Driving Transactions
Wednesday, July 24, 2024

Another summer of news from the auto industry, including a major pivot by one of the major automakers

Ford

Ford CEO Says We Need to Reshape Our Vehicle Expectations: Jim Farley, who became Ford’s CEO in 2020, recently spoke at the Aspen Ideas Festival last month about the future of the automaker and why he has a love affair with EVs. The self-proclaimed “old school car person” is hoping that the average consumer will also learn to love the benefits that he says EVs deliver, including effortless acceleration and the ability to slow the car without using a brake, to name a few. With that, he announced that Ford would be focusing on making more affordable—and smaller—EVs in the coming years, including one that would be a direct competitor to China’s BYD (which currently has steep tariffs placed on it by the Biden administration). This marks a radical shift in Ford’s platform, which had mostly comprised larger vehicles in recent years.

Ford CEO Jim FarleyFord CEO Jim Farley

“You have to make a radical change to get to a profitable EV. The first thing we have to do is really put all of our capital toward smaller, more affordable EVs,” he said during the conference.

Ford famously electrified its best-selling F-150 truck—called Lightning, which is also Farley’s daily driver—but he cites the weight and cost of moving these larger vehicles on batteries alone. Farley hopes that the unnamed new vehicle in the $30,000 range will be ready in roughly two-and-a-half years for the North American market.

You can listen to the full speech here.

VolvoVolvo EX90

Volvo’s Biggest Electric SUV Is Finally Here: The Swedish automaker Volvo just released its largest all-electric SUV when the new flagship SUV rolled off their production line in Charleston, S.C., this past month. It’s one of four EVs that Volvo currently has in its lineup. Volvo began producing cars in the South Carolina city in 2018, and it is also the production facility for the EX90 and S60 sedan.

Volvo says that the EX90 is their “safest car to date” as it’s powered by a new generation of safety and technology, including a suite of sensors and cameras. It was designed to offer space, comfort, and versatility for all passengers. The seven-seater has a range of up to 308 miles and a price tag starting around $80,000. You can read more about it here.

GenesisGenesis G80

Genesis G80 Earns Top Honors: Genesis’ luxe executive sedan was once again named “Best Upper Midsize Premium Car” by J.D. Power 2024 U.S. Initial Quality Study. This is the fourth year in a row that the brand has earned the honor. The line also includes the Electrified G80, which was a 2024 IIHS Top Safety Pick. The Electrified G80 was introduced in 2022 and is the company’s second of three EVs.

“G80 remains a core product in our sedan lineup, offering customers the perfect balance of comfort and refined performance. G80’s impressive performance in this year’s J.D. Power Initial Quality Study demonstrates our commitment to delivering exceptional products and keeping our customers top of mind,” said Genesis Executive Director of Quality and Service Engineering Omar Rivera in a press release from the company.

[07.09.24]