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Happy Thursday! Today we cover Ford’s stock price recovers due to hybrid sales, Honda invests $12 BILLION in EV supply chain, and automatic refunds when your next flight gets canceled or delayed.
- Ford’s Q1 earnings were released yesterday and sparked an overall optimistic tone as well as a stock price bump as they bumped up their full year free cash flow figure.
- Ford reports a solid quarterly profit driven by strong sales of work trucks, vans, and a 36% increase in hybrid vehicle sales.
- Despite a downturn in the EV market, Ford's Chief Executive Jim Farley emphasizes affordable EVs as a future growth area, with potential models priced between $25,000 and $30,000.
- Ford Pro, the division focusing on fleet services and work vehicles, reported exceptional profitability, contributing significantly to the company’s earnings.
- Ford Blue: $21.8 billion in revenue, EBIT of $905 million
- Model e: $100 million in revenue, EBIT loss of $1.32 billion
- Ford Pro: $18 billion in revenue, EBIT of $3.01 billion
- Regarding the future profitability of EVs Farley said, "We are going to build a sustainably profitable EV business," highlighting lessons learned from pricing strategies that boosted sales of their Mach-E SUV.
- According to reports mentioned in Automotive News, Honda is set to unveil a significant $11 billion investment plan to establish an integrated EV battery supply chain in Ontario, Canada.
- This investment includes the construction of an EV battery plant in Alliston and two supplier plants in partnership with South Korea's Posco Future M and Japan's Asahi Kasei.
- This sets a new high for automotive investment in Canada, trumping the $5B investment by VW, and $7B investment by Sweden based Northvolt
- Canadian Prime Minister Justin Trudeau and other top officials will join Honda’s announcement, marking a major expansion of Honda's Canadian operations.
- "This move supercharges our North American electrification efforts," said Jean-Marc Leclerc, Honda Canada President, highlighting the strategic importance of this comprehensive investment.
- Pretty soon, canceled or significantly delayed flights will mean fast refunds for air travelers as new DOT Regulations Mandate Automatic Refunds
- Airlines will now automatically refund passengers who don’t accept changes or credits for flight cancellations, significant changes, or delays exceeding three hours for domestic and six hours for international flights.
- The Department of Transportation's new rules also cover refunds for delayed checked baggage and undelivered paid services like Wi-Fi.
- These regulations, which roll out within the next 6-12 months, aim to simplify the refund process, ensurin
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