Posted on 05/10/2024 6:57:25 PM PDT by SeekAndFind
Ford reported losing over $100,000 per electric vehicle sold in the first quarter of 2022, with its electric vehicle division posting a $1.3 billion loss.
Electric vehicle sales volumes dropped 20% as Ford was forced to slash prices due to weak industry demand.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder wrote on X. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
The company expects $5 billion in electric vehicle losses for the year, up from $4.7 billion last year.
Ford has delayed two new electric models and will instead focus on hybrids as consumer demand plummets. Analysts note many automakers rushed into electric vehicles that were too expensive given small market demand.
“Many companies rushed in too fast with E.V.s that were too expensive and there was not as much of a market for them as they thought,” Guidehouse Insights principal analyst Sam Abuelsamid said. “That’s made it a lot tougher to sell those vehicles.”
Numerous companies have canceled electric vehicle plans or are struggling financially due to high prices, quality issues, lack of charging infrastructure, and performance decreases – reflecting widespread consumer complaints that electric vehicles remain inconvenient and unreliable.
(Excerpt) Read more at msn.com ...
go woke go broke...
I have a cost-cutting proposal for Ford MisManagement; give me $20,000 and I promise never to buy one of your EV’s. An $80,000 savings!!
A class action lawsuit should be brought by the stockholders against the board of directors for failure to uphold their fiduciary responsibilities.
Like quicker charging batteries, longer lasting and many, many more charging stations as well as a power grid which can handle the addition of more power requirements. And of course batteries which no longer go poof. Does this sound reasonable?
Idiots leading the company. Mechanics top 2 don’t own brands are Dodge and Ford. Maybe Ford needs to work on that.
I believe it's called "Making up bullshit out of thin air".
Ford is a publicly traded company. So if a certain division of Ford (electric vehicle division) loses money in a financial quarter, Ford has to report it.
Which is akin to saying.. "If things don't CHANGE, they'll stay the SAME!"
There are R&D costs and costs to build the manufacturing facilities, etc. Car plants are designed to crank out 300K+ cars a year. If a new car plant is only producing 50K cars a year, that is big trouble.
The $100k loss per vehicle includes all the funding to design, test, build plants, tooling etc needed to make the car. That would include government subsidies as well.
Had they sold every vehicle made that number would go down but normal people don’t want them.
Signing over to the government is like accepting a friendly mafia hand, it eventually ends up to a torching
Guess that will teach em not to be up Dementia Joe’s ass.
Herd instinct. The stupid hurts.
India?
In ten years' time, the world population will only be a tenth of what it is now. That's the plan anyway.
The entire EV business model:
Produce a product that only the rich can afford as their toy, paid for by all tax payers through subsidies AND rotate the not covered cost losses on to ICE car prices they produce (so common folks get to pay by a second method), for a product that is far less efficient and useful to the average customer, that is disposable as soon as the primary power source fails due to replacement costs, that insurance companies will not insure if they are parked in a garage (due to fire hazard), That destroys roads and tires because of the weight, threatens bridges and parking garages for the same reason, that cost equal or more to “refuel” causing charge anxiety and requires the owner to design all travel plans around sacrificing many hours or days just to “refuel” on any long trip and BTW the manufacturing causes more harm to the environment than any ICE car.
Just for starters.
The business is losing money big time. Sounds like Ford should hire Paulie Walnuts to burn down the EV plant after midnight and collect the insurance
Other than Tesla anyone that has invested in EVs in the US has lost money whether it be the manufacturer, dealer, businesses like Hertz buying them, the taxpayer, etc. The government mandating their use is mandating the public to take losses.
Billions in losses on a product almost no one wanted. It’s their own stupidity. They probably expect the govt to bail them out.
The Glass House is shattering.
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