooth. The effortless acceleration leaves you with a silly grin once you get the feeling back in your face. Every morning, mine is topped up with 300 miles of range. No gas stations, ever…

… It’s that simple. For me, and for millions of Americans, electric vehicles are removing daily hassles and reminding us why we love to drive. If you want to have a blast behind the wheel, take a Mustang Mach-E Rally out on a dirt road.

Next, the Ford CEO addresses some misconceptions about EVs and compares the nascent technology to other paradigm shifts in our world of industry, such as mobile phones and computers, and even recalls a time when the internet was just a fad. Per Farley:

It takes time for innovations to take hold. But when they do, the shift is profound and lasting.

I believe the next great shift for vehicles will be toward software-defined and electric vehicles.

After that, Farley addresses a key issue (and misconception) among consumers who are considering going electric: how much range they need. Per the post, Ford’s research shows that approximately 50% of Americans only take trips over 150 miles four days or less per year.

Farley also stated that 80% of EV owners charge at home and acknowledges that public charging networks in North America are continuing to grow. Ford’s CEO mentions a road trip across the US he took in an F-150 Lightning last year but left out the part about how shocked he was that it was so difficult to find reliable chargers. Still, Farley appears optimistic about those networks:

Charging access and speed will keep getting better, just as cellular networks went from staticky and constantly dropping to clear and reliable.

Farley also shared that close to 70% of global EV owners say they are sticking to electric vehicles only in the future. With the US recently imposing higher tariffs on Chinese-made EVs and Europe and possibly Canada following suit, Ford’s CEO took an opportunity to stress the importance of supporting American automakers and to trust that the 121-year-old automaker knows what it’s doing. Per Farley’s post:

Here’s the other thing. We are in a global race to compete in a future where electric propulsion will undoubtedly be a giant force in transportation. America cannot cede innovation leadership to China, Europe, or any other region. Ford has survived and thrived for 121 years because we have never been shy about seizing the moment to innovate and face the future. Now, we are investing billions in plants, tech centers, and our workforce to create the must-have cars, SUVs, and trucks of tomorrow.

It’s true that we are losing money on electric vehicles in the first innings of this transition, largely due to the upfront investment costs. But that too is changing. After all, what major technological leap forward wasn’t challenging and costly at the early stages?

The tipping point we’re working toward will come not from regulators who push us or from politicians who try to hold us back. It will come from consumers. Not when an arbitrary market share is reached, but when electric vehicles are simply better for more customers – better to drive, cheaper to own, and easier to integrate into daily life. This is the reality for millions already.

Well said, Jim; welcome to the pack, from one EV lover to another.

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Kia’s EV sales surged to a new record in the US with affordable, long-range models

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Kia's EV sales surged to a new record in the US with affordable, long-range models

Kia’s EV sales in the US doubled in the first half of the year, hitting a new record. After selling over 5,000 EVs for the third straight month, Kia looks to keep the momentum going in the second half of 2024.

Kia’s EV sales hit new record in first half of 2024

Kia is on a roll in the US with affordable, long-range models like the three-row EV9 and EV6, reaching buyers.

After a record-breaking month in May, with EV sales doubling, Kia hit a new record with 29,392 electric cars sold in the first half of 2024.

Kia sold over 5,000 EVs for the third straight month in June, with 1,905 EV9s and 2,171 EV6s sold.

After deliveries kicked off in December, sales of Kia’s three-row EV9 electric SUV reached 9,671 through the first half of the year. Kia kicked off EV9 production in Georgia in May as the first EV built in the state.

Starting under $55,000 (excluding destination fee), Kia calls the EV9 a “wake-up call” to the industry. With the $7,500 federal tax credit, prices fall to as low as $48,995. The long-range EV9 gets up to 320 miles range, starting at $60,695.

Kia EV9 Trim

MSRP
(including $1,495
destination fee)
Price after potential
$7,500 EV tax credit
(including $1,495
destination fee)
EPA Est. Range
(miles)
Light RWD $56,395 $48,995 230
Light Long
Range RWD
$60,695 $53,195 304
Wind e-AWD $65,395 $57,895 280
Land e-AWD $71,395 $63,895 280
GT-Line e-AWD $73,900 $66,400 270
2024 Kia EV9 trim prices and range

Meanwhile, Kia sold 10,941 EV6 models, up from 8,328 at this time last year. The company does not provide a breakdown for Niro EV sales, but it sold at least 924, with over 5K EVs sold last month.

Kia’s EV6 is one of the most affordable and fuel-efficient EVs in the US. The 2024 Kia EV6 starts at just $42,600. For the Light Long Range RWD EV6 with up to 310 miles range, price start at $45,950.

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2024 Kia EV6 trim Starting Price Range (EPA)
Light RWD $42,600 232 mi
Light Long Range RWD $45,950 310 mi
Light Long Range AWD $49,850 282 mi
Wind RWD $48,700 310 mi
Wind AWD $52,600 282 mi
GT-Line RWD $52,900 310 mi
GT-Line AWD $57,600 252 mi
GT AWD $61,600 218 mi
2024 Kia EV6 prices and range by trim

The growth comes as Kia’s new low-cost EV3 is already off to a hot start in its domestic market.

After opening orders last month in Korea, starting at $30,700 (KRW 42.08 million), Kia’s EV3 has already secured over 10,000 reservations.

Kia-EV-sales-record
Kia EV9 interior (Source: Kia)

Meanwhile, massive new incentives allow you to save up to $12,800 on select EV6 leases in the US.

Have you been eyeing Kia’s new electric vehicles? We can help you find the perfect model at the right price. You can use our links below to find deals on Kia’s EVs at a dealer near you.

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Rivian (RIVN) deliveries remain flat in Q2 ahead of planned production ramp in H2 2024

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Rivian (RIVN) deliveries remain flat in Q2 ahead of planned production ramp in H2 2024

Electric vehicle maker Rivian (RIVN) delivered nearly 13,800 EVs in the second quarter of 2024. Although Q2 deliveries remained flat from Q1, Rivian plans to ramp up output in the second half of 2024. Here’s what to expect.

Rivian releases Q2 2024 deliveries

Rivian delivered 13,790 vehicles in Q2, up slightly from the 13,588 handed over in the first three months of 2024. However, it’s down from the 13,972 delivered in Q4 2024.

The slowdown was expected as Rivian shut down its Normal, IL manufacturing plant for upgrades. Rivian expected Q2 deliveries to be in the 13,000 to 13,300 range.

Rivian says the changes will significantly reduce costs while boosting efficiency. In other words, Rivian will be able to get vehicles out quicker, at a lower cost.

CEO RJ Scaringe has already warned investors that the second quarter could be “messy” amid the plant shutdown.

Rivian produced 9,612 vehicles in Q2, down from 13,980 in Q1 and 17,541 in the fourth quarter of 2023. However, it was enough to top its guidance of 9,100 to 9,300 units.

Rivian-deliveries-Q2
Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)

Meanwhile, Rivian said it remains on track to hit its 57,000 production goal in 2024. Rivian will release its Q2 financial results on August 6, 2024, after the market closes.

During its first Investor Day last week, Rivian gave us a glimpse into the EV maker’s future. Rivian reaffirmed it expects its first gross profit in Q4 2024.

Rivian-deliveries-Q2
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)

Rivian’s stock surged following a new partnership with Volkswagen. The new pact earned Rivian new backing from several analysts, including Dan Ives from Wedbush. Ives said the VW deal could “change the game for Rivian” as it strives for its first profit.

Looking further out, Rivian’s next-gen R2 is expected to significantly expand its market. Following the R2 launch in early 2026, Rivian expects production capacity to reach 215,000, up from 150,000 currently.

The R2 will account for 155,000, while R1T and R1S are expected at 85,000. Rivian’s commercial van will account for the remaining 65,000.

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Tesla (TSLA) announces Q2 deliveries: beat expectations

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Tesla (TSLA) announces Q2 deliveries: beat expectations

Tesla (TSLA) has officially released its Q2 2024 delivery and production results. The automaker confirmed having delivered 444,000 electric vehicles last quarter.

Tesla Q2 expectations

Wall Street has adjusted its expectation this quarter to a consensus of about 438,000 deliveries, which is down from the 466,000 vehicles Tesla delivered during the same period in 2023.

As we reported last week, the expectation came down over the last few days after they were at ~450,000 deliveries last week.

Tesla Q2 results

Tesla confirmed that it produced 411,000 vehicles and delivered 444,000 vehicles – beating expectations by a slight margin:

In the second quarter, we produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles. We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet.

For the first time in a while, Tesla delivered more vehicles than it produced, but that’s partly because tens of thousands of vehicles were in transit at the end of last quarter.

Tesla still doesn’t break down sales by models. It bundles Model 3 and Y together and all other vehicles in the same “other models” category:

Models Production Deliveries Subject to operating lease accounting
Model 3/Y 386,576 422,405 2%
Other Models 24,255 21,551 1%
Total 410,831 443,956 2%

Tesla also released its energy storage deployment, which was exceptionally high at 9.4 GWh this quarter.

That’s not only a new record, but more than twice the amount deployed in the last record quarter.

Tesla’s stock (TSLA) is up 5% on the news.

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