Ford sold 91 million shares of EV startup Rivian last year

RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian. Source: Ford Motor Co. DETROIT – Ford Motor liquidated most of its ownership stake last year in electric vehicle maker Rivian Automotive, according to the Detroit automaker’s annual report submitted to the Securities and Exchange Commission on Friday. Ford sold 91 million shares of the EV startup in 2022, according to the filing. Ford’s sale of the shares was worth about $3 billion in total proceeds, the company said, a…

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Ford’s CEO needs to deliver by next quarter, or we’re moving on from the stock

Ford Motor (F) CEO Jim Farley on Friday said the automakers’ messy fourth quarter was a function of its transition to a new business structure that limited production capacity, combined with poor execution. But we remain disappointed in the results, and need to see an increase in profitability to stick with the stock after the next quarter. Farley, in an interview with CNBC, said he’s in the midst of restructuring Ford to do business more efficiently, but has faced challenges in simplifying processes at the auto giant, which in turn…

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Stocks making the biggest moves midday: Amazon, Alphabet, Apple, Nordstrom, Ford and more

Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022. Sandy Huffaker | Reuters Check out the companies making headlines in midday trading. Amazon – The e-commerce giant’s stock tumbled 4% despite a revenue beat. Late Thursday, Amazon issued weaker-than-expected guidance for the current period. The company also reported a slowdown in growth within its cloud business. Alphabet — The tech giant saw its shares drop 1% following the aftermath of its disappointing earnings report. Alphabet’s posted earnings per share of $1.05 missed Refinitiv…

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Biden administration expands EV tax credits in boost for Tesla, Cadillac, others

A Tesla Model Y on display inside a Tesla store at the Westfield Culver City shopping mall in Culver City, California, U.S., on Thursday, April 14, 2022. Bing Guan | Bloomberg | Getty Images DETROIT – The U.S. Treasury said Friday it is changing its definition of an “SUV” to make more electric vehicles from Tesla, General Motors and other automakers eligible for up to $7,500 federal tax credits at higher prices. The decision follows Tesla CEO Elon Musk publicly criticizing the former standards as well as automakers such as…

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5 things to know before the stock market opens Friday

A man walks past the Nasdaq MarketSite in New York on Jan. 28, 2022. Michael Nagle | Bloomberg | Getty Images Here are the most important news items that investors need to start their trading day: 1. Tech letdown Meta raised everyone’s hopes with its refreshing talk of efficiency Wednesday, but the Facebook parent ultimately set markets up for a bummer after the bell Thursday. Major tech companies Apple, Alphabet and Amazon all reported earnings, and all disappointed in some way, sending their shares down in off-hours trading. Apple posted…

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Ford CEO Jim Farley’s frustration builds as he vows to transform the automaker

Ford CEO Jim Farley at the company’s plant in Dearborn, Michigan, on April 26, 2022. “We have to change our cost profile,” Farley told CNBC after a call with analysts to discuss fourth-quarter results. CNBC | Michael Wayland Ford CEO Jim Farley is frustrated. The company’s fourth-quarter earnings on Thursday missed analyst expectations by a wide margin, as costs and supply chain issues again hurt Ford’s bottom line, Farley knows his company needs to change. related investing news “We have to change our cost profile,” Farley told CNBC after a…

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Ford is set to report results after the bell. Here’s what Wall Street expects

Ford CEO Jim Farley takes off his mask at the Ford Built for America event at Fords Dearborn Truck Plant on September 17, 2020 in Dearborn, Michigan. Nic Antaya | Getty Images DETROIT – Ford Motor is set to report its fourth-quarter earnings after the bell Thursday. Here’s what Wall Street is expecting, according to Refinitiv consensus estimates: Adjusted earnings per share: 62 cents Automotive revenue: $40.37 billion In October, Ford confirmed its prior full-year guidance of adjusted earnings before interest and taxes of between $11.5 billion and $12.5 billion.…

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Ford’s U.S. sales start 2023 on strong footing, boosted by F-Series and Bronco

Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC). Michael Wayland | CNBC DETROIT – Ford Motor’s new U.S. vehicle sales started 2023 on stronger footing than a year earlier, but were down 18.4% from December. January is historically one of the weakest months of the year, while December is one of the strongest. Still, the month-over-month decline is notable, as the worst for the automaker since a 28% drop between May and June of last year. Between…

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Rivian to lay off 6% of its workforce as EV price war concerns grow

Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company’s manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Jamie Kelter Davis | Bloomberg | Getty Images Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war. In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company’s operating efficiency must be a “core objective.” The…

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