Thndr Claps » U.S. Claps » NYSE 🔔 » Ford & GM are reshaping for an electric future🚗
Ford (NYSE: F) & General Motors (NYSE: GM) are both making significant strides to shift their focus on an electric vehicle (EV) future.
Ford is cutting 580 employees as it swerves its efforts toward its EV-focused platform Ford+. The company plans to have a third of its global production go towards EVs by 2026, & 50% by 2030.
Ford announced it would separate its EV from its internal combustion business two months ago.
In related news
Ford recorded Q1-2022 net losses of $3.1 billion, mainly due to a loss in value of its 12% stake in EV maker startup Rivian (NASDAQ: RIVN).
GM will begin incentivizing top executives to focus on EV production by tying their compensation to EV-related targets. The company plans to become fully EV-producing by 2035.
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