Ford announced Thursday that the car company’s hotly-anticipated electric SUV will be part of the automaker’s most iconic brand.
The battery-powered vehicle — long-teased as a “Mustang-inspired” SUV — will officially join the Mustang line as the Mustang Mach-E.
Ford ($F) is expected to unveil the new vehicle at an event Sunday evening in Los Angeles and will begin accepting orders as soon as the event wraps up.
Today’s announcement is the latest in what’s become a major build-up to the Mach-E’s debut this weekend — an event that itself is kicking off the company’s ambitious $11.5 billion investment in electric vehicles, spearheaded by the Mach-E.
Last month, Ford announced that it was investing in a network of 12,000 charging stations across North America — nearly three times as many as Tesla. Starting with the Mach-E, Ford says it plans to introduce 16 electrified vehicles through 2022.
This is just the latest chapter of the storied muscle car, which first came onto the scene in 1964. But despite the many upgrades and re-designs through the decades, this will be the first time that the Mustang name and famed pony badge will be borne by a vehicle other than a two-door car.
This isn’t the only Ford icon that the company is planning to electrify. In April, the automaker revealed that it was investing $500 million in electric truck maker Rivian, which laid the groundwork for the introduction of an all-electric version of the best-selling vehicle in the U.S. last year: the F-150 pickup truck.
The moves have followed company chairman Bill Ford’s pronouncement in 2018 that his company planned to go “all in” on electric vehicles. Ford, the world’s eighth most valuable automaker last year and the second-largest in the U.S., and Volkswagen, the world’s second most valuable car manufacturer, announced in July that they were teaming up on electric vehicles and self-driving technology. Ford by 2022 plans to introduce 40 hybrid and fully electric vehicles.
The investments are aimed at unseating the current EV industry leaders in the U.S. Tesla occupies a commanding 80 percent of the U.S. electric vehicle market, and General Motors is the only automaker other than Tesla to have sold so many electric vehicles that it’s hit a cap on the EV tax credits that it can claim.
Other automakers, though, may soon catch up: Fiat Chrysler and Peugeot announced a merger that would provide new EV platforms for Fiat Chrysler, the third-largest of the “Big Three” U.S. automakers, behind GM and Ford.
With three days still to go before the big unveiling, Ford’s moves in the electric vehicle space are already having an impact: Credit Suisse is reportedly expecting a sharp drop in Tesla’s share price — largely, the bank says, because of Ford.
Bitcoin's price has fallen below $24,000, its lowest level since December 2020. Matt Hougan, CIO at Bitwise Asset Management, joined Cheddar News to discuss the future of crypto amid the latest high-profile point of concern, the halting of withdrawals at Celsius Network. "Last month we saw Luna collapse. This month we're seeing Celsius possibly collapsing," he said. "So this stress test is finding weaknesses in the crypto ecosystem and it will continue until we get to a strong foundation from which crypto can recover."
An analyst at JP Morgan is predicting massive future growth for Apple in its music and gaming divisions — to the tune of more than $8 billion in revenue by 2025. Cheddar News anchors Kristen Scholer and Hena Doba discuss the glowing forecast for the tech giant.
Catching you up on today’s top headlines with Bitcoin falling below $24,000, U.S. gas prices reaching above $5 on average, Tesla shareholders voting on a 3-for-1 stock split, and more.
On this episode of On The Job presented by ADP: Gemma Burgess, CEO of Ferguson Partners, explains what people are looking for in an employer, and how to convey positive work culture to potential employees; Amy Leschke-Kahle, Vice President of Performance Acceleration at The Marcus Buckingham Company, an ADP company, breaks down how encouraging employee engagement and empowering employee voices can benefit every workplace and busts a myth about employee engagement while working from home; Jim Huether, CEO of Hyperice, discusses Hyperice's new employee mental health initiative, known as the Workplace Alliance, with 100-plus companies to combat the ongoing mental health crisis and how they're taking a hands-on, data-driven approach to the mental health crisis.
Amy Leschke-Kahle, Vice President of Performance Acceleration at The Marcus Buckingham Company, an ADP company, joins Cheddar to discuss how encouraging employee engagement and empowering employee voices can benefit every workplace and busts a myth about employee engagement while working from home.
Jim Huether, CEO of Hyperice, joins Cheddar to discuss Hyperice's new employee mental health initiative, known as the Workplace Alliance, with 100-plus companies to combat the ongoing mental health crisis and how they're taking a hands-on, data-driven approach to the mental health crisis.
Consumer prices saw an 8.6 percent jump in May, with fuel prices showing the biggest surge, climbing 17 percent last month. As inflation continues to climb to levels not seen in 40 years, President Biden took to calling out ExxonMobil and other major oil companies, accusing them of holding back production while continuing to collect huge profits at the cost of the consumer. Mark Avallone, the president of Potomac Wealth Advisors, joined Cheddar's Opening Bell to discuss. “They have reduced long-term expenditures. But why? Because the world is going to alternative energy and as consumers, if we thought that that welcome change to alternatives was going to happen without pain, we might have been mistaken," he said. "The less investment they make in oil because they're getting ready for a new world of electric vehicles, the less we're going to be prepared for oil shocks such as the one we got when Russia invaded Ukraine."
