Posted on 10/29/2023 11:03:18 AM PDT by Libloather
Ford has said it will postpone $12billion of investment into EVs because its current generation of electric cars is facing a 'challenging market'.
The new plan will see construction pause on some of the company's EV factories, including a battery plant in Kentucky, its executives noted during its third quarter earnings call on Thursday.
Ford's EV unit, called Ford Model e, lost $1.3 billion on an operating basis in the quarter - roughly double its loss in the same period last year. Shares of the company were down almost 10 percent in the hours after markets opened on Friday.
Its decision comes amid similar moves by other auto makers to pare back spending on electric vehicle projects.
This week Honda and GM said their $5billion partnership to build an affordable EV was scrapped. GM also said it would push back the manufacture of its Chevy Equinox EV, Chevy Silverado EV and GMC Sierra Denali EV.
John Lawler, chief financial advisor (CFO) of Ford, said that the company was not withdrawing altogether from electric investments, but delaying them.
'We are being judicious about our production and adjusting future capacity to better match market demand,' said Lawler during the call. 'It's a more challenging market.'
'We have taken out some Mustang Mach-E production and we are also slowing down several investments including making a decision with SK On to delay the second Blue Oval SK JV battery plant in Kentucky,' he added.
Ford has embarked on a joint-venture with Korean company SK On to open two side-by-side electric battery plants in Hardin County, Kentucky. Each of the two plants is expected to hire around 2,500 people.
The first plant is on schedule to start production in 2025. The second plant, which was due to go live in 2026, is the facility affected...
(Excerpt) Read more at dailymail.co.uk ...
This must be why the federal government wants to FORCE US to buy an electric vehicle.
i believe him
its not about money
It's too much trouble to keep an EV. How would I charge it?
I just learned about how dangerous the batteries are. We had a neighbor that had their hybrid catch on fire for no reason then they bought another one and parked it in the garage. I’ve also read that if you rear end and EV they will explode. Yikes. I’ll pass.
I sort of liked the Pacer. I never had one but my mom did.
I guess I’m sort of like posting w/o reading the article.
>I would not accept an EV for free.
I would. Then I’d immediately sell it for whatever I could get for it.
Not for free. Brib’em would want his taxes.
That was another thing I recall...if it gets in an accident...the battery can electrocute anyone tinkering with the car...like LE and Fire personel. I’
ll try to find a supporting article.
I was in a discussion with a Freeper who obviously loves Tesla. His take was that Tesla would solve the fire problem and implied Tesla, if no other manufacture, would survive. What he didn’t realize is that Tesla exists on a continuum that includes mining, shipment, refining, more shipment, battery manufacture, more shipment, installation, life cycle use and then disposal. If Tesla was the only manufacturer left, then none of the rest of the mining production environment would exist. It takes a huge amount of demand to make the cost of doing all the other steps economical. If it’s just Tesla and BYD (the Chinese firecracker maker) then there isn’t enough demand to operate at the required scale.
A “challenging market”….. CEO speak for nobody wants these pieces of crap. CEO’s who so misjudged and wasted corporation funds and energy on EV’s should be fired.
The only people who buy EV’s are the same people who believe men can trans into women, that a prostitute who claims to be “a sexually experienced virgin” is an honest person, and that Joe Biden got more votes than Trump.
I’ve also read that if you rear end and EV they will explode.
Did you take a minute to question this, and think about how it would even happen? Batteries aren't under pressure, and don't explode, they catch fire. Gas powered cars also risk fire when rear ended, in a much more volatile way. There are plenty of problems with EVs, but risk of rear end explosion isn't one of them.
Find an example of a EV that exploded (not caught fire) because it was rear ended, or for any other reason.
“i believe him its not about money”
It is about money. He posted that he would take the money.
Wait until the used car lots fill up with them, because who will take a chance on a USED one if they don’t trust the NEW ones!
I already own eco vehicles. I have cars that get 30+ and 40+ mpg. Two are EcoDiesels and once just little ol’ Corolla.
Hell I am not willing to pay todays Union premium for a domestic truck. let alone a EV premium on top of that.
Good. I just bought a great little (gasoline powered) Maverick and I love it. I got the definite feeling from the dealer that people weren’t interested in these EV things or even that much in dual fuel vehicles. The price was part of it, repair price was part of it, and unrealiability was the other part of it.
I think many people are wondering where the power will come from once the left has shut down all generating plants in the US...but who cares, it’s all rainbow unicorns.
Smarties earn8ng their big salaries....ought to be replaced with UAW skilled trades pipefitters. Profits would abound!
Ditto. Who wants to be constantly worrying about how much battery is left, or where the next charge is coming from? Not me.
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