Brookfield Taps $320 Billion Fund's Ex-CEO as Saudi Chairman
Saad Alfadly has been named chairman of the board for Brookfield's Saudi Arabia operations, the firm said in a statement on Monday. He joins from Hassana Investment Co., which he oversaw as CEO for over a decade.
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16 minutes ago
- Yahoo
Chuck Royce's Strategic Moves: A Closer Look at Kennedy-Wilson Holdings Inc.
Exploring the Latest 13F Filing and Investment Strategies Chuck Royce (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Charles M. Royce is known as one of the pioneers of small-cap investing. He has been the portfolio manager for Royce Pennsylvania Mutual Fund since 1972. Royce holds a bachelor's degree from Brown University and a Master of Business Administration from Columbia University. The firm invests in smaller companies, primarily those with market capitalizations up to $5 billion, although some of its Funds may invest in companies with market capitalizations up to $10 billion. The value approaches that portfolio managers use share one significant trait: They are looking for terrific stocks trading for less than the estimate of the company's worth as a business - its enterprise value. "Essentially, we are interested in three thingsa strong balance sheet, a record of success as a business, and the potential for a profitable future." - Charles M. Royce Warning! GuruFocus has detected 7 Warning Signs with SEIC. Summary of New Buy Chuck Royce (Trades, Portfolio) added a total of 54 stocks, among them: The most significant addition was Graphic Packaging Holding Co (NYSE:GPK), with 1,076,587 shares, accounting for 0.23% of the portfolio and a total value of $22.68 million. The second largest addition to the portfolio was Repligen Corp (NASDAQ:RGEN), consisting of 89,522 shares, representing approximately 0.11% of the portfolio, with a total value of $11.13 million. The third largest addition was Douglas Dynamics Inc (NYSE:PLOW), with 317,433 shares, accounting for 0.1% of the portfolio and a total value of $9.35 million. Key Position Increases Chuck Royce (Trades, Portfolio) also increased stakes in a total of 325 stocks, among them: The most notable increase was Evercore Inc (NYSE:EVR), with an additional 111,885 shares, bringing the total to 146,085 shares. This adjustment represents a significant 327.15% increase in share count, a 0.31% impact on the current portfolio, with a total value of $39.45 million. The second largest increase was Installed Building Products Inc (NYSE:IBP), with an additional 130,221 shares, bringing the total to 370,630. This adjustment represents a significant 54.17% increase in share count, with a total value of $66.83 million. Summary of Sold Out Chuck Royce (Trades, Portfolio) completely exited 69 holdings in the second quarter of 2025, as detailed below: Faro Technologies Inc (FARO): Chuck Royce (Trades, Portfolio) sold all 1,053,329 shares, resulting in a -0.31% impact on the portfolio. Fabrinet (NYSE:FN): Chuck Royce (Trades, Portfolio) liquidated all 64,555 shares, causing a -0.14% impact on the portfolio. Key Position Reduces Chuck Royce (Trades, Portfolio) also reduced positions in 318 stocks. The most significant changes include: Reduced Kennedy-Wilson Holdings Inc (NYSE:KW) by 4,471,212 shares, resulting in a -59.08% decrease in shares and a -0.42% impact on the portfolio. The stock traded at an average price of $6.7 during the quarter and has returned 25.46% over the past 3 months and -21.55% year-to-date. Reduced Air Lease Corp (NYSE:AL) by 620,395 shares, resulting in a -30% reduction in shares and a -0.32% impact on the portfolio. The stock traded at an average price of $51.99 during the quarter and has returned 3.43% over the past 3 months and 15.64% year-to-date. Portfolio Overview At the second quarter of 2025, Chuck Royce (Trades, Portfolio)'s portfolio included 782 stocks, with top holdings including 1.13% in SEI Investments Co (NASDAQ:SEIC), 1.12% in Arcosa Inc (NYSE:ACA), 0.97% in Haemonetics Corp (NYSE:HAE), 0.93% in MKS Inc (NASDAQ:MKSI), and 0.87% in Air Lease Corp (NYSE:AL). The holdings are mainly concentrated in 11 industries: Industrials, Technology, Financial Services, Consumer Cyclical, Healthcare, Basic Materials, Energy, Consumer Defensive, Communication Services, Real Estate, and Utilities. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
Yahoo
16 minutes ago
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Harrow Announces Second-Quarter 2025 Financial Results
Second-Quarter 2025 and Recent Selected Highlights: Total revenues of $63.7 million, a 30% increase over $48.9 million recorded in the prior-year period GAAP net income of $5.0 million Adjusted EBITDA of $17.0 million Cash and cash equivalents of $53.0 million as of June 30, 2025 A Media Snippet accompanying this announcement is available by clicking on this link. NASHVILLE, Tenn., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, announced results for the second quarter ended June 30, 2025. The Company also posted its second quarter Letter to Stockholders and corporate presentation to the 'Investors' section of its website, The Company encourages all Harrow stockholders to review these documents, which provide additional details concerning the historical quarterly period and future expectations for the business. 'The second quarter provided a strong financial and operational foundation for the back half of the year,' said Mark L. Baum, Chief Executive Officer of Harrow. 'These results have positioned us to strengthen our capital base and are a proof point as to the financial leverage we believe our business has. We remain on track to deliver greater than $280 million in revenue for the year. 'VEVYE® continues to gain commercial momentum, adding nearly 3% in market share in the quarter, with 66% sequential prescription growth, including approximately 50,000 new prescriptions. Now, with an average selling price (ASP) that is stable with an upward bias over the coming quarters, we expect quarterly revenues to begin to expand meaningfully and exceed $100 million for 2025. Our VEVYE® Access for All (VAFA) program, which has significantly improved patient access and reduced barriers to treatment, is currently driving growth in prescription volumes for VEVYE, and we believe the recent expansion of our pharmacy network to include a full nationwide retail network should improve our ASP and further unlock VEVYE's commercial and financial potential. 'In addition, IHEEZO® has found its growth footing and is expected to deliver record performance through the balance of the year. TRIESENCE® volumes are improving, and with a coming launch in its largest market, ocular inflammation, we expect to finally demonstrate a revenue trajectory consistent with our original acquisition thesis – that TRIESENCE should eventually deliver $100 million in annual revenue. The balance of our branded portfolio, as well as ImprimisRx, our compounding business, are on track and delivering results in line with our 2025 forecast. Together, these results highlight strength, resilience, and growing demand for our ophthalmic disease management solutions. 'In sum, our commercial platform is firing on all cylinders – scaling rapidly and driving strong, growing profitability as demand surges for VEVYE and IHEEZO, and improves the rest of our portfolio. With powerful new revenue streams on deck – including the Samsung biosimilars portfolio, BYQLOVI™, and the expansion of TRIESENCE into its largest potential market – all with minimal incremental cost, we are poised to unlock additional operational leverage and deliver meaningful profitability for Harrow stockholders.' Business Highlights: Apollo Care Strategic Alliance for VAFA Harrow recently entered into a strategic alliance with Apollo Care, an innovative service provider for patient access and commercial solutions, as Harrow's second specialty pharmacy partner for the VAFA program. With 500+ pharmacies and full nationwide coverage, Apollo Care's pharmacy network is broadly contracted with major and small commercial, TRICARE and Medicare plans, positioning it to accelerate VAFA's expansion while driving broader insurance coverage. Samsung Bioepis In July 2025, Harrow secured the exclusive U.S. commercial rights to the ophthalmology biosimilar portfolio of Samsung Bioepis — BYOOVIZ® (ranibizumab-nuna), an FDA-approved biosimilar referencing LUCENTIS (ranibizumab), and OPUVIZ™ (aflibercept-yszy), an FDA-approved biosimilar referencing EYLEA (aflibercept) — two of the most widely used anti-VEGF therapies for retinal diseases. BYQLOVI Acquisition In June 2025, Harrow acquired the exclusive U.S. commercial rights for BYQLOVI™ (clobetasol propionate ophthalmic suspension) 0.05%. BYQLOVI was recently approved by the U.S. Food and Drug Administration (FDA) for the treatment of post-operative inflammation and pain following ocular surgery and is the first new ophthalmic steroid in its class in over 15 years. Second Quarter 2025 Financial Results: For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 63,742,000 $ 48,939,000 $ 111,573,000 $ 83,526,000 Gross margin 75% 74% 72% 72% Core gross margin(1) 80% 79% 78% 78% Net income (loss) 4,995,000 (6,473,000 ) (12,785,000 ) (20,038,000 ) Core net income (loss)(1) 9,227,000 (2,047,000 ) (4,327,000 ) (11,836,000 ) Adjusted EBITDA(1) 17,006,000 8,803,000 15,021,000 9,030,000 Net income (loss) per share: Basic 0.14 (0.18 ) (0.35 ) (0.56 ) Diluted 0.13 (0.18 ) (0.35 ) (0.56 ) Core net income (loss) per share:(1) Basic 0.25 (0.06 ) (0.12 ) (0.33 ) Diluted 0.24 (0.06 ) (0.12 ) (0.33 ) (1) Core gross margin, core net income (loss), core basic and diluted net income (loss) per share (collectively, 'Core Results'), and Adjusted EBITDA are non-GAAP measures. For additional information, including a reconciliation of such Core Results and Adjusted EBITDA to the most directly comparable measures presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables at the end of this release. Conference Call and Webcast Participants can access the live webcast of Harrow's presentation on the 'Investors' page of Harrow's website. A replay of the webcast will be available on the Company's website for one year. To participate via telephone, please register in advance using this link. Upon registration, all telephone participants will receive a confirmation email with detailed instructions, including a unique dial-in number and PIN, for accessing the call. About Harrow Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such 'forward--looking statements.' Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include, among others, risks related to: liquidity or results of operations; our ability to successfully implement our business plan, develop and commercialize our products, product candidates and proprietary formulations in a timely manner or at all, identify and acquire additional products, manage our pharmacy operations, refinance and otherwise service our debt, obtain financing necessary to operate our business, recruit and retain qualified personnel, manage any growth we may experience and successfully realize the benefits of our previous acquisitions and any other acquisitions and collaborative arrangements we may pursue; competition from pharmaceutical companies, outsourcing facilities and pharmacies; general economic and business conditions, including inflation and supply chain challenges; regulatory and legal risks and uncertainties related to our pharmacy operations and the pharmacy and pharmaceutical business in general, including the ongoing communications with the U.S. Food and Drug Administration relating to compliance and quality plans at our outsourcing facility in New Jersey; physician interest in and market acceptance of our current and any future formulations and compounding pharmacies generally. These and additional risks and uncertainties are more fully described in Harrow's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, and other filings with the SEC. Such documents may be read free of charge on the SEC's web site at Undue reliance should not be placed on forward-looking- statements, which speak only as of the date they are made. Except as required by law, Harrow undertakes no obligation to update any forward-looking- statements to reflect new information, events, or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Contact:Mike Biega, VP of Investor Relations and Communications mbiega@ HARROW, CONSOLIDATED BALANCE SHEETS June 30,2025 December 31,2024 (unaudited) ASSETS Cash and cash equivalents $ 52,963,000 $ 47,247,000 All other current assets 101,927,000 142,404,000 Total current assets 154,890,000 189,651,000 All other assets 190,143,000 199,320,000 TOTAL ASSETS $ 345,033,000 $ 388,971,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 248,884,000 $ 91,343,000 Loans payable, net of unamortized debt discount and current portion 38,484,000 219,539,000 All other liabilities 8,366,000 8,792,000 TOTAL LIABILITIES 295,734,000 319,674,000 TOTAL STOCKHOLDERS' EQUITY 49,299,000 69,297,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 345,033,000 $ 388,971,000 HARROW, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 63,742,000 $ 48,939,000 $ 111,573,000 $ 83,526,000 Cost of sales 16,230,000 12,539,000 31,754,000 23,092,000 Gross profit 47,512,000 36,400,000 79,819,000 60,434,000 Selling, general and administrative 33,235,000 31,817,000 73,748,000 60,630,000 Research and development 2,868,000 3,053,000 5,894,000 5,202,000 Total operating expenses 36,103,000 34,870,000 79,642,000 65,832,000 Income (loss) from operations 11,409,000 1,530,000 177,000 (5,398,000 ) Total other expense, net (6,414,000 ) (7,348,000 ) (12,962,000 ) (13,985,000 ) Income tax expense - 655,000 - 655,000 Net income (loss) attributable to Harrow, Inc. $ 4,995,000 $ (6,473,000 ) $ (12,785,000 ) $ (20,038,000 ) Net income (loss) per share: Basic $ 0.14 $ (0.18 ) $ (0.35 ) $ (0.56 ) Diluted $ 0.13 $ (0.18 ) $ (0.35 ) $ (0.56 ) HARROW, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months EndedJune 30, 2025 2024 Net cash provided by (used in): Operating activities $ 18,865,000 $ (7,374,000 ) Investing activities (505,000 ) 4,993,000 Financing activities (12,644,000 ) (736,000 ) Net change in cash and cash equivalents 5,716,000 (3,117,000 ) Cash and cash equivalents at beginning of the period 47,247,000 74,085,000 Cash and cash equivalents at end of the period $ 52,963,000 $ 70,968,000 Non-GAAP Financial Measures In addition to the Company's results of operations determined in accordance with U.S. generally accepted accounting principles (GAAP), which are presented and discussed above, management also utilizes Adjusted EBITDA and Core Results, unaudited financial measures that are not calculated in accordance with GAAP, to evaluate the Company's financial results and performance and to plan and forecast future periods. Adjusted EBITDA and Core Results are considered 'non-GAAP' financial measures within the meaning of Regulation G promulgated by the SEC. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, provide a more complete understanding of the Company's results of operations and the factors and trends affecting its business. Management believes Adjusted EBITDA and Core Results provide meaningful supplemental information regarding the Company's performance because (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making; (ii) they exclude the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company's core operating performance and that may obscure trends in the Company's core operating performance; and (iii) they are used by institutional investors and the analyst community to help analyze the Company's results. However, Adjusted EBITDA, Core Results, and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the way they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company's competitors. Adjusted EBITDA The Company defines Adjusted EBITDA as net income (loss), excluding the effects of stock-based compensation and expenses, interest, taxes, depreciation, amortization, investment loss, net, and, if any and when specified, other non-recurring income or expense items. Management believes that the most directly comparable GAAP financial measure to Adjusted EBITDA is net income (loss). Adjusted EBITDA has limitations and should not be considered as an alternative to gross profit or net income (loss) as a measure of operating performance or to net cash provided by (used in) operating, investing, or financing activities as a measure of ability to meet cash needs. The following is a reconciliation of Adjusted EBITDA, a non-GAAP measure, to the most comparable GAAP measure, net income (loss), for the three months and six months ended June 30, 2025 and for the same period in 2024: HARROW, OF NET LOSS TO ADJUSTED EBITDA For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2025 2024 2025 2024 GAAP net income (loss) $ 4,995,000 $ (6,473,000 ) $ (12,785,000 ) $ (20,038,000 ) Stock-based compensation and expenses 875,000 4,271,000 5,431,000 8,440,000 Interest expense, net 6,408,000 5,471,000 12,956,000 10,886,000 Income tax expense - 655,000 - 655,000 Depreciation 496,000 453,000 961,000 885,000 Amortization of intangible assets 4,226,000 2,549,000 8,452,000 5,103,000 Investment loss, net - 1,923,000 - 3,171,000 Other expense (income), net 6,000 (46,000 ) 6,000 (72,000 ) Adjusted EBITDA $ 17,006,000 $ 8,803,000 $ 15,021,000 $ 9,030,000 Core Results Harrow Core Results, including core gross margin, core net income (loss), and core basic and diluted income (loss) per share exclude (1) all amortization and impairment charges of intangible assets, excluding software development costs, (2) net gains and losses on investments and equity securities, including equity method gains and losses and equity valued at fair value through profit and loss (FVPL), and preferred stock dividends, and (3) gains/losses on forgiveness of debt. In certain periods, Core Results may also exclude fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, obligations related to product recalls, certain acquisition-related items, restructuring charges/releases and associated items, related legal items, gains/losses on early extinguishment of debt or debt modifications, impairments of property, plant and equipment and software, as well as income and expense items that management deems exceptional and that are or are expected to accumulate within the year to be over a $100,000 threshold. The following is a reconciliation of Core Results, non-GAAP measures, to the most comparable GAAP measures for the three months and six months ended June 30, 2025 and 2024: For the Three Months Ended June 30, 2025 GAAPResults Amortizationof Certain Intangible Assets InvestmentGains(Losses) OtherItems CoreResults Gross profit $ 47,512,000 $ 3,780,000 $ - $ - $ 51,292,000 Gross margin 75 % 80 % Operating income 11,409,000 4,226,000 - - 15,635,000 Income before taxes 4,995,000 4,226,000 - 6,000 9,227,000 Taxes - - - - - Net income 4,995,000 4,226,000 - 6,000 9,227,000 Income per share ($)(1): Basic 0.14 0.25 Diluted 0.13 0.24 Weighted average number of shares of common stock outstanding: Basic 36,790,306 36,790,306 Diluted 38,853,855 38,853,855 For the Six Months Ended June 30, 2025 GAAPResults Amortizationof Certain Intangible Assets InvestmentGains(Losses) OtherItems CoreResults Gross profit $ 79,819,000 $ 7,560,000 $ - $ - $ 87,379,000 Gross margin 72 % 78 % Operating income 177,000 8,452,000 - - 8,629,000 Loss before taxes (12,785,000 ) 8,452,000 6,000 (4,327,000 ) Taxes - - - - - Net loss (12,785,000 ) 8,452,000 - 6,000 (4,327,000 ) Basic and diluted loss per share ($)(1) (0.35 ) (0.12 ) Weighted average number of shares of common stock outstanding, basic and diluted 36,304,787 36,304,787 For the Three Months Ended June 30, 2024 GAAPResults Amortization of Certain Intangible Assets InvestmentGains(Losses) OtherItems CoreResults Gross profit $ 36,400,000 $ 2,140,000 $ - $ - $ 38,540,000 Gross margin 74 % 79 % Operating income 1,530,000 2,549,000 - - 4,079,000 (Loss) income before taxes (5,818,000 ) 2,549,000 1,923,000 (46,000 ) (1,392,000 ) Taxes (655,000 ) - - - (655,000 ) Net (loss) income (6,473,000 ) 2,549,000 1,923,000 (46,000 ) (2,047,000 ) Basic and diluted loss per share ($)(1) (0.18 ) (0.06 ) Weighted average number of shares of common stock outstanding, basic and diluted 35,618,977 35,618,977 For the Six Months Ended June 30, 2024 GAAPResults Amortizationof Certain Intangible Assets InvestmentGains(Losses) OtherItems CoreResults Gross profit $ 60,434,000 $ 4,280,000 $ - $ - $ 64,714,000 Gross margin 72 % 78 % Operating loss (5,398,000 ) 5,103,000 - - (295,000 ) (Loss) income before taxes (19,383,000 ) 5,103,000 3,171,000 (72,000 ) (11,181,000 ) Taxes (655,000 ) - - - (655,000 ) Net (loss) income (20,038,000 ) 5,103,000 3,171,000 (72,000 ) (11,836,000 ) Basic and diluted loss per share ($)(1) (0.56 ) (0.33 ) Weighted average number of shares of common stock outstanding, basic and diluted 35,544,312 35,544,312 (1) Core basic and diluted loss per share is calculated using the weighted-average number of shares of common stock outstanding during the period. Core basic and diluted loss per share also contemplates dilutive shares associated with equity based awards as described in Note 2 and elsewhere in the Consolidated Financial Statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
CNET
an hour ago
- CNET
Ford Bets Big on EVs, $30,000 Electric Pickup Coming in 2027
Ford Motor Company announced this morning that it is making a $5 billion bet on its electric vehicle future, and the payout is a $30,000 midsize electric pickup truck arriving as soon as 2027. The investment includes overhauling its Kentucky and Michigan assembly and battery plants, reinventing the assembly line and developing a new Ford Universal EV Platform that will underpin the next generation of affordable electric vehicles of all shapes, sizes and scales going forward. The $30K electric truck Let's start with the bit most relevant to you. At an event at the Ford's Louisville Assembly Plant in Kentucky, Ford President and CEO, Jim Farley, announced that its next new vehicle would be an affordable, midsize electric pickup truck targeting a starting price of $30,000. The yet-unnamed EV is said to boast "more passenger space than the Toyota RAV4" before you consider its F-150 Lightning-like front trunk (or "frunk") and cargo bed, granting it "tons of room for five adults, bikes, surfboards, work equipment, whatever you need, it's all in the vehicle," said Farley. Ford also tells us the pickup will be "faster than the Ford Mustang twin-turbo" which sprints to 60 mph in under 5 seconds. Farley went on to state that the new truck will support fast charging, boast "amazing range," and be able to power a house for up to six days thanks to its bidirectional charging capabilities. Ford claims it will support over the air updates and a full suite of tech and creature comforts for the $30,000 sans incentives -- perhaps a dig at the recently announced Slate EV truck, a barebones electric pickup that targeted an incentive-dependent $20,000 net. Read more: The cheapest electric cars of 2025 Ford Universal EV Platform The new electric pickup will be the first vehicle built on the newly announced Ford Universal EV Platform, which will eventually underpin a family of affordable electric cars, trucks and SUVs. The new platform was designed for faster, simpler assembly (which would keep manufacturing costs down) and low, easy maintenance (which would reduce ownership costs.) Ford tells us that its newest EV will use 25% fewer fasteners than its previous, more conventionally built EVs do and that there will be 20% fewer parts overall thanks to smarter decision-making during the design and development stages. Zonal architecture enables the electrical systems to save around 10 kg of wire harness -- not unlike what we've seen Rivian doing with its updated R1T and R1S. Rethinking and simplifying how the car comes together, Ford estimates that the new EV truck can be assembled 15% faster than, say, a Mustang Mach-E electric SUV and that its simpler construction will result in lower ownership costs over five years than "a three-year-old used Tesla Model Y," which I think is a strangely specific comparison, but making EVs cheaper to maintain would be a win. Ford The Assembly Tree Anyone familiar with American history will know the tale of how Ford revolutionized modern manufacturing with the Model T's assembly line over 100 years ago. With its new Universal EV Platform, the automaker is again rethinking how it builds cars, evolving its assembly line into an assembly tree. Vehicles based on the Universal EV Platform -- starting this new truck -- will now be built in three parts on three parallel assembly branches: the front, the rear and the structural battery sub-assemblies. Once completed, these sub-assemblies will be mated on a trunk line where final assembly takes place. Branched assembly lines aren't exactly a novel idea, I recently visited Hyundai's Singapore Innovation Center where similar ideas are being tested. However, this is the first time I've seen a passenger car built in three discrete parts that snap together like Lego, and I'm interested to see how this construction technique plays out for long-term vehicle reliability. Ford says that this, along with the simplifications of the Universal EV Platform, has the potential to reduce vehicle assembly times by up to 40% as it ramps up automation in the future. I can see how this could enable a ton of flexibility for building vehicles with multiple powertrain configurations (front, rear or all-wheel drive) or body configurations (pickup and SUVs) in the same facility. $5 Billion Bet To make all of this happen, Ford Motor Company is investing a total of $5 billion into the development of the new platform and vehicles and into its manufacturing facilities. $2 billion will go towards overhauling its Louisville Assembly Plant where the new electric truck will be built. The rest will be split between research and development and its Ford BlueOval Battery Park Plant in Michigan where the automaker claims the first US-manufactured prismatic lithium iron phosphate (LFP) batteries will be built. The LFP batteries are said to be smaller and lighter than Ford's current lithium-ion technology and require no expensive cobalt or nickel in their construction. Ford Ford's high-stakes electric bet comes at a time when the deck seems stacked against the future of electric vehicles in the US. The policies of the current federal administration, which most recently included the elimination of EV incentives for customers, have seemed downright hostile toward electric cars and green energy. "It is a bet. There is risk," Farley said during the announcement stream. "The automotive industry has a graveyard littered with affordable vehicles that were launched in our country with all good intentions... At Ford, we set out to break that cycle. No more compliance cars. No more loss-leaders. We're talking about a vehicle that can sustain itself, have strong profits so all of our workers have an actually sustainable future."
