👍🆚👎Ford's CEO, Jim Farley, is struggling to convince investors that the company's next generation of electric vehicles will meet profit targets while also already fretting over the competitiveness of the third generation. Doesn’t instill much confidence, does it?
Despite aiming for an 8% pretax profit margin for EVs by 2026, Ford is still projected to fall behind Tesla.
Farley's biggest bet right now is on Ford Pro, the company's commercial vehicle business, which is projected to deliver $6B in pretax profit this year and a 14% pretax profit margin by 2026.
💰🚛🔋Swiss building-material company Holcim Ltd. has entered into a letter of intent to purchase up to 1,000 electric trucks from Volvo AB, marking Volvo's largest-ever order for battery-powered trucks.
While Volvo considers itself a market leader in Europe and North America, electric trucks accounted for only 1.3% of its first-quarter sales. The company hopes to ramp up the revenue with their Holcim partnership and production push at their Belgium factory later this year.
😊📉😔According to the 2023 Axios Harris Poll, Tesla saw one of the biggest reputation drops of the past year — from 11th in 2022 to 62nd place this year.
Elon Musk’s chaotic takeover of Twitter clearly impacted consumer confidence in Tesla, but also held down the social media company's own ranking. They did however, manage to move up one spot to 97th place, and handing over their 98th spot to Fox.