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.
Robotics automation technology company Symbotic made its market debut on the Nasdaq via a SPAC merger with SVF Investment Corp. 3, a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. Symbotic rang the Opening Bell at the Nasdaq to celebrate the occasion this morning. Its debut on Wall Street comes amid an urgent need for logistics solutions, as it aims to reimagine supply chains with its A.I.-powered robotic and software platform. Tom Earnst, CFO of Symbotic, and Vikas Parekh, managing partner at Softbank Investment Advisors, join Cheddar News' Closing Bell to discuss.
Michelle Castillo joined Closing Bell to break down Elon Musk's announcement to SpaceX employees that the Starlink internet business might not see itself as an IPO until 2025, Twitter planning to hand over the user data he requested as a condition of the acquisition, and Warren Buffet-backed Chinese EV company BYD stating it will be supplying batteries to Tesla "very soon."
At the age of 65, Judy Katz, who ran her own public relations firm for years, was looking for a change. After retirement, she started a brand-new business as an author and ghostwriter of books. Judy Katz joins Jamie Hopkins to discuss finding a new beginning as a ghostwriter and living life to the fullest post-retirement.
Catching you up with today's market check with the mortgage demand plummeting to a 22-year low, Walmart heir Rob Walton getting set to buy the Denver Broncos for $4.56 billion, and talks continuing over Jetblue’s attempted purchase of Spirit headlines.
Meta announced its plans to join the Cannes Lions International Festival of Creativity. This is leaving businesses and customers wondering what the tech giant has in store for the event. Nicola Mendelsohn, the vice president of the global business group at Meta, joined Cheddar News to preview what the tech giant will discuss at this year's festival. "We're going to be showcasing more about reels. We're going to be talking about our commerce solutions, are messaging solutions, and of course, the method of us speaking of new ways to kind of connect with customers," she said.
On today's episode of On The Job: Cheddar gets a look at how the salon and beauty industry has pivoted throughout the pandemic; Mark Brim, President of Aquent's Recruiting Division Vitamin T, breaks down how remote work has transformed hiring and recruiting process across the board;
Julie Bauke, President & Chief Career Strategist at The Bauke Group, breaks down why companies are being 'ghosted' by new hires, and what repercussions can come from this.
Mark Brim, President of Aquent's Recruiting Division Vitamin T, joins On The Job to discuss how remote work has transformed hiring and recruiting process across the board, and the latest trends surrounding remote hiring across the globe.
Julie Bauke, President & Chief Career Strategist, The Bauke Group, joins Cheddar to discuss the phenomenon of new hires accepting jobs and quitting before their first day of work, and how ghosting one company may come back to bite you when you find a job you really want.
