{"id":41704,"date":"2023-07-28T15:08:30","date_gmt":"2023-07-28T19:08:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ford-takes-a-jab-at-from-the-brink-gm-bolt-says-it-will-make-more-hybrids\/"},"modified":"2023-07-28T15:08:32","modified_gmt":"2023-07-28T19:08:32","slug":"ford-takes-a-jab-at-from-the-brink-gm-bolt-says-it-will-make-more-hybrids","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41704","title":{"rendered":"Ford takes a jab at from-the-brink GM Bolt, says it will make more hybrids"},"content":{"rendered":"
\n

Ford Motor Co.\u2019s solid beat-and-raise late Thursday took a backseat to concerns about the automaker\u2019s delayed EV production goals, but that didn\u2019t stop Ford\u2019s top executive from talking about an often-forgotten side of the EV market \u2014 and take a small swing at a recent General Motors Co. action. <\/p>\n

In the call with analysts following the results, Ford\u2019s
\n F,
\n -3.71%<\/bg-quote>
\n Chief Executive Jim Farley talked up hybrids as a possible way that Ford could stand out amid increasing EV competition. Farley also took a veiled swipe at GM
\n GM,
\n -2.54%<\/bg-quote>,<\/span>
\n which earlier this week unveiled plans to bring back the Chevy Bolt.<\/p>\n

\n

A couple of years ago, the auto industry thought in \u201cextreme\u201d terms between hybrids and EVs, Farley said. The industry now realizes \u2014 and it has seen in markets such as China \u2014 that there are several degrees of electrification in between those two ends, he said. <\/p>\n

Ford decided to keep investing in heavy-duty hybrid vehicles and it has been \u201csurprised\u201d at some of their popularity, Farley said.<\/p>\n

Don\u2019t miss:<\/strong> Ford revenue jumps 12%, but stock heads lower as Wall Street spooked by shifting EV production goal<\/p>\n

Hybrids are more expensive than internal combustion-engine vehicles, but are cheaper than electric vehicles because their batteries are significantly smaller even in plug-in hybrids, which are capable of driving a few dozen miles solely on an electric charge. <\/p>\n

For example, Farley said Ford never thought it would see a 60% hybrid mix for its compact pickup truck Maverick. \u201cIt\u2019s far beyond our expectation, and so we\u2019re just listening to the market,\u201d he said. <\/p>\n

Ford\u2019s internal-combustion customers \u201cdon\u2019t want to be left behind,\u201d and to them decarbonizing is just as attractive to Ford. Ford\u2019s \u201cpro\u201d customers as well could view hybrids as an alternative, he said. <\/p>\n

\u201cAll I\u2019m saying is, you\u2019re going to see a lot more hybrid system from us,\u201d but perhaps not in the traditional sense of a Toyota Prius or a Ford Escape hybrid, Farley said. <\/p>\n

That\u2019s when the little side eye to GM came about. <\/p>\n

When asking about capital requirements to EVs, an analyst mentioned one of Ford\u2019s \u201ccompetitors\u201d that had announced this week that one of their vehicle programs slated to end had been \u201crefreshed.\u201d<\/p>\n

Related: <\/strong>GM raises profit outlook, tops estimates, but stock weighed down by $792 million recall charge<\/p>\n

GM, which reported second-quarter earnings on Tuesday, surprised markets by saying that it will bring back a revamped version Chevy Bolt at an unspecified time in the future. <\/p>\n

That was an about-face for GM, which in April said that the current version of Bolt would end production this year. The future Bolt will be built on GM\u2019s next-generation EV platform and battery architecture. <\/p>\n

\u201cI want to be really clear about this,\u201d Farley said. \u201cAll of you haven\u2019t yet seen our second-cycle EV strategy, or even the third cycle that we\u2019re working on, and I\u2019m not going to tell our competitors about that right now, but I will tell you that it\u2019s very important to know\u201d that Ford\u2019s strategy is not to build tax-credit-compliant vehicles that may be very affordable for buyers \u201cbut lose lots of money.\u201d<\/p>\n

\u201cThat\u2019s not our strategy when it comes to electrification. Our strategy is to make 8% margin\u201d regardless of price,\u201d the CEO said. <\/p>\n

GM is thought to lose money on the Bolt, and not just because of its thinner margins that are common with compact cars, electric or otherwise. All Bolts and Bolts EUVs ever produced, more than 100,000 vehicles, eventually had to be recalled for battery swaps, with GM taking a charge of nearly $800 million this quarter related to the massive recall. <\/p>\n

The Bolt eventually qualified for tax credits under the Biden administration\u2019s Inflation Reduction Act, which boosted sales. <\/p>\n

Not at Ford, Farley said. \u201cWe don\u2019t create greenhouse gas credits between our businesses \u2026 We don\u2019t play games like that.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ford Motor Co.\u2019s solid beat-and-raise late Thursday took a backseat to concerns about the automaker\u2019s delayed EV production goals, but that didn\u2019t stop Ford\u2019s top executive from talking about an often-forgotten side of the EV market \u2014 and take a small swing at a recent General Motors Co. action. In the call with analysts following […]<\/p>\n","protected":false},"author":1,"featured_media":41705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41704","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFord takes a jab at from-the-brink GM Bolt, says it will make more hybrids | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Ford Motor Co.\u2019s solid beat-and-raise late Thursday took a backseat to concerns about the automaker\u2019s delayed EV production goals, but that didn\u2019t stop\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=41704\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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