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Posted on 05/10/2024 6:57:25 PM PDT by SeekAndFind
Ford reported losing over $100,000 per electric vehicle sold in the first quarter of 2022, with its electric vehicle division posting a $1.3 billion loss.
Electric vehicle sales volumes dropped 20% as Ford was forced to slash prices due to weak industry demand.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder wrote on X. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
The company expects $5 billion in electric vehicle losses for the year, up from $4.7 billion last year.
Ford has delayed two new electric models and will instead focus on hybrids as consumer demand plummets. Analysts note many automakers rushed into electric vehicles that were too expensive given small market demand.
“Many companies rushed in too fast with E.V.s that were too expensive and there was not as much of a market for them as they thought,” Guidehouse Insights principal analyst Sam Abuelsamid said. “That’s made it a lot tougher to sell those vehicles.”
Numerous companies have canceled electric vehicle plans or are struggling financially due to high prices, quality issues, lack of charging infrastructure, and performance decreases – reflecting widespread consumer complaints that electric vehicles remain inconvenient and unreliable.
(Excerpt) Read more at msn.com ...
Why do they keep Fartly around? As I understand it it’s closer to $130k per EV in the last quarter.
Typo, 2022? What’s up with that? Since Ford’s last quarterly report came out three weeks ago......???
Yeah, but they’ll make up for it in volume once they are mandated.
How much of that is amortizing tooling and R & D costs? The first Saturns sold lost almost as much money with that kind of factoring. Now, if they NEVER sell, you have an EV version of the Edsel.
We can laugh at the do-gooders who bought them.
Lose a million dollars for every ten units you sell. Wouldn’t you love to wake up Henry Ford and tell him that news?
The sad part is that Ford didn’t have a person smart enough to realize that the time for electric vehicles just isn’t quite here yet, eventually when things fall into place then maybe. Whoever gave the go ahead probably was listening to all the governmental garbage dished out day in and day out. Well, live and learn.
Stupid, Stupid, Stupid.
And Ford layed off all of their ICE engined vehicle engineering staff.
Stupid, stupid, stupid.
Could someone please explain what that means? Heard it a couple of times now.
If a car costs maybe $50,000 (a guess) then how come Ford lost $100,000 on each of them?
Does a Burger King Whopper cost $45 and sell for $5.50? Getting to be the other way around, though.
Losing $100K per electric vehicle, but sales of such vehicles are down 20%. So, they’re saving money, right?! /s
They’re being kept alive by Fed subsidies.
More proof that subsidies are artificial life support for bad ideas.
Brilliant business strategy!
Who runs these companies now? They’re complete idiots who can’t do basic math, they’re doomed!
EV autos are boutique cars with a market cap of around 20%, most of which is already saturated with Teslas. The rest of the Johnny-come-latelys are WAY too late.
I am shocked /s.
Affirmative action
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How much fun was THAT?
I’d take one for free. That would save Ford all those sale costs.
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