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...Last year, it acquired a footprint in credit investments by purchasing Iron Park....
...Of Ford’s $1.1bn profit in the final quarter of last year, roughly a quarter came from the Ford Credit arm. In 2021, the finance unit generated half of Ford’s entire annual profits....
...Collectively, companies including Tesla, Alphabet, General Motors, Uber, Baidu and Ford have invested billions of dollars in the technology. Safety records are impressive....
...General Motors and Tesla have paused some of their EV expansion plans....
...Ford, General Motors and Tesla have all pumped the brakes on expanding EV production capacity in recent weeks....
...Unlike some models from Ford, GM, Volkswagen and Nissan, its EVs are not built in the US and so do not qualify for the tax credit under President Joe Biden’s Inflation Reduction Act....
...“If the credits are withdrawn or scaled back, for example, by a future Republican administration, or if Ford can’t deliver, then SK will have to revise its ambitions.”...
...[but] it’s going to take more time than we expected 18 months ago,” Ford chief executive Jim Farley told investors this month....
...For example, although MG Motor is headquartered in the UK and owned by China’s SAIC, its MG5 and MG ZS are made in China and exported....
...Its market capitalisation topped $85bn, at least $27bn higher than either Ford, General Motors or Fiat Chrysler owner Stellantis....
...Despite selling just 24,000 cars last year, Vietnam’s VinFast this month soared into the ranks of the world’s most valuable automakers — far surpassing rivals such as Volkswagen, Ford and General Motors,...
...Hyundai and its sister brand Kia have together overtaken Ford and General Motors to claim second place in US electric vehicle sales behind Tesla, with their market share set to grow once a new $7.6bn plant...
...and General Motors....
...LG Energy Solution, one of the world’s top three EV battery producers that has joint ventures with General Motors, Honda and Hyundai in the US, announced this month it was laying off 170 workers at its plant...
...The sales are being driven by a combination of price cuts at Tesla and Ford this year, tax credits worth up to $7,500 for consumers and greater manufacturing capacity, experts say....
...Last week the electric vehicle maker was briefly valued at more than the combined worth of Ford, General Motors and Volkswagen....
...Also, it will be a busy week for carmakers — notably Nissan, Toyota and Ford — and (yet more) tech — Alibaba, Arm, Spotify and Uber. More details below....
...US carmakers including Ford, General Motors and Tesla have delayed their factory ambitions due to a slowdown in demand. GM said its EVs were “well positioned” to qualify for the tax credit....
...In his new gig, Ubben became a prominent backer of Nikola Motors, a maker of hydrogen-powered trucks. But the deal was a disaster....
...Michigan offered $1.7bn in incentives to Ford for its battery plant using China’s CATL technology....
...Ford and General Motors have paused plans to expand their EV manufacturing capacity and last week Rivian announced that it would cut 10 per cent of its workforce and keep deliveries flat this year....
...The factories are part of the emerging so-called battery belt in the South of the US, which has also received a boost from $369bn in tax credits made available under the IRA....
...Ford’s vehicles that contain CATL’s lithium iron phosphate, or LFP, batteries would still qualify for incentive credits under the US Inflation Reduction Act, he added....
...The maximum credit is valued at $7,500....
...Tesla’s Model Y costs $47,740 but qualifies for a $7,500 federal tax credit. VinFast’s projected annual sales of up to 50,000 were already a stretch from last year’s 7,400 sales....
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