Government mandates is NOT "market conditions"
Posted on 02/15/2023 6:29:37 AM PST by rktman
Ford will cut 3,800 jobs in Europe as the company restructures to focus on developing its all-electric fleet, the company announced Tuesday.
The layoffs and restructuring are part of the company’s response to “rapidly changing market conditions” and increased competition in the electric vehicle industry, Ford said in a press release. The company missed its earnings expectations by $1.1 billion in the fourth quarter of 2022 and was down $11 billion from the same time the year prior, according to CNBC. (RELATED: Here’s How Elon Musk Started An Electric Vehicle Price War)
“These are difficult decisions, not taken lightly,” said Martin Sander, general manager of Ford Model e in Europe, in the company’s announcement. “We recognize the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead. We will engage in consultations with our social partners so we can move forward together on building a thriving future for our business in Europe.”
The company is investing $50 billion into its electric vehicle lineup and its plans to make its European fleet all-electric by 2035 are unaltered, Ford announced. Chief Financial Officer John Lawler said in early February that the company would need to be “very aggressive” in cutting costs to compensate for an anticipated $5 billion increase in operating costs in 2023, Reuters reported.
(Excerpt) Read more at dailycaller.com ...
RAMs are headed there but at a slightly slower pace. The next charger rt (ev) will have a built in sound system so it will sound like a hemi. Really. I saw an article about it. Not quite the visceral feel of a cammed up 426 Hemi with open headers at idle.
https://www.carscoops.com/2022/08/is-the-dodge-charger-daytona-srts-fake-v8-sound-cool-or-cringy/
Great! Freeways packed with miniature hindenburgs. LOL!
When you point that out to the EV crowd they reply “the battery tech will change in 5 years!”
Not sure where they got that from (their backside?)
Also it seems with the high cost of parts when they fail (and they will) the current crop of evs will simply be disposed of when out of warranty and repair costs exceed value.
EVs will be an Epic Fail of immense proportion.
I don’t have a problem with EVs as niche vehicles making up maybe 15% of the fleet.
But there isn’t the electric generating capacity, the grid nor the mining and metals necessary to reach the Net Zero fantasyland.
Government mandates is NOT "market conditions"
Pivoting to bankruptcy is more like it.
Good thing they have their eye on good management practices.
I hear Rivian is about to go under.
Plug Power has been imagining fuel cell vehicles since 1997, but they have yet to produce a commercially viable model except for niche purposes. High price golf cart, yeah. Cross country vehicle, not on the horizon. Engineering and cost are formidable obstacles.
Ford’s traditional customers were middle class, working Americans. They simply do not want to buy EVs even when coerced. Ford will go bankrupt. The government catering to unions will one day take it over and it will be known as “US Ford”. The niche EV market belongs to Tesla.
get in on the ground floor of
uber rickshaw
Their financial honcho asked me what kind of car I drove. VW bug. And he asked me where I thought the auto industry was going. I told him I obviously thought cars would get smaller and more fuel efficient...which is why I drove a beetle.
It must have really pissed him off because I was immediately thereafter told I wouldn't be returning for more interviews.
I was later advised by the guy guiding me through the interview process that telling the truth was not advisable. I should have said that I liked big gas guzzlers because that's where their biggest profit margins were.
I obviously didn't get an offer and soon Ford hit the skids.
If they had only listened to me, they could have avoided a lot of trouble.;-)
it is definitely more competitive...market share as compared to ICE cars is shrinking fast, and every auto maker is going all in on EVs....bizarre
Doubt I’ll still be around to see it, but I sincerely hope that every company cucking itself for the watermelons’ all-electric transportation psychosis goes so broke they can’t buy a sandwich.
Shows they don’t research before they buy.
The PR piece is not reality.
Ford is continuing to lose market share and is in reality a truck company. The attempts to transition to EV’s is beyond their engineering design and manufacturing capabilities.
To survive in America, Ford must die abroad
Ford’s problem is existential
I hope Toyota hangs tough. You know they are feeling the heat because they are the only one not on script.
aren’t bicycles made of steel?
how are they gonna have enough electricity for the steel manufacturing process to make all those bikes?
oh, wait, we get all steel from China. I guess that’s how.
I have a 13 year old Ford truck with 300K miles.
I was going to go with Ford again because of the experience I have had with this one.
Given what is going on, I am looking more at a Toyota Tundra.
Meanwhile...
https://www.cnbc.com/2023/02/14/ford-halts-f-150-lightning-production.html
https://www.caranddriver.com/news/a42893211/ford-f-150-lightning-stop-build-stop-ship-order/
Ruh roh.
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