Tag: fleet

The financial benefits of electrifying your business fleet

Research shows that a company’s progress toward sustainable operations can have a positive impact on financial performance. Perhaps this is why we’re seeing businesses of all sizes around Chicagoland prioritize incremental changes that demonstrate a commitment to sustainability.

Nowhere is this focus shift toward energy efficiency more accessible than in a company’s use of vehicles for daily operations. According to the state of Illinois, transportation is the most significant source of greenhouse gas emissions in the state.

The good news is that transitioning to electric vehicles (EVs) is achievable for business of all sizes and across all industries. The transition to electric vehicles won’t happen overnight, but it’s smart to start preparing now. Below are several reasons why it makes sense to consider electrification for your business fleet.


Illinois is quickly becoming a hub for electric vehicle investment and adoption, with tens of thousands of electric vehicles already on the road across the suburbs. Part of this adoption is due to the existence of state and federal incentives for EV customers.

In Illinois, rolling rebates of up to $4,000 have been made available for the purchase of electric vehicles, while at the federal level, many customers are eligible to receive up to $7,500 in tax credits as part of the Inflation Reduction Act. While the availability of these incentive programs can vary, they represent a tremendous cost-saving opportunity for businesses looking to replace gas-powered vehicles over the next several years.

Cost of ownership

Integrating an electric vehicle into your business fleet can reduce the ongoing cost of ownership substantially. Particularly for regional businesses whose fleet vehicles serve customers primarily in the Chicago area, EVs can be less expensive to power than vehicles with internal combustion engines, where fuel prices dictate much of the ownership costs.


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Ford’s EV enterprise shed $2 billion in 2022, offset by fleet and legacy

The badge of a Ford Motor Co. E-Transit electrical automobile throughout a presentation in Washington, D.C., U.S., on Wednesday, July 28, 2021.

Al Drago | Bloomberg | Getty Photos

Ford Motor mentioned Thursday its electrical auto business dropped $2.1 billion past yr on an working basis, a reduction that was extra than offset by $10 billion in working earnings involving its inner combustion and fleet organizations.

The Detroit automaker expects 2023 to unfold along comparable lines, forecasting an adjusted decline of $3 billion for its EV device, modified earnings of about $7 billion for its inner combustion device, and adjusted earnings of roughly $6 billion for its fleet enterprise.

The financials are the first in-depth glimpse at unit profitability as Ford unveils a new financial reporting framework that aims to give Wall Road a improved knowing of how its electric powered auto company is evolving — and how earnings from its internal combustion businesses are funding its electrical transformation.

The reformatted reports observe a sweeping reorganization, declared in March 2022, that divided Ford’s international organization into 5 business models: “Ford Blue,” its regular inside combustion engine company a new “Ford Design e” electric vehicle unit “Ford Pro,” made up of its professional and federal government fleet business “Ford Following,” which features nonautomotive mobility answers and other long term tech and its present Ford Credit rating fiscal expert services subsidiary.

“We’ve primarily ‘refounded’ Ford, with organization segments that give new degrees of strategic clarity, perception and accountability to the Ford+ system for development and worth,” CFO John Lawler explained in a information launch. Lawler mentioned the new reporting framework is a reflection of how he, CEO Jim Farley, and other senior Ford executives are now contemplating about and functioning Ford’s companies.

Ford on Thursday shared variations of its 2021 and 2022

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