Welcome to the latest edition of the EV Universe Electric Newsletter #011, your go-to source for all things electric vehicles!
In each edition, we take a closer look at the exciting developments in the EV world and dive into the latest news and trends shaping the industry. From the latest makes and models to advancements in electrification, to innovative accessories and technologies, we’ve got you covered.
Join us on this journey. Let’s explore the future of sustainable transportation and its electrifying impact on our world. In this edition, we are covering the the all-new Ford Explorer EV, Ford’s EV unit $2.1B loss in 2021, and U.S. DOT to launch $2.5B Community EV Charging Program.
“Ford unveils its Europe-only electric SUV: The all-new Ford Explorer EV“
- Ford has announced the European-designed Explorer, an electric SUV built on the Volkswagen MEB platform and to be manufactured at Ford’s Cologne factory.
- The Explorer is a five-seater optimized for European needs, with no plans to market it in the USA.
- It accommodates three passengers in the back seat and has a cargo space of over 400 liters (~14.1 cu ft). It also has a large center storage area in front that can accommodate a laptop.
- It is equipped with the latest Sync Move infotainment system, including Alexa voice recognition, intelligent charger search function, and wireless Apple CarPlay and Android Auto, among other features.
- The pricing, performance, driving range, and battery specifications of the Explorer have not been confirmed, but it is expected to cost under £40,000 ($48,785) in Select trim and go on sale in the UK later this year.
“Ford Reports $2.1 Billion Loss for EV Business in 2021, Expects $3 Billion Loss in 2023”
- Ford Motor Company lost $2.1 billion from its EV business in 2021, while its internal combustion and fleet businesses generated $10 billion in operating profit.
- Ford expects its EV unit to incur a net loss of $3 billion in 2023, while its internal combustion unit is projected to generate $7 billion in adjusted earnings and its fleet business $6 billion in adjusted earnings.
- Ford has reorganized its global business into five units: the internal combustion engine business, the EV unit, the commercial and government fleet business, non-automotive mobility solutions, and the Ford Credit financial services subsidiary.
- The company hopes that the new financial reporting structure will provide better insight into how profitable its core businesses are and help investors track its progress over time.
- Ford aims to build 2 million EVs per year by the end of 2026 and achieve a 10% profit margin on an EBIT basis by that time, with an 8% adjusted EBIT margin for Ford Model e.
“U.S. Department of Transportation launches $2.5 billion program for community EV charging infrastructure“
- The US Department of Transportation (USDOT) launched a $2.5 billion program for electric vehicle (EV) charging infrastructure.
- $700 million will be available from fiscal years 2022 and 2023 for the first round of funding.
- The program will be divided equally into two programs: the Community Program and the Corridor Program.
- The Community Program will provide funding for installing EV chargers in public buildings, schools, parks, and parking facilities owned or managed by private entities.
- The Corridor Program will install infrastructure along designated alternative fuel corridors along with the FHWA prioritizing the underserved and disadvantaged communities for funding.