Here are some of the trending news topics in the automotive and mobility markets from around the world. We will be curating three interesting pieces of news from the automotive industry and providing insightful summaries to give our readers a better understanding of the latest developments in this field.

By presenting the most significant information in a concise and accessible format, we aim to provide an engaging and informative reading experience.

So, sit back, relax, and enjoy learning about the exciting happenings in the world of automotive technology!

1. How Ford plans to turn a profit on EVs in under four years

Ford Motor Co. revealed that its EV business lost $2.1 billion in 2022 and could lose as much as $3 billion in 2023, while announcing plans to turn the business around by the end of 2026.

To achieve this goal, Ford will build more EVs, improve its supply chain, and increase its scale. It also plans to reduce the cost of EV production by developing advanced battery technology in-house or in joint ventures. Later this year, the company plans to use cells purchased from Chinese battery giant CATL and cells manufactured at its new Michigan plant, which will be operational in 2026. We expect margin improvement as these initiatives are scaled up.

In addition, the company expects to find incremental gains from selling software and services to EV owners, such as the BlueCruise driver assistance system, the benefits of inflation control laws, improved raw material costs, and a variety of other aspects to be tweaked.

2. EV startup Lucid to cut about 18% of its workforce

Lucid Group (LCID.O), an emerging U.S. EV manufacturer, announced on April 28 that it will cut about 1,300 employees, or about 18% of its workforce, as part of a restructuring plan to reduce costs.

The company, which produces the Air luxury sedan, reported that its 2023 production volume is expected to fall far short of analysts’ expectations and that orders for the fourth quarter also fell sharply.

CEO Peter Rawlinson explained in the letter that all employees will be notified of the plan in the next three days, adding that U.S. employees will be targeted for reductions at nearly all organizations and levels, including executives.

3.EV Battery Swapper Ample Lands Major Grant, Planning to expand into Japan

One of the bottlenecks in the popularization of EVs is the concern about recharging. Ample, a San Francisco-based company, has devised a novel solution to this problem by offering a battery exchange service, and has received a large subsidy from the California state government.

Users of Ample’s service pay a flat-rate fee, go to a charging station, and exchange their empty batteries for fully charged ones. The exchange takes about 10 minutes and costs about 20% less than gasoline.

Ample currently operates 12 battery exchange stations in the San Francisco Bay Area, primarily for Uber ride-sharing vehicles.

Ample founder and CEO Khaled Hassounah said the company plans to expand abroad to Madrid, Spain and Kyoto, Japan and in the United States to Los Angeles, New York, Houston, Chicago, and Miami.

Ample’s exchange stations are very inexpensive to install, and since everything is built on the ground, stations can be deployed within days. They provide EV drivers with an experience similar to that of a gas station where they stop for a few minutes when they need to refuel, Mr. Hassounah explained.