Ford is losing $4.5 billion on EVs this year. They thought they would lose $3 billion. The government is pushing EVs, not the consumers. Auto 123 reports that Ford is losing $32,000 on every EV sale.
Elon Musk at Tesla initiated price cuts to eliminate the competition. That didn’t help Ford.
According to Fox News, so far this year, the division has lost $1.8 billion, and this year’s $4.5 billion loss figure blows away last year’s $2.1 billion loss. Ford also announced that its electric F-150 pickup trucks will undergo a price cut.
The company touted that its low EV prices “establish[es] leadership ahead of industry’s next-generation EVs” and that the Ford Model e’s revenue is up 39%. Ford is also expected to produce 600,000 EVs per year by 2024.
Americans are struggling economically and this administration has made it far more difficult. EVs are very expensive.
EMBRACING HYBRIDS
Now, with all these figures showing in red, Ford has revised its objectives and ambitions. The automaker now wants to prioritize hybrid models more and has reduced the number of electric vehicles it plans to build in the coming years.
Initially, Ford had targeted assembling 600,000 EVs a year by the end of 2023. This has been pushed back to 2024. As for the figure of two million electric models per year, which it wanted to achieve by 2026, there is no longer a fixed timetable, according to what CNBC is reporting this time.
“The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford,” Ford CEO Farley said in a press release. ”
EV customers are brand loyal, and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”
Ford is still doing well overall. They make billions elsewhere and can afford to lose the money.
They are also planning on the end of the internal combustion vehicle. I hope not. It’s a foolhardy idea. It sells us out to China, and our government gets to control our travel.
Another form of woke to make them go broke.
“Hello, this is Joe’s emergency plumbing” “Oh yes Maam, we will be over to work on your broken pipe in 3 hours after our truck charges up”.
And how many people did it lay off to help subsidize its billions of losses in EVs? Seriously you can’t tell me those thousands of people they let go at the end of June had nothing to do with these losses. I’m sick of woke ESG BS ruining what used to be good companies once upon a time. Just like how Disney fired all those people because Disney makes content people don’t want to watch, Ford fired folks because they made a bunch of vehicles people don’t want to drive.
Ford Motor Company and the Ford Foundational both woke America destroying entities continue to engage in atrocities. The sooner they are demolished the better off the world will be!
Actually the Ford Motor Company has no ties to the Ford Foundation. But they have gone woke at times, once commissioning a pink Mustang Cobra convertible to celebrate pride month and lately the homosexual themed F150 Raptor. I guess that’s what happens when non Ford family members run the company. I would like to see another family member with the values of Henry Ford and leadership of “The Deuce” lead the company.
Ford is stupid for believing the democrap hype.All this mess, Covd, Global warming, climate change is a load to BS and these morons can’t eat it up fast enough. The Government is corrupt beyond belief and the push for EVs is just putting money in China’s pocket as they destroy the environment far faster than any fossil fuel will.
When they took office, the Biden administration raised the fleet mileage requirement (CAFE) 33%, forcing automakers to average 49 mpg per vehicle. This is impossible to meet unless you make electric cars. Don’t blame Ford or others for “going electric” or “ending the internal combustion vehicle”. The government is forcing them to do this with the new CAFE. When they go under and ask for a bailout, the congress will grill them as if they are incompetent when in reality it was the incompetent government that forced them into making these decisions. Let’s Go Brandon!
subsidies on the DL enable this.
Ford – Here. Hold my Bud Lite.