We are on day 2 of More Than Cars season two shooting, and we couldn’t be more encouraged by what we are discovering in Lafayette, IN. Today we look at Ford’s Q3 report of lower net income, Tesla expanding its vehicle output in 2025 and a new requirement for you to get quicker airline refunds.
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Ford is adjusting their full year targets after posting a large drop in net income in Q3 due to expected EV delays.
-Ford reports a 26% drop in Q3 net income due to EV delays and associated costs.
-Revenue rose 5% to $46 billion, marking the 10th consecutive growth quarter.
-Ford now projects full-year EBIT around $10 billion, down from a $12 billion estimate.
-Cost-cutting efforts of $2 billion this year are offset by inflation and warranty costs.
-“Cost is holding us back…[but] we’re focused on improving costs every quarter,” CFO John Lawler commented.
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Tesla has set an ambitious target to deliver an additional 500,000 electric vehicles next year, leveraging factory enhancements and new production methodologies to expand its footprint in the global EV market.
-Tesla will ramp up production at its Giga Texas and Giga Berlin plants and adopt new streamlined manufacturing techniques to produce popular models like the Model Y and Model 3 faster and at lower costs.
-Advancements in Tesla’s battery technology, including structural battery packs and the 4680 battery cells, are central to achieving these targets, allowing for both extended vehicle range and reduced production costs
-Key factory upgrades are already underway, aimed at increasing both output and energy efficiency, aligning with Tesla's vision to scale sustainable manufacturing.
-CEO Elon Musk noted the significance of the target, saying, “This is not just about meeting demand; it’s about setting the pace for the global shift toward electrification. We aim to make EVs accessible on a mass scale.”
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New requirements for airlines just dropped, giving customers access to quicker refunds for disrupted flights.
-Airlines must now issue automatic cash refunds for significant delays or cancellations.
-Delays over three hours for domestic and six hours for international flights qualify.
-Refunds cover flight changes, downgraded service classes, and unavailable paid services.
-Checked bag fees must be refunded for delayed luggage beyond 12 hours (domestic) or 15 hours (international).
-“Passengers deserve to get their money back…without headaches or haggling,” said Transportation Secretary Pete Buttigieg.
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