Posted on 05/05/2022 5:10:41 AM PDT by Red Badger
Ford Motors admitted this month that its huge gamble on electric vehicles caused it to lose $3.1 billion already this year.
The Detroit giant sunk $5.4 billion in its newest electric vehicle (EV), the Ford Rivian, during the first quarter of this year. And it was one gigantic loser.
According to the company’s earnings report released on Wednesday, Ford reported revenue of $34.5 billion between January and March, a 5% decline over the same period in 2021, and a net loss of $3.1 billion.
“A net loss of $3.1 billion was primarily attributable to a mark-to-market loss of $5.4 billion on the company’s investment in Rivian,” Ford said.
Per the Daily Caller:
Rivian has posted massive profit losses of its own and its share price has plummeted nearly 70% over the last six months. The value of Ford’s roughly 102 million Rivian shares has fallen from about $17.5 billion to $3.2 billion since November.
“The capability of this business is much stronger than what we were able to provide in the quarter,” Ford CFO John Lawler said Wednesday, The Wall Street Journal reported.
Rivian, a California-based company founded in 2009, went public in November, according to the WSJ. Investors quickly scooped up shares of the startup EV maker at the time, but recent poor performance has driven many investors away.
In the final three months of 2021, Rivian reported a net loss of $2.5 billion.
Which unless you are a Democrat talking about an addition to the deficit is considered a lot of money.
Rivian CEO RJ Scaringe also delivered a dire warning to car companies looking to push these unwanted, money-losing EVs. He noted that the supply chain couldn’t help EVs replace gas-powered cars if they wanted to. In particular, the gigantic batteries the cars use simply can’t meet demand.
“Put very simply, all the world’s cell production combined represents well under 10% of what we will need in 10 years,” Scaringe said last week as he talked about any increase in EV production. “Meaning, 90% to 95% of the supply chain does not exist.”
They shouldn’t worry, though. No one wants these pieces of garbage.
Cross Posted with iPatriot
Ford’s loss over electric car gamble
Remember that Ford was the only major car company to navigate the Hussein Obama auto mess (some better called it a gummit taxpayer bailout) which suggests the others can’t be far behind in the financial disaster that is coming from this.
Watch Joementia in the coming months “we have to bail out the auto companies to save the Earth from climate disaster” as we head into the voting election cycle in late summer as you know that is coming. It will likely be in the dozens of billions of taxpayer money piled on the debt.
The charging station infrastructure is MIA, and will cost untold trillions to deploy.
The game plan is to restrict our freedom of movement.
Deep State doesn’t want us driving.
“... newest electric vehicle (EV), the Ford Rivian.”
I had to do a double-take.
Coincidence?
If /. when there is a rash of stupid pedestrians being run over by Ecars stuck in traffic who accelerate faster in a traffic jam than the on-foot Froggers can react to because there is no acceleration noise., the law suits will be fun to watch.
Rivian Automotive, the electric vehicle (EV) company that beat the legacy automakers to market with the 2022 R1T electric pickup, just received $1.5 billion in incentives to build a new plant in Georgia. The package will include job training support, tax credits and subsidies, according to a statement by the Georgia Department of Economic Development.
https://freerepublic.com/focus/f-chat/4060550/posts
Takes time to develop new systems and get
all the sectors in place. 10 yrs out?
Every bit of that car comes out of a mine.
************
Well put. I don’t know where the liberals think all the mineral elements come from. They never consider practical issues.
They don’t like the the concept of individual freedom. Period.
Refit them with gas engines
That looks like a Mazda
It should. Ford used to own a huge chunk of Mazda..............
The Electric “Edsel”......
I live in a flyover metro area of about 200K. There isn't a single gas station that I am aware of that has installed an EV charging station. A big box store at the intersection of 2 interstates has 8 older Tesla supercharging stations. Evidently, there isn't enough demand to add faster superchargers.
They should stick with what they know best, gas powered pick up trucks.
Only the ‘elites’ will be allowed to drive them................or be driven in...............
Here in York, PA, there are 4 at the downtown square, and a couple corporate and medical ctrs, have 1-3 each. Hardly enough to accommodate the EV crowd, unless there are motels nearby for EV sleepovers. Ain’t happening without TRILLIONS in investments.
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