Ford chief executive Jim Farley says he believes the car maker can close the earnings gap with Tesla. Reuters
Ford chief executive Jim Farley says he believes the car maker can close the earnings gap with Tesla. Reuters
Ford chief executive Jim Farley says he believes the car maker can close the earnings gap with Tesla. Reuters
Ford chief executive Jim Farley says he believes the car maker can close the earnings gap with Tesla. Reuters

Ford’s coming electric pick-up will drive itself, chief executive says


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Ford Motor plans to make driver-assistance features central to the next electric F-Series pick-up — so much so that you might be able to take a snooze at 100 kilometres per hour.

“On the motorway on a sunny day, you should be able to go to sleep in your truck or make a call or do whatever you want to do in your truck while it drives for you,” Jim Farley, Ford’s chief executive, said in an interview Friday on Bloomberg Television.

“It will be completely digital. It’s a really breakthrough product.”

That kind of technology would be a significant advancement from Ford’s current BlueCruise semi-autonomous feature, which allows drivers to take their hands off the wheel on certain motorways, but requires them to keep their eyes on the road. Transportation officials have warned repeatedly that no commercially available vehicle today can drive itself, even as companies such as Tesla market boundary-pushing driver-assistance features.

Mr Farley’s comments show Ford’s commitment to the technology even after it shut down its autonomous affiliate, Argo AI, five months ago because it said achieving full self-driving was too far off.

Ford's electric SUV during its launch in London. The company is spending billions on the development of electric vehicles. Bloomberg
Ford's electric SUV during its launch in London. The company is spending billions on the development of electric vehicles. Bloomberg

The pick-up, scheduled to debut in 2025, aims to build on the success of the F-150 Lightning plug-in truck that’s underpinning the car maker’s ambitious — and costly — push into the EV market.

Demand for the model drove Ford to expand capacity at the Stanton, Tennessee, factory that’s under construction to produce half a million trucks a year, about 40 per cent more than the company forecast in November.

“We’re seeing growth now so we want to build a bigger plant because we need the capacity,” Mr Farley said.

The plant — Ford’s first all-new assembly facility in a half-century — is part of a $5.6 billion compound known as BlueOval City that will include a sprawling battery factory by South Korea’s SK On, a unit of SK Innovation. The 15-square-kilometre complex is due to open in 2025 and employ 6,000 workers.

The higher output means the Tennessee plant would account for a quarter of the two million EVs Ford plans to build annually by the end of 2026, though the company didn’t say when it will reach full capacity.

The car maker is pouring $50 billion into developing and building EVs by 2026 as it chases Tesla, which controls two-thirds of the US market for battery-powered models. Ford has set a goal of an 8 per cent margin on EV earnings before interest and taxes by 2026.

Mr Farley said he believes Ford can close the earnings gap with Tesla, which has operating margins approaching 17 per cent.

“We can do better than 8 per cent, especially on a pick-up truck,” Mr Farley said. “The reality is that Tesla has not had a lot of competition until Ford and other brands, so their pricing is going to go down. Year over year, Tesla’s prices have come down $7,000” per vehicle.

The new battery-powered pick-up, which is different than its F-150 Lightning plug-in pick-up built in Michigan, is known internally as Project T3, for “Trust the Truck.” It will be capable of towing and hauling, while being “fully updatable” through software downloads, Mr Ford said.

“This next truck is going to be a lot different, a lot better” than the Lightning, Mr Farley said.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Vault%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EBilal%20Abou-Diab%20and%20Sami%20Abdul%20Hadi%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EInvestment%20and%20wealth%20advisory%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EOutliers%20VC%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E14%3Cbr%3E%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

CHINESE GRAND PRIX STARTING GRID

1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)

3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)

4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)

5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)

6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)

7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)

8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)

9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)

10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

Turkish Ladies

Various artists, Sony Music Turkey 

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Updated: March 26, 2023, 4:40 AM`