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 ...
By June 2024 it will be interesting to learn how many 2022 and 2023 models are still unsold
The EV market is saturated. All the EV customers are buying Tesla, that’s it. No one else is able to (or wants to) buy an EV.
I saw a used EV car at the front of a Ford dealer’s lot.
Couldn’t make out if the ones next to it were a Smart and a Pacer as I drove past.
I recently had to get a new car. I went with an SUV - a gas-powered V8. EVs are interesting, but not practical or reliable enough for my preference. I’ll check back on EVs in another 3 or 4 years.
“saying customers are unwilling to pay a premium for eco cars “
It ain’t the price. These fools in MSM need to stop lying to themselves
I would not accept an EV for free.
I am not kidding.
You mean it could becuase they don’t want to see their house burn down?
Only an idiot pays MORE for a poorer product…
There are idiots in this world, but not as many as Ford thought there were.
Of course Ford is. They see how much free money Brandon is throwing around. They want a new deal, if Joey expects Ford to stay in the EV game.
Here’s my assistant demonstrating an early model.
“I would not accept an EV for free.”
Given that you could immediately sell it for thousands I don’t believe you.
Funny how Neirin Gray Desai uses a phrase with an ambiguous definition—“eco cars”—and expects readers to know what is meant by that, or more like tries to deceive readers.
Somebody must’ve grown a pair at a recent board meeting and outlined the precarious position in which they’d be placing the corporation by signing on to the fed’s pipe dream.
I was kidding but in retrospect the AMC Pacer idea was to keep interior space and build a car with a minimum of body weight around it. Ugly, thought.
Lots of other companies did exactly that later as the miles per gallon feature was demanded by the government.
A few cars the size of the Fiat 500 are interiors on wheels.
Good point—I would hold it for as long as it took for the sale to another party to be complete.
Ford decided not to commit suicide.
Could it be that Ford learned something from the Bud Light fiasco?
Go woke, go broke.
Or maybe Ford is just putting a bit of pressure on the Biden administration.
We’ll continue to make cars people don’t want. But you’ll have to increase the subsidies.
That would be a foolish strategy. But it would make the greenies at Ford feel good for awhile longer.
im the same
why encourage them
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