Ford publishes Q1 report

 

1 Ford has published its Q1 2023 earnings report. The company's Q1 revenue was $44.6B, $1.7B of which came from EV sales. The company sold 10,886 EVs during the quarter, an increase from a year ago but a significant drop from the previous quarter. The Mustang Mach-E was its most popular EV model.  While overall EV sales grew 41% YOY, sales for Mustang Mach-E, its flagship EV, dropped 20%. The drop can be blamed on struggles to keep up with demand, with consumers having to wait several months. To boost its growth and beat other automakers, such as Tesla and GM, the company has announced its plans to invest $22B in EVs and autonomous vehicles by 2025, a date when the company aims to have 40% of its global vehicle sales be electric. Ford is still relatively early in its EV production process, a fact that is best highlighted in the company's estimate that it would lose $3B on EVs this year. The company recently took $4,000 off the price of the Mach-E in response to Tesla's aggressive price cut strategy.

2 Mercedes-Benz has enlisted its Formula One team to help develop new electric vehicles and compete with Tesla. Mercedes-Benz has been working on electric powertrains for its F1 cars since 2014 and now intends to leverage this expertise to develop EVs for the consumer market. The Mercedes-Benz F1 team stated that it would work closely with the company's road car division to develop new technologies and systems for EVs. This collaboration will allow Mercedes-Benz to tap into the F1 team's expertise in areas such as electric powertrains, energy management, and aerodynamics. The move comes as Mercedes-Benz and other automakers face increasing competition from Tesla in the EV market. Tesla has been rapidly expanding its lineup of EVs with a focus on performance and range. By enlisting its F1 team to help develop new EVs, Mercedes-Benz hopes to compete with Tesla and meet the growing demand for high-performance electric cars.

3 Top news stories: Three unused 2010 Tesla Roadsters were discovered in a shipping container in China, where they had been for more than a decade. These Roadsters are now available for purchase. Toyota Australia has once again stated that it would not electrify 100% of its production fleet, despite incentives from the Australian government. Tennis player Nick Kyrgios used Tesla's mobile app to help the police track down his Model X. The car had been stolen from him at gunpoint a few hours before. Rivian has revealed the Gear Guard dash cam update.