Ford (F) prepares for new round of layoffs amid cost-cutting measures

Ford (F) cuts contract workers ahead of planned layoffs

Ford (NYSE: F) notified contract workers employed by outside companies late Friday that their services would no longer be needed, the Michigan automaker confirmed Saturday.

The company alerted some workers who are employed by outside agencies that their contracts were not being renewed. When asked how many people would not be reporting to work Monday, Ford spokesman T.R. Reid said, "Were not providing numbers."

"People in certain agency positions across a few skill teams were notified by their employers that their assignments at Ford have ended," Reid told reporters. "The... More

Ford Job Cuts Expected In Coming Weeks - WSJ

Ford (NYSE: F) Job Cuts Expected In Coming Weeks - WSJ

Rivian (RIVN) owners poll shows overwhelming support for NACS adoption

American electric vehicle maker Rivian (NASDAQ: RIVN) announced earlier this week that the company will be joining fellow automakers Ford (NYSE: F) and General Motors (NYSE: GM) in adopting Teslas (NASDAQ: TSLA) North American Charging Standard (NACS).

A look at the companys owners forum reveals a strong consensus among owners and enthusiasts of the electric vehicle manufacturer's trucks in... More

Ford (F), SK joint venture to receive $9.2B federal loan for EV battery plants

The U.S. department of energy revealed Thursday their intention to loan up to $9.2 billion in federal funds to a joint venture of Ford Motor (F) and SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

The government's Advanced Technology Vehicles Manufacturing (ATVM) loan... More

Ford-SK venture to get $9.2 billion US loan for battery plants

By David Shepardson

WASHINGTON (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky, the biggest-ever award from the government program.

The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program.

SK is a unit of South Korea's SK Innovation. The joint venture is building two battery manufacturing plants in Kentucky and one in Tennessee capable... More

Ford Motor (F) EV Battery Venture Awarded $9.2B Loan From US Energy Dept - Bloomberg

Ford Motor (F) EV Battery Venture Awarded $9.2B Loan From US Energy Dept - Bloomberg

A Railcar shortage is slowing auto deliveries

A recent report from the Detroit Free Press highlighted the challenges faced by automobile manufacturers in delivering new vehicles, attributing the constraints to difficulties in sourcing rail cars. According to the article, by the end of May, approximately 70,000 new vehicles were awaiting shipment from production facilities across the industry. Additionally, due to the widespread challenges, the stall in production resulted in the... More

Rail car constraints present concerns around trapped inventory - Barclays

Barclays analyst Dan Levy weighs in on the report about issues with sourcing rail cars for shipping new vehicles.

"We believe this warrants flagging as a potential risk into 2Q for our coverage OEMs in the event that timing of shipments creates a large set of vehicles... More

BTC Power joins rivals in adopting Tesla's (TSLA) NACS

In an exclusive story, Reuters reports Tuesday that privately-owned BTC Power will add Tesla's (NASDAQ: TSLA) North American Charging Standard (NACS) connection to its electric vehicle chargers starting next year.

The move follows several rival charging companies like ChargePoint (NASDAQ:... More

Active options: BABA SOFI MARA AMC F META RIVN SPCE CCL GOOGL NIO

Active options: BABA SOFI MARA AMC F META RIVN SPCE CCL GOOGL NIO

Rivian (RIVN) a Buy at Canaccord Genuity on management optimism

Canaccord Genuity reiterated a Buy rating and $40.00 price target on Rivian Automotive (NASDAQ: RIVN) following recent statements from CEO, RJ Scaringe and CFO Claire McDonough. They described a material improvement in the broader supply chain environment and said that the companys R1 demand remains healthy and described their backlog as extending into 2024.

Analyst George Gianarikas wrote in a note, Over... More

Hyundai considers adopting Tesla (TSLA) charging standard

Hyundai held its 2023 CEO Investor Day on Tuesday where CEO Jaehoon Chang revealed that the South Korean automaker is considering the adoption of the Tesla (NASDAQ: TSLA) designed North American Charging Standard (NACS) charging connector for their vehicles, but still needs to determine if the switch would be in the customers best interest.

One... More

Rivian (RIVN) will adopt Tesla's (TSLA) charging standard

Reuters reports in an exclusive story Tuesday that American electric automaker Rivian (NASDAQ: RIVN) said it has agreed to adopt Tesla's (NASDAQ: TSLA) charging standard. Adding momentum to Tesla's bid to set the industry standard.

Tesla struck simular deals in recent weeks with General Motors (NYSE: GM) and Ford (NYSE: F),... More

Hyundai increases annual EV investment to $28B

Hyundai Motor announced Tuesday that the Korean multi-national automaker plans to raise its average annual investment in electrification by nearly two thirds to $28 billion over the next decade to restructure its business in China and boost electric vehicle (EV) sales.

Hyundai CEO Jaehoon Chang told investors that China, the world's largest vehicle market, had been very profitable up until 2016 but it was now the biggest risk as the automaker had lost market share to... More

Citi cuts estimates on EV charging stocks

Citi research updated their estimates on electric vehicle charging stocks Allego (NYSE: ALLG), ChargePoint (NYSE: CHPT) and EVgo (NASDAQ: EVGO) after meeting with management following the companies recent financial results.

Analyst Itay Michaeli wrote in a note, Despite the recent pullback in EV charging stocks, we remain selective with continued preference for Europe exposure (Allego). Though we dont think recent U.S. NACS developments (GM/Ford Tesla) dramatically change the LT fundamental picture for EVgo and ChargePoint, it does introduce NT headline risk while... More