In today’s edition of EV News Daily, we have covered headlines from auto giant Ford which is projecting a loss of $3 billion in its EV Business, sports car manufacturer Porsche has finalized the location to manufacture the all-electric Cayenne SUV and then the luxury brand Genesis also has some exciting news.
Ford Projects Loss of $3 Billion in its EV Business
- Auto giant Ford is expecting to lose about $3 billion in its electric-vehicle business this year.
- Ford disclosed the figure while outlining a new financial-reporting structure intended to give investors better insight into the performance of all three business units.
- Ford finance chief John Lawler described the EV division as a startup and said, “Startups lose money as they invest in capability, develop knowledge, build volume, and gain share.”
- He further said the EV business will gradually erase its losses and achieve an operating profit margin of 8% by the end of 2026, near the 10% target for the company overall.
- Ford attributes the mounting losses to investments Ford is making to increase EV production in coming years, including the construction of two new battery-cell factories in Kentucky and a third in Tennessee, along with a new plant to make EV trucks.
Original Source: Ford
All-Electric Porsche Cayenne to be Built at Volkswagen Slovakia’s Plant in Bratislava
- Sports car manufacturer, Porsche has decided to manufacture the future all-electric Cayenne at Volkswagen Slovakia’s multi-brand plant in Bratislava.
- Fourth Generation Cayenne will be the first all-electric SUV to be manufactured at this plant.
- Albrecht Reimold, Board Member for Production and Logistics at Porsche said, “I’m sure that the team there will be meticulously prepared and will get the new generation to the starting line – when the time comes – in characteristic Porsche quality.”
- The Cayenne will become Porsche’s fourth model line with an all-electric powertrain after the Taycan (since 2019), the Macan (in 2024), and the 718 (middle of the decade).
- In 2022, the Cayenne posted the highest demand among all Porsche model lines with 95,604 units delivered.
- Porsche has also announced an advanced all-electric SUV above the Cayenne for the second half of the decade.
Original Source: Porsche
Genesis Plans to Develop High-Performance Electric Cars
- Genesis head of product planning, Mark Choi confirms that the luxury brand plans to develop high-performance Electric cars.
- Mark Choi said Genesis wants to be differentiated from its sister brands, it wants to separate itself on the more high-performance side.
- He further said Genesis is not keen on launching a high-performance sub-brand or anything like that.
- Genesis aims to develop effortless powertrains – enough power to be enjoyable in all circumstances which satisfy the luxury experience.
Faraday Future Says the Countdown has Begun for FF 91 Futurist Production
- California-based Faraday Future today kicked off a six-day countdown to the start of production (SOP) of its Ultimate Intelligent TechLuxury FF 91 Futurist.
- The company will host an SOP event for the FF 91 Futurist at its factory in California on March 29, 2023, and will simultaneously stream the live SOP event online.
- The Company will also hold a final launch event for the FF 91 Futurist on April 26, 2023, ahead of the first deliveries to FF customers.
- The FF 91 Futurist comes with an industry-leading 1,050 horsepower, an EPA-certified range of 381 miles, 0-60 mph in 2.27 seconds, a unique rear intelligent Internet system, and a revolutionary user experience designed to create a mobile, connected, intelligent, and luxurious third Internet living space and user mobility ecosystem platform.
Original Source: Faraday Future
For Yesterday’s edition of EV News Daily, Please click here
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