Ford F-150 Lightning Sales Have ‘Tanked’: Memo

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Good morning! It’s Monday, October 16, 2023, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know. 1st Gear: Shift Cut At Ford’s F-150 Lightning Plant Despite announcing that sales of its EVs were up by more than 14 percent in the third quarter of 2023, the number of all-electric F-150 Lightning trucks that the Blue Oval shifted between July and September was down by a massive 45 percent. Read more However, that expansion came as Ford began backtracking on some of its EV targets. According to the WSJ, the company backtracked on a “previous goal to produce two million EVs by the end of 2026.” The company also gave itself an extra year to meet its target of producing 600,000 EVs per year. 2nd Gear: Strikes Could Cost Ford And GM $500 Million In strike news, a new report from Automotive News has found that industrial action launched by the United Auto Workers back in September could cost Ford and GM as much as $500 Million. In fact, that figure is rising each day for both automakers, with Ford projected to lose $44m and GM hemorrhaging $21m every day the strike continues. According to Automotive News, challenges like a reduction in spending for the two companies, project delays, and the eventual payouts they might have to make once a contract is reached all mean that costs are mounting. Automotive News reports: As a result of the strike, GM has already projected that it will take a $200 million hit to its third-quarter profits. The company has also increased its cost-cutting target by more than $1 billion through the end of 2024. It won’t be long until we see the full costs the strikes are having on GM and Ford. The two companies are poised to release their latest financial results later this month, with GM reporting third-quarter results on October 24 and Ford sharing its results on October 26. 3rd Gear: Stellantis And Ford Lay Off 1,250 More Workers In further strike-related news, Ford and Stellantis have announced another round of layoffs that they’re blaming on the walkout. The two automakers will furlough an additional 1,250 workers at sites impacted by the UAW walkout. According to a new report from Reuters, Stellantis is placing a further 700 employees on temporary layoffs, bringing its total number of furloughed workers up to 1,340 employees. Ford, meanwhile, has added an additional 550 workers to its tally of laid-off employees. Reuters reports: At General Motors, the number of furloughed workers has reached 2,300, bringing the total number of Big Three employees on temporary layoffs to an eye-watering 6,120. In contrast, the UAW strike has seen 34,000 union workers walk off the job, accounting for roughly 25 percent of its members. 4th Gear: Ferrari Accepts Crypto Now, Apparently Never a company to miss out on the latest technology, Ferrari has announced that it now accepts Bitcoin from anyone looking to buy one of its cars. Starting in the U.S., the Italian automaker will accept bitcoin, ether and USDC on payments of its supercars, with plans to roll the scheme out to further markets later. According to a report from Endgadget, Ferrari will accept cryptocurrency payments through processor BitPay. The payment system will launch in the U.S. first, where apparently customers were “begging for” it. Europe will follow in 2024 and “other regions” will join the cause later. Endgadget reports: For anyone interested in swapping some bitcoin for a Ferrari, at today’s exchange rate you’ll need 8.3 bitcoin to be able to afford a Ferrari Roma and 17.9 coins if you’d rather drive away in an SF90 Stradale. Reverse: The Workingest Thing On Wheels On The Radio: The Black Keys – “Little Black Submarines” More from Jalopnik Sign up for Jalopnik’s Newsletter. For the latest news, Facebook, Twitter and Instagram.

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