It's a new era for the Ford Motor Company. For the first time in 55 years, the automaker expanded its lineup of the iconic Mustang model with an all-electric version — and the line's first SUV.
"It's time to transition to electrification," Joe Hinrichs, Ford president of automotive, told Cheddar Monday.
Hinrichs says Mustang has traditionally focused on "fast, fun, and affordable," and he believes the Mach-E will stand up to that test. It reaches 0 to 60 miles per hour in about 3 seconds.
The Mach-E also has a range of at least 260 miles which keeps the model in line with Ford's environmental sustainability commitments. Drivers making the switch from gas to electric will have access to some 12,000 charging stations through the FordPass Charging Network, the largest public charging system in North America. Ford will also offer multiple home charging solutions as it puts more than $11 billion into a global transition to electric vehicles.
At price points ranging from about $44,00 to $60,000, the Mach-E costs about $10,000 more than a combustible engine Mustang but is competitive with Tesla, the leading electric car brand. Hinrichs predicts all manufactured Ford vehicles will be electric at some point "in our lifetime." He says the company already has 40 all-electric or hybrid cars in development.
Ford's technology teams aren't solely focused on electric. The company is carefully working on its autonomous technology and Henrichs says it will wait until self-driving cars are safer than those driven by humans. "The requirements are greater than [for] a human driver, and they should be," says Hinrichs "We tolerate a lot of human driver behavior that we won't tolerate in an autonomous vehicle."
You can read all about the Mustang Mach-E here.
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Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
