News: A Brewing Battle?

All the car brands are looking for their next pot of gold in EVs right now.

While some are going all-in, others are waiting for the right moment to strike.

But, here in the U.S., the story often feels like Tesla vs. everybody else.

Among the contenders, Ford is frequently making headlines. So, today we gave Ford and Tesla a look.

--

Ford Expands EV Sales, Staff, and Reach

Ford must have read our emails. Or, maybe Jim Farley saw your LinkedIn posts. The auto brand is ditching its plan to set a minimum investment-based buy-in to sell Ford EVs.

Quick, while they're saying yes, let's ask them to bring back the foot switch headlight dimmer!

What does it all mean?

Giphy / Disney

• Broader Access: Over 90% of Americans will now live within 25 miles of a Ford dealership capable of selling and servicing EVs.
• Program Phase-Out: The Model e Dealership Program is being phased out due to slower-than-expected market growth and feedback from dealers.
• Streamlined Sales: Ford aims to simplify the EV buying process and boost sales by expanding its dealership network.

Do people even want to buy Ford EVs? Ford seems to think so, and the data agrees.

• Sales Surge: Ford's EV sales jumped 65% in May, with the F-150 Lightning leading the market.
• F-150 Lightning: The 2024 model offers a range of up to 320 miles and remains a top choice among electric trucks.

Industry Poaching?

To continue upgrading its presence in the sustainable market, Ford has expanded its EV team by hiring top talent from companies like Tesla, Rivian, and Apple to enhance its electric vehicle lineup.

Tesla to Make Musk Rich(er)

Tesla shareholders have approved Elon Musk's $56B pay package, which dates back to 2018. The salary package is the largest in U.S. history.

Voting Details:

• Preliminary results indicate strong support for the pay package and moving Tesla's legal home to Texas.
• Final results will be announced at Tesla's Texas headquarters.

Market Reaction:

• Tesla shares rose 3.6% following the voting news.
• Major proxy firms and large investors had opposed the package, citing dilution concerns.

But NOW, he has to convince a judge.

Judge Kathaleen McCormick of Delaware's Court of Chancery criticized Tesla's board for being "beholden" to Musk and failing to properly inform shareholders in 2018. A legal resolution could take years, with appeals likely.

Economic Influence:

The Cybertruck's price ($108,667) has increased the average U.S. EV price by a noticeable 3.1%. If we remove Tesla from the data, overall EV prices have decreased, indicating a competitive market. It's like that one smart kid ruining the grading curve.

Giphy/WWE

--

What do you think?

Are Ford and Tesla fighting for the heart of the U.S. automotive industry?

Are they just two companies trying to do right by their shareholders?

Or, are they Tradition v. Futurism, ready to take one another to the top rope of history and be the true champ?

Grab the talking stick, and let us know your thoughts!