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."
Kia McCallister-Young, director of America Saves, joined Cheddar News to explain key differences to consider when making a choice between a credit union and a bank. "You want to do your research and know exactly how to gain membership to a credit union," she said, "but, again, banks often are able to be more accessible and be in neighborhoods."
Cheddar News breaks down what to look for on The Day Ahead. The House will hold a hearing on the federal response to the recent banking issues while Starbucks CEO will testify on Capitol Hill about union-busting claims. Disney Parks workers are set to vote on a new contract proposal.
A new indictment charges FTX founder Sam Bankman-Fried with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business.
Producing your own food doesn't mean you have to own your own farm, and it might be as simple as raising some backyard chickens. Agri-tech startup Coop aims to make this easier for non-farmers with a so-called "smart" chicken coop. Cheddar News Senior Reporter Michelle Castillo found a flock to learn more.
Capitol hill is trying to get to the bottom of the bank collapses that shocked the financial system last month, and today lawmakers grilled banking regulators about why they weren't able to stop the crisis. Cheddar News correspondent Lisa Bennatan broke down the proceedings.
Alibaba is splitting itself into into six business groups as the Chinese e-commerce company attempts to become more nimble in reacting to changes in the market and increase the value of those units.
Juul will finally have its day in court for its role in the teen vaping epidemic. The Minnesota attorney general is preparing for opening arguments in the state's lawsuit against the vape maker. Here to break down the complicated backstory for this legal case is Senior Reporter Chloe Aiello.
