John Deere has announced the signing of a strategic partnership with EGO and its parent company Chervon. Under the agreement, EGO’s lineup of over 70 battery-powered lawn care products will soon become available at John Deere dealers. This is wonderful news for consumers looking to abandon gas-dependent lawn work, but there is a tinge of capitulation in this deal we can’t overlook.
If you haven’t heard of John Deere, I’d wager you’re a visitor from another planet walking among the human race, or you grew up in Apple TV+’s Silo. Whether you or a childhood friend were raised around toy green tractors, or you’ve randomly had the slogan “nothing runs like a Deere” randomly pop into your head, there’s no denying the cultural influence of the green and yellow brand, especially for a company that builds mowers and backhoes.
Part of Deere & Company’s ($DE) global recognition comes from its impressive history. The company was founded in the great state of Illinois a head-spinning 186 years ago, where it remains headquartered today. In nearly two centuries in operations, John Deere has risen into the top 100 of Fortune 500 companies, but you don’t stay ahead by sitting still.
The company continues to innovate, introducing new technologies like autonomous tractors and has recently begun advertising a zero-turn electric mower (seen below). Although the veteran equipment manufacturer has made vows to introduce more electric products, it still sits like a Deere in the headlights of other companies like EGO, that are already selling dozens of all-electric lawn care products around the globe.
While John Deere slowly but surely(?) electrifies its smaller products, it has signed a partnership with EGO – a clear competitor, to help sell the latter’s products across its dealer network.
The upcoming all-electric 42″ Z370R ZTrak Mower / Credit: John Deere
EGO’s Power+ 42” Z6 Zero Turn Mower / Crtedit: EGO
John Deere selling EGO products is an interesting strategy
John Deere announced the new partnership with EGO earlier today, which will enable the sale of battery-electric products across the former’s network of dealers. The vice president of John Deere’s turf and compact utility business, David Thorne spoke to the new deal with EGO:
Simplifying the landscape management of properties is what drives us every day. We seek to provide our customers with a broad range of tools, which will now include a battery ecosystem that can be extended into a variety of property care solutions. Partnering with a leading electric solutions brand, like EGO, to provide top-quality battery-powered equipment will propel both John Deere and Chervon into a stronger market position to serve our evolving customers
Having expanded availability is a huge win for consumers and for the environment, as we’d like to hope more Deere customers go electric – at least with smaller equipment like mowers, weed whackers, etc. That being said, this is an interesting business decision by John Deere who keeps saying it’s developing its own electric products. Very few have yet to reach the market, however.
EGO, on the other hand, is already selling tons of products in over 100 countries and is arguably the number-one rated brand it battery-powered outdoor equipment – a title you’d think a name like John Deere would be working around the clock to snag.
According to a spokesperson for John Deere, EGO’s products will become available across its dealer network in the US and Canada beginning this fall. The company are also discussing the possibility of developing future equipment together. Until then, keep an eye out for EGO products at your local John Deere dealer.
Electrek’s Take
If you can’t beat ’em, join ’em… or help ’em sell ’em?
By signing this partnership, I’d argue that John Deere is admitting it’s behind on electrification. It may very well be working tirelessly behind the scenes to get there, but it’s clearly not where it wants to be. Hence why the company just agreed to sell the products of a major competitor, arguably the best in the segment right now and most certainly the most popular.
My family uses a bunch of EGO products and they’re fantastic, in addition to being emissions-free. There’s no going back after them and I’m sure plenty of other people feel the same way. So what happens when someone goes to John Deere for a zero turn mower and picks the EGO version because it’s already available and highly rated? Do they abandon the Deere brand? Unlikely, but possible.
Also, back to the mowers, is John Deere going to try to sell its upcoming electric zero-turn mower alongside EGO’s? The fact that EGO has three different versions that are all already on the market shows how far ahead of John Deere the company already is in terms of electrification.
As I said before, this news is worth noting because it’s a win for electrification and alluring more consumers to give it a try. It’s also a win for EGO, which gains access to a huge, respected network in the industry. I guess it’s a win for John Deere in the sense that it will get some portion of sales made through its network, but I’m sure it would rather be taking 100% of those sales from loyal customers buying its own electric products. I could see John Deere eventually trying to flat out buy EGO too.
Better get moving guys, before the kids start riding around the yard on a toy mower from EGO instead of John Deere.
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A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.
Kevin Lamarque | Reuters
Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.
The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.
“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”
From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.
Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.
A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.
Read more CNBC tech news
In reality, authorities allege, OmegaPro was a pyramid-style fraud.
When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.
The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.
The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.
Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!
An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.
Check out the relevant links, below, to learn more.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.
The $15,000 Toyota bZ3X is the top-selling foreign EV
After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.
In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.
According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”
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GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.
Toyota bZ3X electric SUV (Source: GAC Toyota)
The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.
The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.
Toyota bZ3X electric SUV (Source: GAC-Toyota)
Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.
Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.
The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).
Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.
Toyota bZ3X electric SUV interior (Source: GAC-Toyota)
Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.
It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.
Electrek’s Take
Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.
Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.
During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.
Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.
Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.