Ford goes 'all in', boosts electric auto funding to $14 billion


It quotes a recent Deloitte study which suggested only 47% of American consumers surveyed felt autonomous cars would be unsafe, significantly down from 2017 where 74% felt they would and says that automakers are working to build consumers' trust and that the Detroit auto show can be a "huge step in turning up the volume" on that line of communication.

We will add that in four years the model range of hybrid and all-electric vehicles the company will increase to 40 pieces, 16 of which are electric vehicles.

Electric vehicles make up about just 1 percent of the current auto market, and though that's expected to rise, they still comprise only about 200,000 of the 17 million cars and light trucks sold in North America.

Dudenhoeffer said all conventional auto shows have lost some of their lustre in recent years, but Detroit is even more diminished than Frankfurt or Tokyo, in part because so numerous vehicles presented are massive gas guzzlers that have no overseas market. Ford's F-150, the best selling vehicle in the United States in 2017, had an average transaction price of Dollars 58,000.

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Ford also is focused on building an autonomous vehicle business, including a goal built vehicle, the self-driving technology and the operational infrastructure in parallel, which will allow it to scale quickly as it enters production in 2021. Subject to board approval, the company expects to make distributions totaling about $3.1bn in 2018.

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It's a mix of the old and the new, as Ford described in their press release.

GM also plans to record a $7 billion non-cash charge in its fourth-quarter 2017 earnings related to deferred tax assets tied to USA tax reform.

The profit forecast prolongs the payback from spending on autonomous vehicles and other technology that Hackett's predecessor, Mark Fields, had been promising to investors before his ouster in May.

Underscoring the point, Kia said the Forte had its best sales year in 2017 - the last year before the redesigned model debuted at the Detroit show. Hackett has promised to slash Ford's product development costs by $14 billion and has launched reviews of the vehicle lineup. The new electric-car plans come as CEO Jim Hackett prepares to push the automaker with a new strategy focused on EVs, SUVs, and trucks.

The second-largest USA automaker said 2017 net income is expected to be about $1.95 per share, while it should earn $1.78 per share on an adjusted basis. The larger question for the industry is whether other automakers will now follow Ford.