Posted on 05/14/2024 6:47:01 AM PDT by bitt
Ford’s attempt to electrify its revenue through electric vehicle production has been a swing and a miss.
In response to the decreasing market for EVs, Ford has begun cutting orders from its battery supplies, according to Bloomberg.
Even though this changeup will be beneficial in the long run, Ford will not come out of its EV experiment unscathed. Sources told Bloomberg that Ford lost over $100,000 per EV in the first quarter of 2024, more than double its deficit from last year.
The news comes as the EV market across the country has taken a hit in 2024. The Associated Press reported last month that sales of electric vehicles only grew at 3.3 percent during the first quarter of this year, a sharp decrease from the 47 percent growth seen last year.
The EV share of total U.S. sales also fell year over year from 7.6 percent to 7.15 percent in the first quarter. The declining sales numbers support some automakers’ belief that they moved too aggressively in expanding their EV production, the AP reported. Given the state of the EV market, Ford is trying to reinvent its EV strategy. The American automaker has decided to reduce its spending on battery-powered models by $12 billion, Bloomberg reported.
Ford’s already forecast it will lose up to $5.5 billion from EVs alone this year.
Bloomberg reported that Ford CEO Jim Farley recently said Ford’s EV division, known as Model e, “is the main drag on the whole company right now.”
The company has taken several measures to try and remain competitive with the EV market king, Tesla.
(Excerpt) Read more at westernjournal.com ...
Actually they are responding to economic reality due to economic pressure from our government. They know EVs are a piece of S--t.
Funny story. I recently rented a car from a Hertz subsidiary in Albuquerque, New Mexico. I selected the "managers special" at a reduced price. It was a good deal. I did not realize it included EVs. When I went to the counter he said, "it is supposed to be an EV, but I will not do that to you." I said, "EVs are a piece of S--t and I would not take it anyway." He agreed. He gave me a full size car at the original price. He was a good guy. I suspect he has had many problems with his EVs.
Who on Earth thinks EVs are a good thing? If FORD is losing money on them, you know every other ICU maker is as well.
LOVED my Ford Escape. I currently LOVE my F-150 that I bought (for cash) a year and a half, ago. I want to add either a Bronco or a Maverick to the ‘fleet.’ ;)
I figure I’d better buy them now because the way things ARE going, we probably WON’T have any choices in the future.
Let’s Go, Brandon! *SPIT*
I just missed a great deal on a 2005 Excursion this past weekend. I’m still kicking myself!
One of the reasons given for discontinuing the Malibu is declining sales. They are mostly sold as fleet cars, so there isn’t a lot of profit to be made..
My Uncle has an Excursion and he loves it. A kid rear-ended him and he was insistent on getting that car repaired versus replaced. It’s really pretty - white with gold trim.
He uses it to haul a lot of stuff for friends and he has a big-@ss camper he and the wife haul around and use all summer. :)
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