Invoice Ford is doubling down on Ford shares and amassing extra management of the corporate

New Ford CEO Jim Farley (left) and Ford Chairman Bill Ford Jr. pose with a 2021 F-150 during an event September 17, 2020 at the Michigan plant of the company that makes the pickup truck.

Michael Wayland | CNBC

DETROIT – Ford engine Chairman Bill Ford has slowly amassed more shares and control of the automaker founded by his great-grandfather in 1903.

not how Elon Musk and other CEOs who recently cashed out a portion of their company stock as prices soared, Ford has doubled its namesake company over the past decade.

The 64-year-old is the company’s largest single shareholder with 2.3 million shares of Ford common stock. More importantly, he’s also the largest holder of the automaker’s Class B stock, which has super voting rights that have allowed the Ford family to retain control of the company. While the Class B shares make up 2% of Ford’s outstanding shares, they control 40% of the voting power.

Bill Ford directly owns 16.1 million, or 23%, of Class B shares available only to family members. That’s four times the roughly 4 million, or 5.7%, he owned in 2012, according to FactSet.

“I think it’s really important that the family legacy continues. It gives us a face and maybe a humanity that many other companies don’t have.”

from Satya Nadella at the Microsoft to jeff bezos and musk, CEOs, founders and other company insiders have cashed in at the fastest pace ever $69 billion in shares in 2021, as looming tax hikes and soaring stock prices encouraged many to take profits.

Ford, whose stake has grown through his work as CEO, said he’s holding on to his shares because he has “tremendous confidence” in the company’s management team, led by CEO Jim Farley, to fulfill Farley’s Ford+ turnaround plan Focus on electric and connected vehicles. Bill Ford received $16 million in total compensation from Ford in 2020, which consisted of a mix of benefits, cash and stock awards.

Ford last month acquired 412,500 additional Class B shares held in a family trust. The move came about a week after he acquired nearly 2 million shares of common stock in the company through the exercise of stock options, some of which had expired.

Instead of collecting the $18 million in proceeds he would have received from exercising the options, as most executives do, Ford paid $20.5 million in cash and taxes on the earnings to acquire the shares to keep.

“I just feel like we’re very well positioned to deliver superior shareholder returns, and for my part, I wanted to be a big part of that,” Ford told CNBC. “I think in many ways we have an opportunity to create the greatest value for shareholders since the Model T has scaled.”

electric vehicles

Unlike his predecessor, Farley has gained investor confidence since taking the helm October 2020. The automaker’s shares are up about 270% since then, taking its market value above $100 billion for the first time Thursday. 2020 was the first year for Ford since 2001 The stock has crossed the $20 mark.

Read more about electric vehicles from CNBC Pro

The stock closed Thursday at $25.02 per share, with the company’s market value at $99.99 billion. Ford is now worth more than its crosstown rival General Motors, which is estimated at around 90 billion dollars.

As part of Farley’s Ford+ plan, the company is heavily focused on electric vehicles, including the Mustang Mach E and all-electric Ford F-150, and connected services to generate recurring revenue. The company expects an 8% adjusted profit margin before interest and taxes in 2023 — earlier than many analysts expected.

“The Mach-E and the Lightning, both of their order banks just blew us away,” said Ford. “We’re on this electrification journey, but it’s more than that. It’s about the connection to the customer, it’s all services that are being developed around electrification.”

family shares

Ford directly owns about 20.3 million shares of stock, including restricted shares, common shares and Class B shares. The holdings, which may exclude some trusts, were worth more than $500 million at Thursday’s close.

There are 71 million class B shares, worth approximately $1.8 billion, held by descendants of company founder Henry Ford. The Ford family’s voting power will diminish once their Class B shares fall below about 60.8 million.

Some have criticized the dual-share system for unfairly allowing the family to remain in control of the automaker. Ford has repeatedly defended the dual-share structure so the automaker could focus more on the long term and not be another “nameless, faceless company.”

“I think it’s really important that the family legacy continues,” he said. “It gives us a face and maybe a humanity that many other companies don’t have.”

The two-tier share structure that has existed since the company’s IPO in 1956 has faced numerous challenges from shareholders. At last year’s AGM, 36.3% of voters supported a system that gave each share an equal vote, slightly above the 35.3% average since 2013.

Ford believes his stock ownership supports his defense of the family’s stock and voting rights. Ford said he had no recollection of selling Ford stock on the open market. This does not include the exercise of options, the transfer of stock to trusts, or the conversion of common stock into Class B stock.

“I’m in for the long haul. This is my life and I love the company,” he said. “I really believe we’re heading for an incredible future.”

– CNBC’s Robert Frank contributed to this report.

Correction: Henry Ford was Bill Ford’s great-grandfather. A previous version’s headline misrepresented the relationship. Ford shares closed at $25.02 on Thursday. A previous version incorrectly specified the day.

Cramer is skeptical Rivian is the following Tesla and would slightly personal Ford

CNBCs Jim Cramer said Monday that although electric vehicle startup Rivian Automotive has some strong supporters as it prepares to enter the market, it is skeptical that it will be the next Tesla and would prefer shares of Ford engine.

“Even if everything is going well for Rivian, this industry gets a little overcrowded here. When Tesla started there was no one else, ”Cramer continued.Bad money“Now, however,” Rivian has Ford’s F-150 Lightning hot on his heels, along with GM’s electric Hummer and even Tesla’s Cybertruck. “

With Amazon and Ford as great investors, Rivian has valued its stocks between $ 72 and $ 74 for the IPO and is expected to start trading on Wednesday. “Given the company’s plans to offer 135 million shares, we’re talking about a $ 9.85 billion fundraising, making this the sixth or seventh largest public offering in US history,” said Cramer.

Cramer said he wouldn’t be surprised if Rivian stock stood out even at this high valuation because “the people who buy this thing don’t care about valuation.” Rather, investors are betting that the fledgling company can ramp up production and become a major competitor in the growing EV market.

Cramer praised Rivian for the number of orders it received not only for its pickup truck and the planned SUV, but also for its own Big van deal with Amazon. Additionally, the fact that a competitor like Ford is an investor in Rivian is “a great recognition” of Rivian’s potential, he said.

Ultimately, Cramer told the audience that “if you really believe in Rivian, you have my blessings to speculate.” However, he added, “I would prefer to stay on the sidelines and promote my Ford electric vehicle, which is why we own it for the nonprofit foundation.”

Register here for the new CNBC Investing Club newsletter follows Jim CramerEvery move on the market, delivered right to your inbox.

Disclosure: Cramer’s nonprofit trust owns shares in Ford and Amazon.

Ford attracts youthful and extra feminine consumers with new $20,000 Maverick pickup

Rebecca and Shane Phillips of California pose in front of their car collection, including their new Ford Maverick 2022.

Shane Phillips

Rebecca and Shane Phillips are used to eye-catching when they drive through California in their 1985 Mercury Colony Park or 1978 Lincoln Continental with Longhorns on the front. But the latest eye-catcher in their collection came a little unexpected.

“The looks we get are pretty neat. Everyone I’ve met says, ‘I’ve never seen anything like this,'” said Rebecca, 31. “It’s always fun driving by and someone is surprised what it really is and what it looks like. “

It’s not a classic car, sports car, or electric vehicle. It is the new Ford Maverick 2022, a small pickup truck that recently launched as the automaker’s cheapest vehicle in its full range of cars and trucks for about $ 20,000.

While the vehicle has only been on sale for a little over a month, Ford engine says the compact truck – about as long as a Toyota full-size sedan but at a much lower price and many other smaller cars – is already successfully attracting new, younger, and more cost-conscious buyers like the Phillips.

“We really see a new customer coming to Ford. And that was really our goal with Maverick, targeting a younger, more diverse customer. And we’re definitely seeing that, ”Todd Eckert, Ford Truck Marketing Manager, told CNBC.

Ford sold more than 4,100 Mavericks during the vehicle’s first full month of sales in October. Eckert said the company will continue ramping up production of the truck at the automaker’s Hermosillo plant in Mexico.

Non-truck people

Maverick is not just about selling, it’s also about bringing new customers to Ford. It can act as a gateway vehicle for customers to order Hop into bigger, more expensive Ford pickups like the medium-sized Ranger and the full-size F-150.

According to Ford, early Maverick buyers are younger and more feminine than the traditionally male-dominated truck market.

According to JD Power, a quarter of Maverick buyers are women, compared to 84% male buyers of the full-size pickups, according to Ford. The company reports that more than a quarter of shoppers are also between 18 and 35 years old – double the industry average for that age group. According to JD Power, the average age of a new car buyer is 48 years.

The Phillips said they weren’t “big truck people” or even new car people, but they were drawn to the Maverick because of its price, features, and fuel economy.

It is similar with Christopher Molloy II, who bought a Maverick as his first new vehicle in early October. He traded a compact Chevy Cruze sedan for the pickup.

“I didn’t look for a Maverick first. I didn’t know it existed,” said the 23-year-old Oregonian. “I was looking for more SUV-type. I wasn’t really expecting to get a new truck because they are so expensive until I saw the Maverick come out.”

Ford surprised many with the Maverick’s low price tag as well as its standard 2.5 liter hybrid engine that can reach more than 40 mpg in city traffic. A Maverick with an optional 2.0-liter, four-cylinder turbo engine that gets a combined 26 mpg combo, including 30 mpg highway and 23 mpg city, starts at around $ 21,000.

The top vehicles Maverick buyers also see are other small pickups like the Toyota Tacoma and Ford Ranger, as well as small crossovers and even the Honda Civic sedan, according to car research firm Edmunds.

‘Hit the target’

The lower prices are a welcome change for consumers as vehicle prices hit record highs of around $ 44,000, including a rapidly growing supply of expensive pickups that can exceed $ 100,000.

“In 25 years in this business, I don’t know I’ve seen a manufacturer come out with a product that hit the mark so well,” said Derek Lee, general manager of Long McArthur Ford in Kansas. “What we see in buyers is a younger buyer. We see first-time buyers of cars. We have import car buyers.”

The early average price customers pay for the Maverick is $ 29,749, according to Cox Automotive. This includes dealers and customers who choose higher-priced equipment and options for the truck.

Lee said his dealership ordered more than 400 Mavericks. He said the initial demand was the highest he had seen for the store, which specializes in larger Super Duty pickups.

Keep prices low

The Phillips and Molloy said dealers did not raise the price of their Mavericks despite the fact that it is a new vehicle and inventory levels are near record lows due to a persistent shortage of semiconductor chips.

Some dealers who can legally sell a car at any price above the manufacturer’s suggested retail price or MSRP have taken advantage of low inventory levels and according to reports and dealers websites rated vehicles at thousands if not tens of thousands of dollars.

The Maverick wasn’t entirely free of markups. Lee said his dealership won’t upgrade a Maverick if it’s ordered by a customer, but if someone cancels their order and it goes on the dealership lot, they priced it at about $ 2,500 above MSRP.

“When a vehicle arrives here and someone rejects it, we look at the market. We’re still working to be the lowest price on the market,” said Lee. “I know there are some over $ 5,000, I know there are some over $ 10,000. We felt that over $ 2,500 was a very, very fair price.”

Eckert said Ford has no control over how dealers price their vehicles, but they have told dealers the importance of pricing for that vehicle and its target customers.

“We talked about the full range and who these car buyers are and how we want to attract them,” he said. “You control markup or no markup, but we believe affordability was one of the keys.”

Ford (F) earnings Q3 2021

DETROIT – Ford engine Wall Street earnings expectations nearly doubled and third-quarter revenue forecast slightly exceeded, prompting the automaker to raise its annual forecast for the second time this year.

Here’s how Ford fared against Wall Street expectations, based on average analyst estimates compiled by Refinitv.

  • Adjusted EPS: 51 cents per share adj. vs. 27 cents per share expected
  • Automobile sales: Expected to be $ 33.21 billion versus $ 32.54 billion

Ford stock rose more than 8% during after-hours trading. The stock closed Wednesday down 2.7% to $ 15.51 per share.

Ford also said on Wednesday that it would be Reintroduction of the regular dividend from the fourth quarter, more than a year and a half later Suspension of payments in the early days of the corona pandemic.

New instructions

The automaker’s new adjusted earnings forecast for the full year is between $ 10.5 billion and $ 11.5 billion, down from $ 9 billion to $ 10 billion. Ford stuck to its adjusted free cash flow expectations of between $ 4 billion and $ 5 billion.

Baked into the new forecast are fourth-quarter expectations that include an increase in wholesale shipments from the third quarter onwards combined with a continued healthy mix of vehicles sold and net prices. These gains are expected to contrast with sequentially lower results from its financial sector, Ford said.

“The results really show the underlying strength of our business,” said John Lawler, CFO of Ford, on a phone call on Wednesday.

The company raised its guidance for the year, even though Lawler had previously said the second half of the year would be weaker than the first six months. He cited $ 3-4 billion in beneficial higher sales volumes, but said raw material costs, lower Ford Credit revenues, and other factors such as $ 500 million higher warranty costs detracted from year-end results.

‘There is more to come’

Ford cited strong demand for newer products such as the Bronco SUV and Mustang Mach-E, which the company said could reach 200,000 units sold per year worldwide.

“I believe we have the right plan to drive growth and unlock unprecedented value,” Ford CEO Jim Farley told investors on Wednesday during a call. “You are already seeing a positive change in the slope of our earnings and cash flow. There is more to come.”

On an unadjusted basis, Ford’s net income was $ 1.8 billion, up from $ 2.4 billion last year when dealerships and plants largely reopened after closing in the second quarter due to the coronavirus pandemic. The automaker reported adjusted earnings before taxes of $ 3 billion for the third quarter, up from $ 3.6 billion a year earlier.

Automobile sales were down 5% for the quarter, compared to $ 34.7 billion in the third quarter of 2020.

2022

Ford declined to provide a financial outlook for 2022, but Lawler said the company expects the chip shortage to persist through 2022 and possibly, to a far lesser extent, through 2023. He said Ford anticipates an increase in 2022 of wholesale vehicle volume by 10% compared to this year as the semiconductor shortage continues to affect business.

Lawler also said the automaker expects raw material costs to rise $ 3 billion to $ 3.5 billion in 2021 and could rise another $ 1.5 billion in 2022.

Ford received some bullish calls from Wall Street analysts for profit, including an appreciation from Credit Suisse to excel by neutral.

Ford’s greatest American rival, General Motors, announced Wednesday morning third-quarter earnings that exceeded Wall Street estimates. Despite the blows, GM’s stock declined more than 5% during intraday trading on the back of the automaker Lowering the free cash flow guidance for the year and fail to meet some investor expectations for the rest of the year.

Separately, Farley said on Wednesday Ford would postpone an over-the-air rollout of its BlueCruise hands-free freeway driving from this year to the first quarter of next year. The technology is seen as a new recurring revenue opportunity and is expected to catch up with other systems from competitors such as GM and Tesla.

What GM, Ford traders ought to know forward of third-quarter earnings

General Motors’ global headquarters are located in the Renaissance Center in Detroit.

Paul Hennessy | LightRakete | Getty Images

DETROIT – both General Motors and Ford engine are expected to report solid third-quarter results on Wednesday despite an ongoing global disruption in supply chains, including a shortage of semiconductor chips that have depleted vehicle inventories but increased profits this year.

Both Detroit automakers did their best during the disruptions, allowing them to raise their earnings expectations for the year on record vehicle prices and earnings amid surprisingly robust consumer demand. According to analysts, this is likely to be an ongoing trend as the auto industry rebuilds inventory levels as more productions come back online in the coming weeks and quarters.

“Both should not only benefit from favorable fundamentals in an upward cyclical environment, but both have a significant opportunity to improve the perception of their long-term positioning in an EV / AV world,” Credit Suisse analyst Dan Levy said last week in an investor announcement.

Here’s what Wall Street analysts expect from every automaker’s third quarter results, as well as other things investors should know before GM reports ahead of Wednesday’s market opening, followed by Ford after the market closes.

Wall Street estimates

Analyst estimates from Refinitiv assume that GM will post earnings per share of 96 cents and sales of 26.5 billion US dollars, 25.3% less than last year.

According to Refinitiv, Ford will have earnings per share of 27 cents on auto sales of $ 32.5 billion, down 6.2%.

Expectations for the second half of the year

GM previously warned investors that its North American wholesale volume decreased by about 200,000 units in the second half of 2021 compared to the first half of the year. The company has maintained its financial guidance for the year, including adjusted earnings between $ 11.5 billion and $ 13.5 billion, or $ 5.40 to $ 6.40 per share. It made around $ 6.2 billion, or $ 4.21 per share, for the first six months of the year.

GM anticipates a $ 3.5 billion to $ 4.5 billion plunge in the second half of the year due to a $ 1.5 billion to $ 2 billion increase in raw material costs and lower revenue from its financial sector.

In July, Ford raised its guidance for the year, but informed investors that the second half of the year would be weaker than the first in terms of operating profit, which stood at $ 5.9 billion through June. At the time, the company raised its forecast for adjusted earnings before taxes for the full year by approximately $ 3.5 billion to $ 9 billion to $ 10 billion.

Deutsche Bank analyst Emmanuel Rosner assumes that both automakers will head towards the upper end of their previous ranges, if not even above.

“We expect both Ford and GM to beat consensus third quarter estimates and maintain / raise annual guidance. In addition, we see several potential catalysts on the horizon for both companies, ”he said in an investor note on Monday, citing electric and autonomous vehicle developments.

EVs / AVs

While automakers are pouring billions into electric and autonomous vehicles, the segment won’t add much to third-quarter earnings.

Both automakers released key new details last quarter about their plans for both emerging sectors, including a $ 11 billion investment by Ford in U.S. electric vehicle and battery manufacturing facilities.

GM clearly outlined financial goals like doubling sales and increasing profit margins to 12% to 14% by 2030 on an Investors Day earlier this month. The majority-owned subsidiary Cruise also said it is expected to begin charging a robot taxi service as early as next year in San Francisco pending final regulatory approval.

During the quarter, GM also said it would recognize an estimated rebound in the third quarter that included $ 1.9 billion of $ 2.0 billion in costs related to an ongoing recall of its Chevrolet Bolt EVs as part of a settlement with LG will make up for the defective batteries.

Partial structures

Ford stock is up about 80% this year, so investors will be looking for additional charges on the automaker over the next year.

You’ll also want to see any updates on the production and shipping of Ford’s F-series pickups, some of which automakers, like GM, built to get ready when chips become available.

Steve Carlisle, GM’s North American CEO, last week completed more than half the delivery of the newly assembled pickups he parked due to a shortage of semiconductor chips, according to Reuters.

When GM reported a 32.8% year-over-year sales decline for the third quarter earlier this month, GM said the semiconductor chip market had improved. November 1st is expected to be the first time since February that none of GM’s North American assembly plants will shut down due to chip shortages. However, two remain off to be retooled, and some work in fewer shifts.

GM stock is up about 40% in 2021.

– CNBCs Michael Bloom contributed to this report.

Rivian, electrical car maker backed by Amazon and Ford, information to go public

Amazon’s new delivery truck

Amazon

Rivian Automotive, a company that develops electric vehicles including commercial vans for Amazon, filed for an IPO on the Nasdaq on Friday. The company aims to trade on the Nasdaq under the ticker symbol “RIVN”.

It is Paperwork shows Rivian posted a net loss of $ 994 million on zero revenues for the first six months of 2021. In 2020, the company’s net loss was $ 1.02 billion.

The company wrote in its submission: “We are a company in the development phase and have not yet generated any significant revenue. Vehicle production and deliveries began in September 2021.”

CEO RJ Scaringe, who holds a Ph.D. from Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded in 2009 Rivian. The company is based in Irvine, Calif., And employed 6,274 people at the end of June. It operates a vehicle assembly plant in Normal, Illinois.

Amazon and ford everyone owns more than 5% of the company. Peter Krawiec, Amazon’s Senior Vice President, Global Corporate and Business Development, sits on Rivian’s board of directors.

Rivian’s commercial vehicle business will be heavily dependent on Amazon for the foreseeable future. The company said Amazon has some exclusive rights to purchase Rivian electric delivery vehicles for at least four years, and then the right of first refusal thereafter.

Rivian beat Tesla, GM and ford launched with an electric pickup truck, the R1-T, which has already received rave reviews.

– CNBC’s Lora Kolodny contributed to this report.

SEE: Rivian CEO: We’re ready for the electric pickup race

Ford, battery provider to spend $11.Four billion to construct new U.S. vegetation

DETROIT – Ford engine and battery supplier SK Innovation plan to invest more than $ 11.4 billion in new U.S. facilities that will create nearly 11,000 jobs for the production of electric vehicles and batteries.

Ford is building as part of a joint venture with the South Korean company SK. two lithium-ion battery plants in central Kentucky called BlueOvalSK as well as a huge 3,600-acre campus in west Tennessee, the automaker said Monday night. The campus will include another battery plant built with SK, along with a supplier park, recycling center and a new F-series electric truck assembly plant, Ford CEO Jim Farley told CNBC.

The plans are the latest from Ford to increase the development and production of electric vehicles – including batteries – under Farley, who started running the automaker this week a year ago. They also support President Joe Biden’s call to put onshore supply chains in the midst of a company global shortage of semiconductor chips that has turned several industries, including the automotive industry, on their heads.

A battery manufacturing complex that US automaker Ford Motor Co and its South Korean battery partner SK Innovation plan to build in Kentucky and open in 2025 can be seen in an artist version that was released on September 27, 2021.

Ford Motor Co | Handout | via Reuters

The investment is part of Farley’s “Ford +” turnaround plan to make the automaker’s traditional operations more profitable and better position it for emerging sectors such as autonomous, electric and connected vehicles.

“This is the new Ford,” Farley told CNBC during a telephone interview. “It’s time. We’re shoveling in the ground, 11,000 new workers. … It’s a tremendous commitment to build these digital products.”

Ford doesn’t expect to borrow additional debt to fund the plans, Farley said. He said the steps will be funded from the company’s profits.

Read more about electric vehicles from CNBC Pro

The new investment comes in addition to the $ 30 billion The company previously said it would go into electric vehicles by 2025, approximately $ 7 billion of which had already been invested before February.

Production at the plants, apart from one of the battery plants in Kentucky, is slated to begin in 2025, the company said. According to Ford, the second battery plant in Kentucky will go online in 2026.

“Decisive moment”

The “new Ford” is a drastic pivot from Farley’s predecessor Jim Hackett, who had previously told the automaker saw “no advantage” in the production of your own battery cells. It comes as Ford’s Crosstown rival General Motors Spends $ 4.6 billion through a joint venture with LG Chem for battery production from 2023.

Farley said the investment should be further evidence that Ford, believed by many on Wall Street to be lagging behind in electric vehicles, is positioned as the leader in the segment. “I don’t know of any other company that has made this announcement. Why would you ever think that we are behind? We’re up front, ”said Farley.

Ford’s shares have more than doubled since Farley became the automaker’s CEO almost a year ago.

Approximately $ 5.6 billion of Ford’s investment in SK will go to a new campus called Blue Oval City in Stanton, Tennessee, and $ 5.8 billion for the two factories in Glendale, Kentucky. Ford will cover approximately $ 7 billion of the $ 11.4 billion, according to Lisa Drake, Ford’s chief operating officer for North America.

“This is a really crucial moment for us and our country today,” Drake told reporters during a phone call. “We announce the largest single investment in new manufacturing facilities in Ford’s 118-year history.”

The three new plants for BlueOvalSK will give Ford 129 gigawatt hours of US production capacity per year – enough to power 1 million electric vehicles annually, Ford Icials said. That’s more than half of the EV production capacity Ford is expected to have worldwide by 2030.

“This is truly an overwhelming project that underscores Ford’s ambition for the fast growing US electric vehicle industry,” said Yoosuk Kim, global marketing director for SK Innovation, during a call.

New F series is coming

Ford expects the new vehicle manufacturing facility in Tennessee to be carbon neutral once fully operational, including zero-waste processes through to landfill.

Farley said the plant will build new F-series electric pickups. He added that, unlike the pickups, the next generation pickups will be designed solely as electric vehicles upcoming F-150 Lightning which is based on the traditional internal combustion engine pickup.

Ford has started pre-production of its F-150 Lightning electric pickup truck at a new facility in Dearborn, Michigan.

Michael Wayland | CNBC

“We will build an all-electric, bottom-up, optimized product platform at this facility. It will be the largest facility in our company’s history,” said Farley. “We’re going to be building a lot of fantastic F-Series electric vehicles there. We’re not going to say exactly what type it is.”

Farley said that with this announcement, the company is “reinventing what a pickup truck would be,” including the pallet. Drake said Ford expects a third of the full-size pickups sold in the US will be fully electric by 2030.

Ford’s current F-Series includes the F-150 and larger versions of the full-size truck, as well as medium-duty trucks and chassis for commercial buyers.

Farley and Drake compared the importance of the new EV plants to the mass production of the Model T by company founder Henry Ford, which made vehicles more affordable and accessible to the general public.

Ford previously said it expects at least 40% of its global sales will be electric vehicles by the end of this decade. The goal was announced before the Biden administration set a goal last month for half of all new car sales should be electric vehicles by 2030, including plug-in hybrid models

In addition to manufacturing facilities, Ford plans to invest $ 525 million over the next five years, including $ 90 million in a pilot program in Texas to train skilled technicians to service electric vehicles.

“This is just the beginning of our drive to lead America in sustainable transportation for the next century,” said Drake. “This investment propels us forward to lead the electric revolution.”

The Mustang Mach-E is Ford’s first new fully electric vehicle with a $ 11 billion investment plan in electrified vehicles by 2022.

Michael Wayland | CNBC

Ford indicators cope with Redwood Supplies to recycle EV Batteries 

Dane Hardware (right), Ford Design and Release Engineer, and Mary Fredrick, Ford Battery Validation Engineer, measure the voltage of a battery with a digital multimeter at the Ford Battery Benchmarking and Test Laboratory in Allen Park, Michigan.

ford

ford works with the battery recycling start-up Redwood Materials to reuse the raw materials from EV battery packs.

The agreement, which initially begins with recycling scrap from battery manufacturing, is the latest indication that automakers are taking steps to control the supply and cost of raw materials required to manufacture batteries for electric vehicles receive.

“It will help us reduce our reliance on importing many of the materials we use today in building the batteries, and then it will reduce the depletion of raw materials, which will be incredibly important in the future when we start.” to scale, “said Lisa Drake, Ford’s chief operating officer.” Creating this domestic supply chain is really an important step in making electric vehicles more affordable and accessible to all. “

With electric vehicle sales in the US expected to grow from an estimated 350,000 cars in 2021 to over a million annually by 2025, according to research firm LMC Automotive, automakers are increasingly focusing on the life cycle of electric vehicle batteries.

Tesla, which recycles batteries from its vehicles, addresses the problem on its website and says, “None of our discarded lithium-ion batteries end up in landfills and are 100% recycled.” GM works with Li-Cycle of Canada to remove scrap from manufacturing. to recycle Ultium battery cells.

Ford’s deal with Redwood Materials could benefit both companies as the number of electric vehicles continues to grow. Ford and its battery manufacturing partner SK Innovations will ensure a steady and potentially growing supply of key materials such as lithium, nickel and copper, which are important for the manufacture of EV battery packs. Redwood Materials will receive recycled battery packs, with the key elements then being returned to Ford for reuse in future electric vehicles.

“We build and put around 2,000 batteries on the streets in America every day,” said JB Straubel, founder and CEO of Redwood Materials. “We must at least plan how we can recycle and dismantle a similar number of batteries very efficiently and sustainably.”

Initially, Redwood will recycle waste it receives from Ford at its Carson City, Nevada facilities. Over time, as Ford and SK Innovation add new plants, it is possible that Redwood Materials will build new recycling centers closer to the battery factories.

On paper, Ford’s battery recycling plan makes sense. However, to ensure there is a continuous loop, Ford needs to keep track of what happens to its electric vehicles long after the sale. A big job as vehicles usually have two or three owners before they reach the end of their lifespan and if that happens the electric vehicle will likely end up in a junkyard. The answer could be that automakers need to track EV batteries.

“It is definitely possible for the automaker to protect this battery for its entire life and bring it to the recycling center,” said Sam Jaffe, Managing Director of Cairn Energy Research Advisors.

Jaffe, who follows the EV battery market, says recycling is coming to Europe because of the legal obligation for automakers to guarantee that the battery is recycled. “The batteries go to the scrapyards, the automaker picks them up and takes them to centralization and then to recycling,” he said. The push to increase recycling in the EU is one of the reasons Volkswagen and Peugeot have introduced small recycling operations on the continent.

At this point in time, Ford has not yet put in place a final plan to ensure that battery packs are recycled at the end of their life, but Drake admits that the financial benefit of recycling batteries is significant. “If we can regain this value and not have to reduce it again and have a certain security of supply domestically, that is incredibly valuable for us,” she said during a briefing on the announcement of the partnership.

In the United States, recycling of EV batteries has, in large part, not received significant attention because the number of end-of-life electric vehicles remains relatively small. That will change in the next 10 years when the industry ramped up electric car production.

AlixPartners, an automotive consultancy, says investments in battery production will account for nearly a quarter of the $ 330 billion spent on developing and building electric vehicles from 2021 to 2025. Ford is committed to spending $ 22 billion on developing electric vehicles, including the F-150 Blitz, by 2025. The first deliveries of the fully electric pickup are planned for the beginning of next year.

Ford is among several companies that have invested in Redwood Materials, which raised more than $ 800 million in three funding rounds. According to Straubel, the demand for raw materials will continue to rise, making recycling instead of mining a smart move for car manufacturers.

“It can reduce the need to import more of these materials from overseas and can reduce the need for and pressures on mining expansion,” he said.

– CNBCs Meghan Shipowner contributed to this report

Ford poaches prime tech government Doug Area who helped lead Apple’s top-secret automobile venture

Ford Motor Co. is showing a new 2021 Ford F-150 Pickup Truck at Rouge Complex in Dearborn, Michigan on September 17, 2020.

Rebecca Cook | Reuters

DETROIT – Ford engine said Tuesday it has hired earlier Tesla and Apple Executive Doug Field to direct its new technology efforts, a focus for the automaker as part of its new Ford + turnaround to plan.

Field – who directed the development of Teslas Model 3 – most recently as Vice President for Special Projects Apple, which allegedly included the tech giant’s titanium car project.

The hiring is a great addition to Ford and a huge achievement for Apple and his company secret car project, which the company has yet to confirm exists.

“I think every time you lose a respected, seasoned manager who, as we can see, really led Apple’s automotive efforts, it’s a blow to any company,” says Bernstein analyst Toni Sacconaghi, who owns the iPhone -Manufacturer covers. said CNBCs “Closing bell.”

Apple said in an email statement, “We are grateful for the contributions Doug has made to Apple and we wish him all the best for this next chapter.”

Ford said Field will assume the new position of Chief Advanced Technology and Embedded Systems Officer. He will lead Ford’s vehicle control, enterprise connectivity, functions, integration and validation, architecture and platform, driver assistance technology and digital development tools.

“His talent and dedication to innovating that improve customers’ lives will be invaluable as we grow our Ford + plan to deliver great products, lasting customer relationships and constantly improving user experiences,” said Ford CEO Jim Farley in a statement. “We are thrilled that Doug has decided to join Ford and write the next great chapter of this great company.”

Field, who will report to Farley, began his career at Ford in 1987, according to his LinkedIn profile. He then held positions at Johnson & Johnson, Deka Research & Development and Segway before joining Apple in 2008. After more than five years with the tech giant, he moved to Tesla before returning to Apple in 2018.

In 2016, Apple reportedly abandoned plans to build its own car and focused more on developing the software for autonomous driving. Field’s recent assignment at Apple was seen by industry insiders as an indication that the company is thinking about building its own vehicles again.

His most recent stint at Apple was seen by some industry insiders as a re-emphasis on vehicle design after the company realigned its efforts towards autonomous driving software.

Field declined to speak about his work at Apple, but said there was “nothing that prevents me from working full-time at Ford” when asked if his former employer had forced him to sign a nondisclosure agreement sign.

“Apple does not talk about new products, and I will not talk about my work at Apple,” he said on Tuesday during a phone call with reporters. “But nothing prevents me from becoming fully involved with Ford, and I look forward to capitalizing on everything I have from all of the teams I’ve worked with and from all of the companies I’ve been privileged to work with To be part, to use. ” from.”

Field said he chose Ford after speaking with executives at the company and realizing there was a “deep desire” to transform the automotive industry, particularly with connected vehicles.

Connected vehicles are a key part of Ford’s new turnaround plan, which aims to reposition the automaker to generate more recurring revenue through software services.

Farley described the setting of the field as a “watershed moment” for the automaker. It follows Ford chairman Bill Ford, who told CNBC the automaker would announce new leaders to Farley’s management team.

– CNBCs Kevin Stankiewicz and Kif Leswing contributed to this report

Ford F-150 Black Ops Model

The Ford F-150 is best described as one of the most versatile pick-up trucks on the market today. The professionals at Tuscany Motor Co. take the Ford F-150 to the next level with the Black Ops Edition. Loaded with a list of off-road modifications, the 2021 Ford F-150 Black Ops is ready for any situation, just like your wardrobe should be. This week’s GearBox focuses on the best clothes and accessories to pair with the Tuscany Motor Co.’s 2021 Ford F-150 Black Ops. Buy all of the products in this special by clicking the links below.

2021 Ford F-150 Black Ops

Tuscany Motor Co.

Tuscany Motor Co., now a FOX Factory company, is part of a family of specialty vehicle manufacturers who have built over 200,000 custom vehicles in four state-of-the-art manufacturing facilities in Alabama, Colorado, Georgia and Indiana. The manufacturing process uses components that meet Federal Motor Vehicle Standards, which means that all vehicles are covered by a 3-year warranty for 36,000 miles.

Price: MSRP $ 98,995

Hublot WOS Exclusive Classic Fusion Chronograph 45MM

Watches of Switzerland

The Classic Fusion Aerofusion Chronograph ‘Watches of Switzerland Group’ Special Edition 45mm seamlessly combines a striking black ceramic case with a black skeletonized dial with red details, which can also be seen on the alligator and rubber strap. The timepiece is fitted with a HUB1155 automatic chronograph movement and has a power reserve of 42 hours. The new Classic Fusion, which was developed in collaboration with The Watches of Switzerland Group, complements previous special editions that have been jointly developed by Hublot and The Watches of Switzerland Group since 2018.

Price: $ 17,700

John Varvatos Graphic T-Shirt

freedomNordstrom

Weathered graphics make a statement on the chest of a short-sleeved John Varvatos Graphic T-Shirt made from pure cotton. The perfect complement to the new 2021 Ford F-150 Black Ops Edition from Tuscany Motor Co.

Price: $ 78

Rag & Bone Fit 1 – Ashland

Lobes and bonesRags & bones

Rag & Bone has a brand new Fit 1. Formerly extra slim, now officially skinny. The new Skinniest Fit, tapering at the knee, with a slightly longer rise. Here in Authentic Stretch: Selvedge-inspired denim with optimal, dimensionally stable comfort stretch. Ashland is an Italian denim in a worn black wash.

Price: $ 250

Nike Air Max SC

Nike1Nike

With its casual lines, the heritage track look and of course the visible Air cushioning, the Nike Air Max SC is the perfect finish for every outfit. The rich mix of materials provides depth and makes it a durable and light shoe for everyday use.

Price: $ 75

Oakley Radar® EV Path®

OakleyOakley

The original Radar® goggles combined everything we learned from decades of research with the world’s best athletes, and with the Radar EV’s larger lens and expanded field of view at the top, the legacy of performance sets a new milestone.

Price: $ 235

Melin A-Game Hydro Black Camo

MelinaMelina

The A-Game HYDRO unisex hat was developed with a hydrophobic technology on the crown inserts to repel water and prevent absorption. Made from durable materials, the hats are water-repellent, buoyant and breathable.

Price: $ 59

Dango D01 R-SPEC ™ wallet

DangoDango

Inspired by the fruits of the automotive industry, we have developed a very special wallet line called R-Spec Edition. Not only does it contain clean lines with contrasting elements and textures, but it also includes the finest materials that define high performance.

Price: $ 99

Medford The Raider

knifeMedford Messerford

The raider is just for you! Our slightly smaller version of the TBF retains all the nasty features of the larger knife, with an easy-to-carry size. It has the same radical combo bevel with a flat bevel on the tip for strength and a hollow bevel on the major edge for razor sharp use over the years. The prongs are two rows and razor sharp. The hardened s35vn handle is a built-in crowbar and is incredibly sturdy. Finally, the push-through knife can be completely disassembled with a single Allen key for thorough cleaning. Basically, the TBF is a smaller package.

Price: $ 650

TUMI Bradner nylon tricot laptop backpack

TUMI Nordstrom

This polished TUMI commuter backpack is made of sturdy, hard-wearing nylon tricot and covered with leather.

Price: $ 425

More GearBox specials can be found at The GearBox: The Mercedes-AMG G63 Style