Major car brand buys EV start-up to rejuvenate ‘flagging’ move to electric motors
A MAJOR car brand has bought an EV start-up in the hopes of rejuvenating its flagging move to electric motors.
Ford is purchasing Auto Motive Power (AMP), an electric charging startup that makes battery management software.
The automobile manufacturer seeks to overhaul its charging technology and reduce the cost of its electric vehicles.
California-based AMP, which also builds charging technology for drones and “hyperloop” transport systems, will be folded into the company.
A Ford representative told Business Insider that the company will be “incorporating and vertically integrating” AMP’s “talented engineers and technology” into their EV plans.
“Ford is focused on accelerating EV adoption and improving charging experiences for as many customers as we can,” the representative said.
“This move is about accelerating that effort – with excellence.”
Ford had previously said it would postpone its £9.6billion in EV spending due to demand being lower than expected.
It was also stated that they would pause work on several major projects, including a new battery factory in Kentucky.
Nonetheless, executives admitted that it’s still committed to battery-powered vehicles.
Last month, executive chair Bill Ford warned that drivers aren’t willing to pay a big premium for electric vehicles.
In an interview with The New York Times, he said that prices needed to come down before the auto industry could fully embrace EVs.
Ford aren’t the only car makers to ditch their ambitious targets amid slowing demand, however.
GM said it would abandon its targets to build 100,000 EVs in the second half of 2023.
Meanwhile, Mercedes-Benz CFO Harald Wilhelm told analysts the EV sector was a “pretty brutal space” and that the current market is not sustainable for many automakers.
Nonetheless, Elon Musk’s Tesla, continue to defy predictions that rising competition will hurt its position as the western world’s biggest EV maker.
Subaru recently became the latest car maker to join the EV club.
The Japanese company has announced plans to adopt Tesla’s North American Charging Standard for its EVs from 2025.
Elsewhere, a major car dealership boss, who oversees 190 garages, has revealed why drivers are avoiding EVs.
The average price of used electric cars is plummeting, as figures are being slashed by nearly a quarter, according to new data.
And another well-known motor dealers has warned that there is an oversupply of electric vehicles coming into the UK – creating a major imbalance.
Vertu Motors, who have 189 sites around the country, has warned that supply of electric vehicles is now outstripping demand in the UK.