News
Ford Model e unit announces massive expansion of EV initiative in Europe: 7 new EVs by 2024
Ford’s electric vehicle unit — known as Model e — announced today that it would take massive steps to expand its electric vehicle project in Europe. Ford, which recently split its electric vehicle and combustion engine businesses into two divisions, is aiming to roll out seven new electric vehicles in Europe by 2024 with an annual production capacity of 600,000 vehicles by 2026.
Ford announced the expansion plan today, recognizing the accelerating pace of electrification in the European market. “I am delighted to see the pace of change in Europe – challenging our entire industry to build better, cleaner, and more digital vehicles. Ford is all-in and moving fast to meet the demand in Europe and around the globe,” Ford CEO Jim Farley said in a statement. “This is why we have created Ford Model e – allowing us to move at the speed of a start-up to build electric vehicles that delight and offer connected services unique to Ford and that are built with Ford-grade engineering and safety.”
Ford’s Model e division aims to take advantage of a Tesla-like business model that completely separates the electric vehicle projects from the traditional combustion engine powertrains that Ford built its legacy on. As one of the most-committed legacy automakers in the transition to electrification, Ford recently announced it would commit to a production goal of 600,000 EVs by the end of 2023.
In Europe, electric vehicles have become extremely popular, becoming a more common choice of consumers than combustion engine vehicles in some regions. Ford is turning some focus toward this market as it is likely to be one of the biggest catalysts to EV sales company-wide. Ford said it expects annual sales in Europe to exceed 600,000 units in 2026, reaffirming its intention to deliver a 6 percent EBIT margin in Europe in 2023.
“Our march toward an all-electric future is an absolute necessity for Ford to meet the mobility needs of customers across a transforming Europe,” Ford of Europe Chairman Stuart Rowley said. “It’s also about the pressing need for greater care of our planet, making a positive contribution to society and reducing emissions in line with the Paris Climate Agreement.”
Seven New EVs by 2024
With the Mustang Mach-E already having a successful introduction into the European market, Ford will also welcome the E-Transit to the region in Q2 2022. By 2024, Ford plans to introduce seven additional models to its electric lineup in Europe. It will include three new passenger vehicles and four new commercial cars.
In 2023, Ford will begin production of an all-new passenger EV. The company says it will be a “medium-sized crossover, built in Cologne with a second electric vehicle added to the Cologne production line-up in 2024.” Ford will also introduce an electric version of the Ford Puma. It will be produced in Craiova, Romania, starting in 2024.
Ford, which recently split its electric vehicle and combustion engine businesses into two divisions, is aiming to roll out seven new electric vehicles in Europe by 2026 with an annual production capacity of 600,000 vehicles. (Credit: Ford)
Ford is Europe’s top-selling commercial vehicle brand, and the company plans to introduce several new electric models of its Transit van — “the all-new Transit Custom one-tonne van and Tourneo Custom multi-purpose vehicle in 2023, and the smaller, next-generation Transit Courier van and Tourneo Courier multi-purpose vehicle in 2024.”
“These new Ford electric vehicles signal what is nothing less than the total transformation of our brand in Europe – a new generation of zero-emission vehicles, optimized for a connected world, offering our customers truly outstanding user experiences,” Rowley added.
Ford’s Cologne, Germany EV Hotspot
Ford also said that the first all-electric passenger vehicle to come out of the new Electrification Centre in Cologne will be a five-seat, medium-sized crossover. Crossovers are a widely popular body style and accounted for 58 percent of all Ford passenger vehicles sold in Europe in 2021. Ford plans to unveil the name and design of the new crossover in 2022. Production will begin in 2023.
Ford’s Cologne Electrification Center (Credit: Ford)
Additionally, Ford said its total investment in Cologne is expected to be $2 billion with the investment including plans for a new battery assembly facility that will begin production in 2024. The automaker projects at least 1.2 million vehicles produced at the Cologne Electrification Centre by 2030.
New battery partnership with SK On Co., Ltd., and Koç Holding
Ford announced that it also signed a non-binding Memorandum of Understanding for a new, industry-leading joint venture in Turkey with battery manufacturers SK On Co., Ltd. and Koç Holding. The plant will be located near Ankara, the country’s capital, and will manufacture high-Nickel Nickel-Manganese-Cobalt (NMC) cells for assembly into battery array modules. Nickel cells have been a focus of many large automakers transitioning to electric cars, as it is widely available. However, surging prices of the metal have contributed to a potential delay in these plans, at least in the short term.
Production is expected to start as early as mid-decade, Ford said, with annual capacity likely to be between 30 and 45 Gigawatt hours.
Ford said the investment will also be supported by the Turkish Government and will benefit large and small commercial vehicle operators across Europe, all while decreasing CO2 emissions.
EV Production Boost in Romania
Ford will also introduce an electric version of its best-selling European vehicle, the Puma. European customers will be able to purchase an all-electric version of the vehicle in 2024. Additionally, the Transit Courier and Tourneo Courio will be produced a the plant in 2023, with all-electric versions being offered the following year.
Ford’s joint venture with Koç Holding, known as Ford Otosan, will assume ownership of the Craiova, Romania plant. “We welcome this opportunity to grow our joint venture with Koc Holding and leverage this strategic partnership to better utilize our resources and know-how in Romania,” Rowley said. “Ford Craiova is today a strong success story, and we believe that through Ford Otosan’s experience and expertise in electrification and commercial vehicles it can reach even higher levels of achievement.”
I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.
News
SpaceX confirms Starship 15 launch window with massive ambitions
SpaceX confirmed the date of Starship’s 15th launch window with some massive ambitions for the mission, as it will attempt to catch Ship for the first time.
CEO Elon Musk confirmed during SpaceX’s Earnings Call last night on October 20 that it would launch Starship for its 15th test flight in November, and there are some incredible things the company wants to try, making it perhaps the most groundbreaking launch in the program’s history.
SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms
The most major development of the call was SpaceX’s intention to catch Ship alongside catching the Super Heavy Booster, something that has happened in the past. SpaceX showed an animation of the Ship catch, which will be done on the launch tower’s chopsticks:
SpaceX has released a new Starship tower catch animation for the upcoming Flight 15! https://t.co/kStn01Da8u
— Truthful🛰️ (@Truthful_ast) October 20, 2026
This monumental goal is to catch both the Ship and Booster in a dual-catch scenario, an incredible feat since SpaceX has never been able to reuse a Ship after launch. Musk said it would be “the first time that an orbital launch vehicle has been fully recovered,” and said it would be a “profound technology milestone.”
Musk said the odds of success on this first Ship catch attempt are “more likely than not,” but SpaceX is ultimately prepared for more tries moving forward. The SpaceX frontman said that, starting next year, Starship would have a “steady stream” of flights through the end of the year.
The cadence will accelerate in 2027, with Musk stating the company plans to target weekly flights in the first half of 2027 and twice-weekly by year-end.
The Flight 15 attempt follows that of Flight 14, which took off in late September and was Starship’s first orbital mission. It deployed 26 Starlink V3 satellites, accomplished a controlled ocean splashdown of both stages, and shed more light on potential challenges for the program moving forward.
As of now, the Starship program is firing on all cylinders.
Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.
Investor's Corner
SpaceX stock gets a slew of price target boosts after bullish earnings call
Wall Street analysts rapidly raised price targets on SpaceX (NASDAQ: SPCX) after the company reported a bullish third quarter for 2026 following the market close on October 20. Shares were sent sharply higher in after-hours and premarket trading.
SpaceX posted revenue of $14.6 billion, a 161 percent year-over-year increase that comfortably topped consensus estimates, which fell near $12.7 billion. The company also posted a net profit of $4.4 billion from a prior-year loss, with adjusted EBITDA reaching $8.8 billion.
More price target movement:
🚀 Cantor Fitzgerald lifted its target to $345 from $246 (Overweight).
🚀 Barclays raised its target to $300 from $254 (Overweight).
🚀 Citi increased its target to $240 from $200 (Buy),
🚀 UBS moved to $230 from $210 (Buy)
🚀TD Cowen raised its target to $224 from $200 (Buy).
🚀Morgan Stanley held an Overweight rating with a $300 target.
🚀Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (to $248 from $217). Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power.— TESLARATI (@Teslarati) October 21, 2026
Its Super Intelligence (AI) division generated roughly $7.6 billion and became the largest revenue contributor, growing nearly 830 percent year-over-year, while the Connectivity segment delivered $5.2 billion on strong subscriber additions that lifted the consumer base to 13.6 million for Starlink.
The Earnings Call proved especially catalytic, as CEO Elon Musk and CFO Bret Johnsen outlined Q1 2027 revenue guidance of $33 billion to $37 billion, which was far above the roughly $22 billion analysts had modeled, alongside fourth-quarter capital-expenditure plans of $35 billion to $40 billion focused on AI compute infrastructure at sites including Memphis and Southaven.
SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms
Management targets 2.5 to 3 gigawatts of nameplate compute capacity by year-end and discussed pathways to 13 gigawatts or more by the end of 2027. Musk described relentless demand from hyperscalers and other customers, with compute pricing supporting payback periods of less than a year and potentially as short as six months.
Additional highlights included Starship’s recent orbital success and V3 satellite deployment, Starlink pricing and enterprise momentum, rapid Grok Bot adoption, spectrum expansion plans, and the formation of special committees to explore a possible combination with Tesla.
These elements prompted a wave of price-target increases:
- JPMorgan more than doubled its target to $500 from $240 while maintaining an Overweight rating.
- Cantor Fitzgerald lifted its target to $345 from $246 (Overweight).
- Barclays raised its target to $300 from $254 (Overweight).
- Citi increased its target to $240 from $200 (Buy),
- UBS moved to $230 from $210 (Buy), and
- TD Cowen raised its target to $224 from $200 (Buy).
- Morgan Stanley held an Overweight rating with a $300 target.
- Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (to $248 from $217). Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power.
Shares, which closed at $147.79 on October 20, jumped roughly 8 percent in early premarket trading on October 21 as investors digested the results and the newly elevated Street targets.
The average analyst price target has moved higher, which reflects greater conviction in SpaceX’s trajectory across launch, connectivity, and the Super Intelligence business, even as elevated spending remains a point of focus.
Elon Musk
SpaceX showcases exactly how it plans to catch Starship next month
SpaceX played a new Starship Flight 15 simulation showing the ship caught by tower chopsticks.
SpaceX gave its clearest look yet at how it plans to catch a Starship upper stage, playing a roughly 80 second animation of the maneuver during its third quarter earnings webcast on Tuesday. The clip ran under an “Up Next: Ship Catch” banner moments after Elon Musk confirmed that Flight 15, expected next month, will try to catch both the Super Heavy booster and the ship with the launch tower.
The animation opens at ground level, looking up through the launch mount at a tower with its chopstick arms spread wide. It then cuts to the ship gliding back through the atmosphere in its horizontal belly flop position, with its forward and aft flaps steering the descent. A wide shot from the Starbase shoreline follows, where the ship is a small dot in the sky before it swings vertical and drops toward the launch towers. The final shots show the ship sliding down past the top of the tower, a close view of the hardware along its side meeting the arms, and the vehicle hanging in the chopsticks.
SpaceX has released a new Starship tower catch animation for the upcoming Flight 15! https://t.co/kStn01Da8u — Truthful🛰️ (@Truthful_ast) October 20, 2026
Musk called the catch the step that closes Starship’s reuse loop. “If we succeed, it will be the first time that an orbital launch vehicle has been fully recovered,” he said. He put the odds of success on the first attempt at “more likely than not,” and said SpaceX has “a steady stream of Starship flight attempts through the end of this year” if Flight 15 falls short.
The sequence mirrors work SpaceX has already done with real hardware. In September, Ship 42, the vehicle assigned to Flight 15, was lifted by the Pad 2 chopsticks into a simulated catch position, where crews cycled the arms and connected the ship quick disconnect arm while it hung from the tower. NASASpaceflight has since reported that SpaceX removed Ship 42’s engines before its static fire and sent it back for another cryogenic test.
Gwynne Shotwell covered the regulatory side on the same call. After what she called “significant constructive engagement with the FAA,” SpaceX expects the Flight 15 license “to include return to launch site and tower catch for both stages.” Bringing the ship home means reentering toward land instead of the open ocean, which Musk said in February would only happen once the chance of the ship breaking up over land was very low, after two perfect soft landings at sea.
SpaceX has caught Super Heavy with the tower three times, on Flights 5, 7 and 8, but the ship returns from orbit at far higher speed and has never been caught. Flight 14 on September 28 was the first Starship to reach orbit, and it deployed 26 Starlink V3 satellites before splashing down, a mission SpaceX counted as its first revenue flight in the Q3 results it reported Tuesday.
The timing lines up with what Musk told the crowd at Giga Texas earlier this month, when he said Flight 15 would probably launch a little before Thanksgiving and that Flight 16 could refly both stages. On Tuesday’s call he went further, saying Starship should fly weekly at some point in the first half of 2027 and twice weekly or more by the end of next year as SpaceX works toward landing a rocket and launching it again with no refurbishment.