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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.
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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.”
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Elon Musk has declared that SpaceX has effectively solved one of Starship’s most persistent engineering challenges: the reliability of its heat shield tiles.
During the company’s first-ever Earnings Call, the SpaceX CEO stated:
“I don’t want to jinx it or anything, but I think I would call the heat shield problem solved at this point. All indications from data and visual inspection is we have solved it. That doesn’t mean we won’t make improvements, but we do not see any technical obstacles to achieving rapid reusability at this point.”
Starship’s heat shield consists of roughly 18,000 hexagonal ceramic tiles covering the windward side of the upper stage. These tiles form the thermal protection system that shields the vehicle’s stainless-steel structure from the extreme heat of atmospheric reentry.
Elon says he believes the heat shield problem with Starship is currently solved.
He called it “arguably the single biggest problem” pic.twitter.com/eEE9vM5zlz
— TESLARATI (@Teslarati) August 4, 2026
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During descent, atmospheric friction generates temperatures exceeding several thousand degrees Celsius and creates plasma flows capable of melting unprotected metal. The tiles absorb, radiate, and insulate against this energy, allowing the vehicle to survive and potentially fly again. Without a durable heat shield, full and rapid reusability, the cornerstone of Starship’s design for frequent launches, satellite deployments, and deep-space missions, would remain impossible.
The tiles have long been a source of difficulty. On earlier test flights, a significant number of tiles detached during ascent due to vibration, aerodynamic loads, and imperfect attachment methods using pins and adhesives. Gaps between tiles allowed hot plasma to infiltrate, causing secondary damage and hot spots on the underlying structure.
These issues echoed challenges faced by NASA’s Space Shuttle, whose ceramic tiles required extensive, labor-intensive inspections and replacements between missions, preventing rapid turnaround. SpaceX has iteratively improved materials, standardized tile shapes, refined attachment techniques, added secondary ablative layers, and tested sealing methods such as “crunch wrap” felt to close gaps.
Progress was visible across Flights 10–12, with steadily better tile retention, yet questions remained about whether the system could support the minimal-refurbishment goal of rapid reuse.
Flight 13 on July 24 provided the decisive evidence. Ship 40 flew a deliberately more demanding profile with higher dynamic pressure to stress the heat shield beyond typical operational loads. It successfully deployed 20 operational Starlink V3 satellites, the first such payload on a Starship mission, performed an in-space Raptor engine relight, and executed a controlled reentry.
Elon Musk sheds two new bits of detail on Starship after 13th test launch
Cameras on six of the satellites and onboard sensors captured extensive imagery and data of the shield throughout the flight. The ship then achieved its softest splashdown to date in the Indian Ocean, remaining intact and floating rather than breaking apart or exploding as on prior missions. This allowed drone inspections and continuous telemetry of the heat shield in near-real time.
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Post-flight analysis showed the majority of tiles remaining attached with only minor damage and limited plasma streaking at seams. Musk noted that the mission delivered “all the heat shield data we needed and then some.” Combined with visual inspections, these results underpinned his subsequent assessment that the core technical barriers to rapid reusability have been cleared. While refinements will continue, Flight 13 marked a pivotal step toward Starship’s operational future.
SpaceX COO Gwynne Shotwell outlined ambitious plans for Starlink Mobile during the company’s August 4 Earnings call, signaling a direct challenge to U.S. wireless giants like AT&T, T-Mobile, and Verizon.
Shotwell noted that the three companies generate roughly $600 billion in combined annual revenue. “I anticipate us to be able to acquire quite a few of their customers because I think our service will be better,” she said. “We will eliminate dead zones leveraging the satellites in orbit. It will be better during any natural disaster… I’m quite excited about Starlink Mobile.”
SpaceX President & COO Gwynne Shotwell on @Starlink Mobile and its impact on Verizon, AT&T and T-Mobile:
“Roughly, between them, $600 billion a year. I anticipate us to be able to acquire quite a few of their customers. Our service will be better. We will eliminate dead zones… pic.twitter.com/UYZUkrGc0L
— Sawyer Merritt (@SawyerMerritt) August 4, 2026
SpaceX intends to combine its satellite constellation with terrestrial infrastructure. The company has acquired about 65 MHz of spectrum from EchoStar and plans to deploy next-generation Starlink Mobile satellites in 2027, with upgraded service targeted for the end of that year.
Shotwell described the enhanced network, leveraging more satellites and spectrum, as potentially “100 times better” than the current direct-to-cell offering, which already supports basic texting and app-based voice/video in coverage gaps through partnerships. She also indicated plans for low-cost cellular base stations that could integrate with existing Starlink dishes, creating a hybrid system for broader capacity in urban, suburban, and rural areas.
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For the general public, Starlink Mobile promises significant advantages. Satellite connectivity can fill gaps where traditional cell towers fail, delivering service in remote locations, mountains, or during outages caused by storms, wildfires, or infrastructure damage—conditions in which ground networks often collapse.
Users could enjoy more consistent coverage without relying solely on dense tower builds, potentially at competitive prices as SpaceX scales. The hybrid approach aims to support full mobile services, including higher-speed data, while working with unmodified smartphones over time.
These developments revive long-standing but unfounded rumors of a Musk-developed “Tesla phone.” Speculative claims of a “Pi Phone” or similar device with built-in Starlink connectivity have circulated for years on social media, often featuring fabricated images and details. Elon Musk has repeatedly denied any such plans, stating Tesla has no intention of entering the smartphone market unless forced by extreme circumstances with app stores.
No official product, filings, or development announcements have ever materialized; the rumors remain hoaxes.
The announcement quickly pressured telecom stocks. Shares of AT&T, Verizon, and T-Mobile fell between roughly 2 and 4 percent in after-hours and premarket trading as investors weighed the competitive threat from a hybrid satellite-terrestrial network.
While execution challenges remain—spectrum deployment, infrastructure rollout, and regulatory hurdles—Shotwell’s remarks mark SpaceX’s clearest signal yet of entering the consumer mobile market as a full competitor.
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Venture capitalist Chamath Palihapitiya has cautioned investors shorting SpaceX shares, drawing a direct parallel to the intense short-selling pressure Tesla faced in its early public years.
Responding to reports of elevated short interest in the newly public rocket, satellite, and AI company, Palihapitiya noted that similar dynamics played out with Tesla, where aggressive short sellers ultimately “went broke.”
SpaceX (NASDAQ: SPCX) went public on June 12, 2026, in the largest IPO on record, pricing at $135 per share. Shares quickly surged to an all-time high of $225.64 just days later, briefly implying a valuation exceeding $2 trillion. The stock has since retreated sharply amid valuation concerns, lockup expiration fears, and broader market dynamics.
By early August, it traded near $108–$125, representing a roughly 50 percent decline from the peak and bringing the market capitalization closer to the $1.5–1.7 trillion range. On August 4, shares closed up more than 9 percent at $125.33 ahead of earnings before facing pressure in after-hours and premarket trading.
Short interest has climbed dramatically. According to S3 Partners data widely cited in market reports, short positions reached approximately 219.3 million shares by late July, about 34 percent of the limited public float of roughly 640 million shares, and represented a notional value of around $24.6 billion.
Utilization of shares available to borrow hit 95 percent, with borrow fees rising. This level of shorting exceeded the dollar value of short bets against Tesla at the time and built rapidly ahead of two catalysts: the company’s first post-IPO earnings and an August 6 lockup expiration that could free up to 911.5 million additional shares.
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CEO Elon Musk has issued warnings of his own. In mid-July, as short interest approached one-third of the float, he posted that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low,” reiterating his view that the company could ultimately be worth more than Earth if it achieves its goals.
On August 4, just before earnings, Musk responded to the latest short-interest data by saying, “I try to warn them, but they just double down.”
SpaceX delivered its first quarterly results as a public company after the close on August 4. Second-quarter revenue rose 92 percent year-over-year to $7.8 billion, beating consensus estimates near $6.8–6.9 billion.
The net loss narrowed to $541 million, or 9 cents per share, better than the roughly 23–24 cent loss expected. Starlink/connectivity contributed about $4.3 billion (up 66 percent), while the AI business generated $2.6 billion (up roughly 250 percent). Capital expenditures were heavy at $18.4 billion, largely tied to AI infrastructure. Management projected a $100 billion annualized revenue run rate by year-end 2026 and outlined a path toward $1 trillion in annual revenue by 2030.
The combination of Chamath’s historical reminder, Musk’s repeated alerts, and the company’s ambitious growth targets underscores the high-stakes debate surrounding SPCX. Short sellers are positioned for near-term supply pressure from the lockup, while long-term bulls point to Starlink scale, Starship progress, and AI compute expansion as reasons the bears may ultimately face the same fate as many early Tesla skeptics.
SpaceX has solved Starship’s biggest challenge, Elon Musk says
SpaceX is coming for wireless giants with Starlink Mobile
