Posted on 08/03/2023 11:48:55 AM PDT by Kaiser8408a
Bidenomics, the term for “Government Gone Wild! in terms of spending and EPA regulations, is a disaster for the US middle class and low wage workers. Even the 1% are now hurting if bought into Biden’s green lunacy. Ford is now down -48% since January 14, 2022 as The Fed started raising rates to fight inflation. GM is down “only” -40%.
Ford is slated to lose $4.5 billion from its EV segment this year, a $1.5 billion larger loss than the company had expected.
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, according to Fox.
Ford beat earnings on Thursday and reported adjusted EPS of $0.72, beating expectations of $0.54. It posted revenue of $45 billion and adjusted EBITDA of $3.8 billion, above estimates of $3.15 billion.
But reality has sunk in about the company’s comments regarding its EV production schedule and spending plans. Price cuts in the industry, led by Elon Musk and Tesla, have thrown Ford’s production targets into a tailspin and Morgan Stanley noted on Friday morning that “major changes to the EV strategy” could be necessary, according to a wrap up by Bloomberg.
Ford now says it is “throttling back” on plans to ramp up EV production, the wrap up said. It blamed the price war for EVs as part of the cause and told shareholders it would need another year to meet its target of 600,000 EVs produced annually.
Tesla is down -26% since January 14, 2022. And showing a nice turnaround!
(Excerpt) Read more at confoundedinterest.net ...
Ford will be bankrupt in 24 months.
Lol. I have a 98 Chev K2500 I paid cash for back then. 210k on it, I put in a brand new 350 small block in it 2 years ago. $4600 installed with a new factory warranty. I’ll just keep replacing parts. No way am I paying what they want for a new 3/4 ton truck. No way. Insane prices.
If Ford really applies itself, they could lose $9 billion next year and $18 billion the year after. The market will only support a few hundred thousand EVs a year so Tesla (self igniting, driving and crashing), Ford (barbecue lightning PU), Chevys (Volt bomb with wheels) etc.are all competing for that limited number of buyers.
But it won’t add anything to the cost of a real car. /S
Homos running Ford don’t have a clue what is going on,
Dump Ford stock now.
“ Please, a $75K F150...”
Yeah, I know. I have an 04 F-150, with the exception of being an extended cab truck with air conditioning, it’s a basic no frills truck. To replace it with a new one just like it would cost north of $75,000.00. No thanks.
And with the $4.5 billion loss on EVs the past year, they can use that to write off taxes for a while.
Thank you for the facts.
I just got rid of a 2007 f150 and got a bare bones tacoma. Very satisfied but had to wait a month. Bare bones is hard to find.
My next truck, if I live long enough, is going to be a Toyota. We have a Lexus RX 350, I’m really impressed with the quality Toyota puts in their vehicles.
With good maintenance they seem to hold up well.
Can’t say that about many these days.
One of my former coworkers has a Lexus sedan that was one of the first ones they made. He bought it used with around 32k miles on it when it was about five years old. He still has it. His grandson is currently driving it with over 400k miles on it!
$6.6 billion loss with much more to come.
Why does the ceo have a job?
FTA: this year’s $4.5 billion loss figure blows away last year’s $2.1 billion loss.
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