CEO Jim Farley says Ford (F) will stop competing in over-served markets

Premier Ford says fate of Stellantis (STLA) EV battery plant in hands of federal government

May 24, 2023 3:39 PM EDT

Last week, Stellantis (NYSE: STLA) and its partner LG Energy Solutions halted construction on its $3.7 billion EV battery plant in Windsor, claiming the federal government has not delivered what was agreed to.

The new auto plant was announced in March last year, but tensions emerged when the United States passed the Inflation Reduction Act (IRA), a massive package of clean-tech incentives for companies.

Early last week, Canada's Industry Minister Francois-Philippe Champagne said the federal government had increased its planned support for Stellantis and that to... More

BMW unveils new electric i5 with 295-mile range

May 24, 2023 2:28 PM EDT

The BMW Group unveiled its new 2024 BMW i5 during a digital world premiere on Wednesday after teasing glimpses of its first all-electric 5 Series for weeks.

As a combustion model, the 5 Series has held a prominent position in the company's lineup since 1972, and it continues to be the second best-selling vehicle for the German automaker behind the 3 Series. It has been known for a while now that BMW has been actively developing an all-electric version of the 5 Series, alongside plug-in hybrids and traditional combustion engine options.

With its unmistakable resemblance to the 5 Series,... More

Mercedes is bringing an electric CLA sedan to US to challenge Tesla's Model 3

May 24, 2023 1:52 PM EDT

Mercedes-Benz held their annual North American dealer meeting last week where the automaker emphasized its transition into the electric era. To maintain and further accelerate their progress, Mercedes informed dealers about the exciting array of electric vehicles (EVs) they have in store. Among the upcoming additions in 2024 are an electric CLA sedan and a GLC crossover, both contributing to the expanding lineup of EVs.

In the first quarter, the U.S. vehicle... More

California pushes Biden Admin to ban sales of new gas-vehicles by 2035

May 23, 2023 4:46 PM EDT

According to an exclusive report from Reuters on Tuesday, California's Air Resources Board (CARB) has asked the Biden administration to give the green light to a plan that would require all new vehicles sold in the state by 2035 to be either electric or plug-in electric hybrids. This landmark move, mentioned in a letter seen by Reuters, could help hasten the... More

Ford (F) reverses decision, will continue to include AM radio

May 23, 2023 2:17 PM EDT

Ford (NYSE: F) CEO Jim Farley announced Tuesday that the Detroit automaker is reversing a previous decision to remove AM radio from its vehicles, both electric and gasoline, in 2024.

Farley, in a post on his LinkedIn professional page and a tweet on Twitter, said, "After speaking with policy leaders about the importance of AM broadcast radio as a part of the emergency alert system, we've decided to include it on all 2024 Ford & Lincoln vehicles. For any owners of Ford EVs... More

Ford (F) explores cost management at its Capital Markets Day

May 23, 2023 8:38 AM EDT

Ford Motors (NYSE: F) held their Capital Markets Day on Monday in Dearborn, Michigan where the company focused on the steps they are taking to meet longer-term profit targets, including actions related to cost, software and services, and product mix.

Ford reiterated its long-term goal of achieving a 10% EBIT margin by 2026, with the Model e segment aiming for 8%. The Ford Blue division is anticipated to achieve a double-digit EBIT margin, while Ford Pro is expected to reach a mid-teen EBIT margin. Ford's production forecast for the Model e assumes the manufacturing of 2... More

Exxon (XOM) quietly joins lithium hunt as EV demand continues to grow

May 22, 2023 1:59 PM EDT

A Wall Street Journal exclusive reports over the weekend that the oil and gas company, Exxon Mobil (NYSE: XOM) recently purchased drilling rights to a sizable chunk of Arkansas land from which it aims to produce lithium, a key ingredient in batteries for electric cars, cell phones and laptops.

Exxon has reportedly acquired... More

Ford (F) details newest electric SUV at Delivering Ford+ Capital Markets day

May 22, 2023 11:28 AM EDT

Ford Motor (NYSE: F) held its Delivering Ford+ capital markets day on Monday where new chief officer of EVs and digital systems, Doug Field released details surrounding the companys newest upcoming three-row electric SUV.

The model will be sized like the Expedition, but won't replace it, as the two will be sold alongside each other and aimed at different customers.

"We could've converted an Expedition into an EV,... More

Albemarle (ALB) call put ratio 1 call to 3.2 puts

May 22, 2023 11:05 AM EDT

Albemarle (NYSE: ALB) 30-day option implied volatility is at 40; compared to its 52-week range of 39 to 95 as shares rally 1%. Call put ratio 1 call to 3.2 puts.

... More

SQM (SQM) Announces Long-Term Lithium Supply Agreement with Ford Motor Company (F)

May 22, 2023 10:11 AM EDT

Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) and Ford Motor Company have announced a long-term strategic agreement to secure the supply of high-quality lithium products for production of electric vehicles.

... More

Compass Minerals International (CMP) PT Lowered to $45 at Deutsche Bank

May 22, 2023 9:45 AM EDT

Deutsche Bank analyst David Begleiter lowered the price target on Compass Minerals International (NYSE: CMP) to $45.00 (from $50.00) while maintaining a Buy rating.... More

Ford (F) signs battery supply deals ahead of EV ramp

May 22, 2023 7:45 AM EDT

Ford (NYSE: F) revealed Monday that the Detroit automaker has signed multiple deals for the supply of lithium products, including lithium hydroxide, as the automaker ramps up electric vehicle (EV) production to 2 million units by the end of 2026, an increase from their previously projected 600,000 by the end of this year.

These agreements are a response to the... More

Ford (F) to detail EV strategies at 'Delivering Ford+' Capital Markets Day

May 22, 2023 7:26 AM EDT

Detroits Ford Motor (NYSE: F) will be hosting its capital markets day on Monday, where the automotive giant has promised to detail their plans to meet its previously announced targets for 8% EBIT margin target for its electric vehicle division and a production run rate of 2 million electric vehicles by 2026, a significant increase from the projected 600,000 by the end of this year.

We will take you through why we believe that 8% margin is totally realistic despite all the pricing pressure that we will absolutely get because everyone wants to grow, CEO Jim Farley said during... More

Compass Minerals (CMP) Signs Binding Multiyear Agreement to Supply Ford Motor Company (F) with Battery-Grade Lithium Carbonate

May 22, 2023 7:01 AM EDT

Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced the signing of a binding, multiyear supply agreement to provide Ford Motor Company (Ford; NYSE: F), a global auto manufacturer, with battery-grade lithium carbonate from its Ogden, Utah, lithium brine development project.

We are excited to formalize a long-term relationship with Ford, one of the most trusted and iconic brands in the automotive industry and a leader in the transition to vehicle electrification, said Kevin S. Crutchfield, president and CEO. We look forward to... More

Albemarle (ALB) Establishes Strategic Agreement With Ford Motor (F)

May 22, 2023 6:45 AM EDT

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced a definitive agreement with Ford Motor Company (NYSE: F) to deliver battery-grade lithium hydroxide to support the automaker's ability to scale electric vehicle (EV) production.

Albemarle will supply more than 100,000 metric tons of battery-grade lithium hydroxide for approximately 3 million future Ford EV batteries.... More

Lithium-related stocks on watch as ExxonMobil (XOM) joins the hunt

May 22, 2023 6:41 AM EDT

Lithium-related stocks are on watch as oil giant ExxonMobil (NYSE: XOM) bought drilling rights for lithium in Arkansas.

ExxonMobil is said to have spent more than $100 million on 120,000 gross acres, which is relatively small for a company its size.lithium is... More

Ford Motor (F) and Nemaska Lithium enter long-term lithium hydroxide supply agreement

May 22, 2023 6:20 AM EDT

Ford Motor Company (NYSE: F) has entered into a long-term agreement with Nemaska Lithium for the supply of lithium products, including lithium hydroxide, over an 11-year period. The agreement calls for the delivery of up to 13,000 tons of lithium hydroxide per year. The agreement also provides that prior to commencing delivery of lithium hydroxide produced in Bécancour, Nemaska Lithium will supply Ford with spodumene concentrate from... More

Ford seeks to reassure investors with EV, cost cut plans

May 22, 2023 6:08 AM EDT

By Joseph White, David Shepardson and Ernest Scheyder

DEARBORN, Michigan (Reuters) - Ford Motor Co on Monday unveiled an ambitious strategy to profitably ramp up electric vehicle sales but faces a challenge to slash $7 billion in costs and regain credibility on Wall Street.

"You're not going to believe us until we start delivering it," Ford Chief Financial Officer John Lawler said at an investor day presentation. "Because we've told you this before. That's the truth. We have and we haven't delivered. So we have to prove it. We can talk about it, but we have to prove it."

... More

Ford Motor (F) Says Ford+ is Maximizing Value for Customers, Improving Business Resilience, Efficiency, Growth, Margins

May 22, 2023 6:02 AM EDT

Less than two quarters into full deployment, the teams behind the Ford+ (NYSE: F) growth plans new customer-centered business segments are redefining customer value, while at the same time reducing cyclicality, improving capital efficiency, and generating profitable growth and strong free cash flow.

Thats the essential message of CEO Jim Farley, CFO John Lawler and other Ford leaders to hundreds of investors, analysts and others attending the companys capital markets event today in-person and virtually.

The program will be livestreamed, with supporting material, via... More

Ford Motor (F) option implied volatility into capital market day

May 22, 2023 6:00 AM EDT

Ford Motor (NYSE: F) 30-day option implied volatility is at 32 into capital market day.

... More

U.S. administration announces $51M investment towards EV charging network

May 19, 2023 11:12 AM EDT

The Biden-Harris administration, on Thursday announced a $51 million Ride and Drive Electric funding opportunity through President Bidens Bipartisan Infrastructure Law to accelerate the electrification of the nations transportation sector and spur private sector investments in clean transportation.

This funding will help to increase reliability of chargers by providing funding for validating and testing charging equipment and increase opportunities for underserved communities through new jobs and training resources.

Thanks to President Bidens Investing in America agenda, we are developing a... More

Albemarle (ALB) '2023 reset creates a good entry point' - UBS

May 18, 2023 2:03 PM EDT

UBS analyst Joshua Spector upgraded Albemarle (NYSE: ALB) to Buy from Neutral, lifting the price target to $255 from $196 in a note to clients Thursday.

The analyst told investors that the 2023 reset creates a good entry point for the best growth opportunity in... More

Ford recalls 422,000 SUVs because rear view camera display may fail

May 18, 2023 7:29 AM EDT

By David Shepardson

WASHINGTON (Reuters) -Ford Motor Co is recalling 422,000 sport utility vehicles in the United States because the video output may fail even after getting a prior recall repair, preventing the rear view camera image from displaying.

The new recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair SUVs with a 360-degree camera.

The recall expands and replaces prior... More

UBS Upgrades Albemarle (ALB) to Buy, 'Recharged, Reset, ReUpgrade Li-leader'

May 18, 2023 5:22 AM EDT

(Updated - May 18, 2023 6:13 AM EDT)

UBS analyst John Roberts upgraded Albemarle (NYSE: ALB) from Neutral to Buy with a price target of $255.00 (from $196.00).

The analyst comments "What's priced in? A lot of the risks already in the stock We... More

Ford Motor (F) option IV at low end of range

May 18, 2023 4:17 AM EDT

Ford Motor (NYSE: F) 30-day option implied volatility is at 32; compared to its 52-week range of 32 to 587.

... More