Connect with us

Published

on

Ford (F) is expected to release its first quarter 2023 earnings after market close on Tuesday, May 2, as the company’s first report to break down EV financial results separately. Wall Street analysts expect Ford’s overall earnings to increase slightly in Q1 alongside higher revenues as the industry’s shift to fully electric vehicles intensifies.

Ford EV sales in the first quarter of 2023

After selling a record 61,575 fully electric models last year, Ford’s momentum slipped in Q1, losing its position as the second-largest EV manufacturer in the US to rival American automaker General Motors (GM).

Ford sold 10,866 EVs in the first three months of the year, representing 41% growth year-over-year (YOY).

The biggest surprise was Mustang Mach-e sales fell nearly 20% to just over 5,400 units compared to 6,734 in Q1 2022, though it was mainly due to its plant in Mexico undergoing renovations to ramp production.

Meanwhile, despite a production halt earlier this year, F-150 Lightning sales reached 4,291, with demand for electric trucks climbing.

Ford continues to be a leader in the commercial segment, with E-Transit sales up 62.7% as businesses and fleets look for zero-emission alternatives.

Ford-Q1-2023-earnings-EVs
Ford Mustang Mach-E (Source: Ford)

Ford Q1 2023 earnings preview

Ford’s upcoming Q1 earnings are expected to be the first where the automaker will break down its financial results into three segments, Ford Model e (EV), Ford Pro (business and software), and Ford Blue (ICE).

Ford has already said it expects the electric vehicle business to lose $3 billion this year as it looks to double Mach-e and triple F-150 Lightning production.

This comes after Ford already lost $2.1 billion last year and a total of $6 billion since 2021. Despite the massive losses, the automaker expects its first-gen EVs to approach the breakeven point this year. However, the surplus will be more than offset by new electric investments.

As for the first quarter, we will likely see substantial losses from Ford’s EV unit with lower margins and production hurdles.

Ford-Q1-earnings-preview
Ford Q1 2023 revenue forecast (Source: Estimize)

On the positive side of things, with supply chain issues easing and input costs falling, Analysts are forecasting overall revenue to increase to around $39 billion from $34.5 billion in Q1 2022.

Ford-Q1-earnings-preview
Ford Q1 2023 earnings forecast (Source: Estimize)

Earnings per share (EPS) is expected to come in around 0.41 to 0.42, showing slight growth from 0.38 in the first quarter last year.

Rival GM released Q1 earnings last week, showing revenue growth of 11% to $40 billion in the first three months of 2023. GM says it expects a breakout year with new EV launches after raising earnings and cash flow guidance for the year.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Save 30% off the Huffy Electric Green Machine during its Black Friday sales event

Published

on

By

Save 30% off the Huffy Electric Green Machine during its Black Friday sales event

Veteran bicycle brand and e-mobility innovator Huffy is joining the Black Friday sales festivities with an exclusive deal for Electrek readers on its 36-volt Electric Green Machine drift trike. Use the promo code below for 30% off your purchase.

Huffy Green Machine

Huffy puts over 130 years of experience into its products

Huffy is easily a household name in bicycles. The company is celebrating over 130 years in the segment and has shown no signs of slowing down. The brand is sold across thousands of retail locations and ships millions of bikes to customers throughout the US and 40 additional international markets each year.

The Huffy name is known for products that deliver riders comfort, style, and durability. Whether on a bike, trike, scooter, or ride-on, there’s something for every member of the family to enjoy. Since 2019, Huffy has been calling riders together with its rally cry, “Live the Ride,” which encourages families to celebrate togetherness by exploring the outdoors atop its products.

Whether that means leisurely rides through local parks with friends, family outings, traversing local trails, or exploring new cities during a summer getaway, Huffy strives to remind riders of the simple youthful joy that riding can bring.

Since Huffy launched the 20” Green Machine in 2023, teens and adults have been asking for a version that would allow them to experience the same adventure, fun, and thrill of each spin and drift. Huffy answered the call with their new Electric Green Machine, a nostalgic and electrified version of the classic drift trike Huffy fans know and love. This powerhouse drift-trike is packed with 36 volts of electric power and a 250-watt front hub motor that lets riders reach exhilarating speeds of up to 15 miles per hour. Perfect for thrill-seekers ages 14 and up, the Electric Green Machine reignites the fun and excitement of childhood rides.

All of Huffy’s products, including the Electric Green Machine seen below, are thoughtfully crafted for the moments that happen when you pop up your kickstand and see where the path takes you. In the case of the E-Green Machine, Huffy wants riders to unleash a whirlwind of thrilling drifts and slides right when they climb into the cockpit.

To help even more riders experience holiday thrills this season, Huffy is offering an exclusive discount on the Electric Green Machine for Electrek readers. Whether buying it for yourself or friends and family, the Electric Green Machine is the perfect gift to put under the tree this holiday season. If you’re ready to start drifting, use the promo code below to save some “green” on your purchase⎯but only for a limited time!

Huffy Green Machine

Don’t miss Huffy’s Black Friday deal on the Electric Green Machine

The new Electric Green Machine is available on Huffy.com for $599.99. However, you can use promo code “ELECTREKGM” at checkout for 30% off your purchase (valid on the Electric Green Machine only).

Huffy’s Black Friday deals are available now, but only until 11:59 PM on December 8, 2024, so act quickly while supplies last. This year, holiday thrills start with red and green at Huffy. Be sure to take advantage of this limited-time offer and check out the other limited-time deals on Huffy’s site this week (offering up to 55% across a range of products).

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Watch Hyundai’s massive $7.6B Georgia EV plant go up in just 2 years in this video from space

Published

on

By

Watch Hyundai's massive .6B Georgia EV plant go up in just 2 years in this video from space

Hyundai’s new EV plant in Georgia is now up and running. The massive $7.6 billion facility was built in just two years as the company preps for new US-made electric models like the upgraded 2025 IONIQ 5 and its new three-row IONIQ 9. A cool new video from space shows just how quickly Hyundai worked to open the facility.

Watch Hyundai’s new EV plant go up from space

Production officially began at the new Hyundai Motor Group Metaplant America (HMGMA) in Bryan County, Georgia last month.

The accomplishment comes after Hyundai broke ground at the site in October 2022. In May 2022, Hyundai announced plans to build its first dedicated EV plant in the US to meet new requirements for the federal EV tax credit, which provides up to $7,500 for clean car purchases.

Hyundai fast-tracked construction at the plant as it looked to gain an edge in the US, its most important market. The company’s initial $5 billion investment turned into a whopping $7.6 billion.

According to a study from the Center for Automotive Research, Hyundai’s EV plant will help create over 58,200 new jobs while attracting over $12.6 billion in investments in Georgia. Last month, the company secured its 18th supplier as it builds out an extensive US network.

A new video from space-based intelligence company BlackSky shows an impressive timelapse of the construction.

Hyundai construction at its EV plant in Georgia from space (Source: BlackSky)

You can see the massive facility go up in just two years as Hyundai looks to secure a leadership role in the US auto industry.

Hyundai’s new EV plant will directly employ 8,500 workers to build up to 300,000 EVs per year. The first vehicle that rolled off the assembly line was the refreshed 2025 IONIQ 5.

2025-Hyundai-IONIQ-5
Hyundai’s new 2025 IONIQ 5 Limited with a Tesla NACS port (Source: Hyundai)

The upgraded 2025 Hyundai IONIQ 5 now features even more range (318 miles), a sleek new style, and it even comes with an NACS plug so you can charge at Tesla superchargers. The base, 2025 IONIQ 5 SE RWD Standard Range model, starts at just $42,500.

Last week, after unveiling its first three-row electric SUV, the IONIQ 9, Hyundai confirmed it would also be built at its Georgia facility.

Hyundai-Trump-EV-credit
Jose Munoz with the Hyundai IONIQ 9 (Source: Hyundai)

Despite President-Elect Trump’s transition team reportedly planning to end the $7,500 EV tax credit, Hyundai is confident in the company’s future.

At the LA Auto Show, the company’s newly electric CEO, Jose Munoz, said in an interview, “Hyundai did not build our investment plan based on incentives; the plan was even made before Trump’s term.” Munoz explained even without the credit now, Hyundai is still gaining market share.

Ready to check out Hyundai’s best-selling electric SUV for yourself? With the new 2025 IONIQ 5 arriving, Hyundai is offering closeout deals on 2024 models. You can use our link to find the best deals on 2024 and 2025 Hyundai IONIQ 5 models at a dealer near you.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Dodge Charger EV is even cheaper to finance than the gas model with 0% APR

Published

on

By

Dodge Charger EV is even cheaper to finance than the gas model with 0% APR

The world’s first electric muscle car is finally here, and Dodge is already sweetening the deal for buyers. The Dodge Charger Daytona EV is launching with 0% APR, making it even cheaper to finance than the outgoing gas-powered model.

Dodge Charger EV launches with 0% APR offer

The first all-electric Dodge Charger has arrived, and surprisingly, it’s already becoming more affordable. In March, Dodge unveiled the Charger Daytona EV, kicking off “the next generation of Dodge muscle.”

According to Dodge brand CEO Tim Kuniskis, the electric Charger “delivers Hellcat Redeye levels of performance.” That’s for the Scat Pack model, which comes with a Direct Connection Stage 2 upgrade kit straight from the factory.

The upgrade delivers up to 670 hp and 627 lb-ft of torque for a 0 to 60 mph sprint in just 3.3 seconds. It can also cover a quarter mile in around 11.5 seconds.

In comparison, the 807 hp Dodge Charger SRT Redeye Jailbreak edition, powered by a Supercharged 6.2L HEMI SRT V8 engine, takes 3.6 seconds to get from 0 to 60 mph.

Dodge-Charger-EV-APR
2024 Dodge Charger Daytona EV Scat Pack (Source: Stellantis)

With a Stage 1 upgrade, the base R/T trim has up to 456 hp and 404 lb-ft of torque, good for a 0 to 60 mph time in 4.7 seconds.

Dodge opened orders for the 2024 Charger Daytona EV in September, starting at $59,995. The High-performance Scat Pack trim starts at $73,190.

Dodge-Charger-EV-APR
2024 Dodge Charger Daytona EV (Source: Stellantis)

According to a new dealer note viewed by online auto research firm CarsDirect, all 2024 Dodge Charger Daytona EV models are now eligible for 0% APR financing for up to 72 months.

2024 Dodge Charger Daytona EV trim Horsepower 0 to 60 mph time Starting price
Dodge Charger Daytona R/T 496 hp 4.7 seconds $59,995
Dodge Charger Daytona Scat Pack 670 hp 3.3 seconds $73,190
2024 Dodge Charger Daytona prices and specs (excluding a $1,995 destination fee)

The offer makes the electric Dodge charger even cheaper to finance than the outgoing 2023 Dodge Charger at 5.9% APR for the same 72 months. However, this is an individual offer and cannot be combined with other deals. Based on CarsDirect analysis, the 0% APR offer is limited to the Northeast, Southern, and Central US regions.

Dodge is also offering a $1,000 loyalty bonus for Stellantis (Jeep, Dodge, Ram, Chrysler) lessees that trade in for the electric Charger.

Dodge-Charger-EV-interior
The interior of the 2024 Dodge Charger Daytona EV (Source: Stellantis)

With the $7,500 EV tax credit incentive, eligible customers can save up to $8,500 on the 2024 Dodge Charger Daytona EV. You may want to act fast, as these deals expire on December 2, 2024.

Jeep, another Stellantis brand, launched lease prices at just $599 per month for its first luxury electric SUV last week, the Wagoneer S. Jeep’s electric Wagoneer is also available with 0% financing.

Ready to check out the world’s first electric muscle car for yourself? We can help you get started today. You use our link to find deals on 2024 Dodge Charger Daytona models at a dealer near you.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending