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Ford Motors and Tesla have entered into a partnership that will collaborate on charging technology. This news comes as an unexpected development that highlights the changing face of the electric vehicle (EV) sector. The proposal was revealed during a live Twitter Spaces discussion between the CEOs of both manufacturers, Jim Farley of Ford and Elon Musk of Tesla, underscoring their dedication to expanding the EV industry and dealing with infrastructural issues. Starting at the beginning of 2024, current Ford owners will have access to Tesla's extensive network of more than 12,000 Superchargers spread across the United States and Canada. It will be possible to charge the Ford vehicles at Tesla's charging points with the help of an adaptor. A Tesla charging port will also be included in Ford's upcoming generation of EVs, which is anticipated to be on sale by the middle of this decade. It will eliminate the requirement for an adaptor and allow Ford customers to effortlessly use Tesla Superchargers. The latest partnership between the two car manufacturers makes Ford one of the first automakers to directly link with Tesla's charging infrastructure. Ford's move to tie up with Tesla shows its commitment to accelerating the development and uptake of its electric vehicles, with goals to eventually challenge Tesla's monopoly on the market. Ford ranked in second position in the fully electric car segment in the United States last year, producing an incredible 61,575 units, while Tesla continues to dominate the EV industry. Jim Farley emphasized Ford's relentless commitment to a unified U.S. charging protocol that incorporates Tesla's NACS plug port. The manufacturer has not yet said if the CCS charging ports seen on their current models would remain on their next-generation EVs. Ford promises consumers that the use of Tesla's plug would improve accessibility and convenience for owners of its electric vehicles. Also Read: Antitrust Ruling Challenges American Airlines and JetBlue Partnership A Ford spokesperson confirmed that the prices for charging services would be competitive on the market. As we get closer to the projected launch date in 2024, more information about the price and other features of the partnership will be made public. The fact that Tesla is ready to let other EVs use its charging network is not completely unexpected. As revealed by White House officials earlier this year, Tesla promised to open 7,500 of its charging stations to non-Tesla EV vehicles by the end of 2024. Up until this point, Tesla's charging infrastructure mostly catered to Tesla cars. Even though Farley and Musk's companies are direct competitors, they were able to have an understanding and admiring exchange on Twitter Spaces. With the launch of the electrified F-150 Lightning in April 2022, Ford significantly outperformed Tesla in the pickup market. Ford also got the inspiration for its Mustang Mach-E crossover from Tesla's Model Y and followed Tesla's model by lowering the price of its electric crossovers. Elon Musk, CEO of Tesla, SpaceX, and Twitter, has frequently commended Ford as a historic American company and praised its ability to escape bankruptcy during the Great Recession, in contrast to its Detroit rivals, General Motors and Chrysler, who both filed for bankruptcy.

Ford Motors and Tesla Forge Unlikely Partnership for Electric Vehicle Charging

Ford Motors and Tesla have entered into a partnership that will collaborate on charging technology. This news comes as an unexpected development that highlights the changing...

Tesla has one more time slashed its electric car prices intending to drive in more sales. Tesla announced the price drop following the record sales of 422,875 cars across the globe in the first quarter of 2023. Tesla's more costly Model S and Model X vehicles are included in the price drop, which ranges from 2% to over 6%. Tesla has reduced the cost of its Model S and Model X vehicles by $5,000 to $84,990 and $94,990, respectively. These models have been selling less quickly. The cost of the more cost-effective Model 3 and Model Y vehicles has also decreased by $1,000 and $2,000, respectively. These price reductions result in the following current pricing for Tesla vehicles: Model S: $84,990 Model S Plaid: $104,990 Model 3: $41,990 Model 3 Performance: $52,990 Model X: $94,990 Model X Plaid: $104,990 Model Y Long Range: $52,990 Model Y Performance: $56,990 Also Read: Biden Administration Issues Rules for Electric Vehicle Tax Credits, Restricting Eligibility Based on Sourcing Requirements Elon Musk, Tesla's head, is stressing the need of lowering the current prices of Tesla vehicles for two reasons. The first one is increasing customer demand. Second, he seems in the favor of making Tesla vehicles more affordable. Musk had recently remarked, "Price plays a crucial role. A lot of customers want to purchase Tesla vehicles, but they can not do so because of high prices. Provided that, these price drops make a difference for average customers." Also Read: Middle East on ‘radar’ of global investors as it enjoys IPO boom Potential buyers are happy to hear that Tesla's car prices have begun to go down and that increasing affordability is "essential to become a multimillion vehicle maker." Existing Tesla owners, though, might not be as thrilled by the price drop. Their automobiles' resale prices have fallen as a result of the price reductions. The price drops have garnered several mixed responses. Some worry about the effect on the resale value of their current Tesla vehicles, while some view it as a means to encourage more people to purchase electric vehicles. But, Tesla's move to lower pricing could put pressure on other electric car manufacturers to lower the price of their vehicles too. The latest price drops in Tesla's cars come to attract more customers and rebrand itself into the affordable car maker category. Making automobiles more inexpensive is essential if Tesla wants to grow into a multimillion-dollar automaker. Notwithstanding conflicting opinions on the price drops, Tesla's action could persuade other manufacturers of electric vehicles to do the same and lower their pricing.

Business8 months ago

Tesla’s Latest Price Cuts Put Pressure on Other Electric Vehicle Manufacturers

Tesla has one more time slashed its electric car prices intending to drive in more sales. Tesla announced the price drop following the record sales of...

The Biden administration has proposed new rules on how it will implement the Inflation Reduction Act (IRA) provisions, which restrict which electric vehicles (EVs) are eligible for tax credits. The IRA, signed by President Biden in August, aims to reduce reliance on hostile nations like China and bolster domestic EV battery supply chains. The rules issued by the Treasury Department on Friday provide clarity on the sourcing requirements for critical minerals and battery components that automakers must use in EV batteries to ensure eligibility for the full $7,500 credit. The rules specify that 40% of critical minerals contained in an EV's battery must have been extracted or processed in the U.S. or countries with free trade agreements with the U.S. beginning in 2023. This share of critical minerals then increases by 10% each subsequent year until 2027 when 80% of minerals must be sourced under the conditions. Also, starting in 2023, at least 50% of an EV's battery components must be produced or assembled in North America, according to the regulations. In succeeding years, this proportion rises until it hits 90% in 2028. EVs that satisfy both the standards for key minerals and battery components are entitled to the full $7,500 credit, while those that satisfy only one of the requirements are only entitled to a $3,750 credit. Also Read: AI Creates Photo Evidence Of 2001 Earthquake That Never Happened While the rules provide clarity on how the administration plans to implement the IRA's tax provisions, there is still uncertainty regarding how the administration will implement the requirement that bars EVs assembled with any battery components or critical minerals sourced from a "foreign entity of concern" beginning in 2024 and 2025, respectively. This provision would disqualify EVs with chinese-sourced components and minerals from being eligible for the credit. Details on the implementation of this provision are expected to come at a later date. The rules may create uncertainty since it appears to open the door for companies to extract critical minerals in listed nations but process those minerals in an unlisted nation. The Biden administration officials told reporters that the rule was intended to incentivize companies to only extract and process minerals in listed nations. These new regulations are a step towards the Biden administration's goal of having 50% of new automobile sales be electric by 2030. According to Treasury Secretary Janet Yellen, IRA is improving supply chains, generating employment, and enhancing energy and national security while cutting costs for American consumers and constructing a strong industrial base.

Business8 months ago

Biden Administration Issues Rules for Electric Vehicle Tax Credits, Restricting Eligibility Based on Sourcing Requirements

The Biden administration has proposed new rules on how it will implement the Inflation Reduction Act (IRA) provisions, which restrict which electric vehicles (EVs) are eligible...