Facing billions in losses, Ford has reached out to suppliers to help innovate and drive down production costs.
The uncomfortable truth of the shift to electric vehicles is that automakers have to reinvest profits from their gas car businesses to fuel the capital-intensive development of EVs. Only Tesla and a handful of Chinese EV makers like BYD and Li Auto are known to be profitable today. Others are struggling. Take Ford, which is projected to lose $5.5 billion from its Model e EV unit this year and now it’s ringing an SOS to its suppliers: “We need help.
Here’s what GM said to Reuters this morning: 'GM, LG Energy Solution and LG Electronics have agreed to a settlement with plaintiffs to resolve class action litigation related to the Bolt EV battery recall,' GM said in an emailed statement to Reuters. 'As a result, Bolt owners who received a battery replacement or who have installed the latest advanced diagnostic software may qualify for compensation,' the company said.
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