Posted on 04/26/2024 4:06:03 AM PDT by CFW
Ford announced Wednesday losses of $1.32 billion on its Ford Model-e sector, which represents the company’s electric vehicle business. With 10,000 units sold, the company lost $132,000 on each EV it sold.
In the fourth quarter of 2023, the company sold 34,000 units in its Model-e business, which produced $1.57 billion in losses, or roughly $46,176 on each EV sold.
“The company expects EV costs to improve going forward, but be offset by top-line pressure,” the company said in a press release.
The company’s other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle business, made up for the losses on its EV lines. Hybrid vehicles combine aspects of EVs and gas-powered engines. The company posted a net income of $1.3 billion in the first quarter, with revenues of $42.8 billion.
(Excerpt) Read more at justthenews.com ...
Reality is a harsh teacher.
Slightly off topic....
We have a black friend who owned a bar that we loved. He told us he bought a new car.
On the way in, I saw a new Ford parked by the door, so I asked, “did you buy a Ford.”
He said...”He^# no! The last time I saw a black man in a Ford, he was sitting in the back seat with hand cuffs on!”
Our local Ford dealer has EVs all over the lot, unsold.
So they didn’t lose any money on them!.................
FWIW, our EV recharges in 10-15 minutes at the fast DC chargers. Including all the chargers we used in the trip we took from Alabama to Maine last year. Though I wouldn’t get an EV for long trips if those trips up north were made in the winter. Nor would I get one for trips if your wife doesn’t want to stop every 200 miles like mine and walk around for 10-15 minutes. LOL
Where an EV has value for convenience is if you drive a lot of local miles and can charge at home. Last year we drove our EV 16K miles that were charged at home. Zero wait time for that. Unlike our gas pickup, which requires 5-10 minutes of my time to fill up, even if we use it for just local driving. And if I go on a long trip without my wife (something that hasn’t happened since we got the EV, but I’m sure that day is coming), I’ll take our gas pickup so I can go 400 or so miles between restroom/gas breaks. Likewise the gas pickup is good for when we decide to take a trip through parts of the country that don’t have fast chargers.
Virtue Grandstanding can be expensive. Think of the losses the Starbuck moms took, warms your heart.
There is way more to it than virtue grandstanding.
Ford and GM made EV’s to sell for a profit not realizing they did not know what they were doing. They could not grasp the concept that they didn’t know how and could not actually manufacture an electric vehicle.
Their engineers produced electrified vehicles rather than from scratch electric vehicles. GM and Ford simply lacked the engineers capable of doing the required job
Farley has to be the dumbest CEO in the country. He’ll, I can lose less money than that.
I think Ford still did better than Lucid and Rivian. :)
That is a good question. Who influenced the CEO to decide to build EV trucks? Was it solely Farley's decision or did the board pressure him? What data did they use to conclude EVs were the wave of the future? Were positive answers to misleading polling questions involved with the decision, etc?
The same questions apply to GM.
I had a new company Ford Escape hybrid that couldn’t hold a charge, even the dealership could not figure out what was wrong and had to send it out someplace special. My company finally got rid of that vehicle and I was reassinged an awesome gas power 4x4 Ranger.
There’s a nice...I’d call it upscale...mall near me that I visit regularly because it’s a great place to walk. It has a Lucid “dealership” and one of their cars on display in the mall’s main gathering area. I never see anyone anywhere near it. I guess it could be that they start at something like $95,000.
oh noes my 5 shares of f
GOOD FOR HIM.
DEALERS DO NOT PAY FORD UNTIL VEHICLE IS SOLD.
That’s why they didn’t lose any money!.................😁
If you drive through older cities in the Northeast you will find that most residents park their cars on the street.
Obviously they will never have “home charging”.
It may be that my 16K miles of home charged miles in an EV wouldn't have saved as much in cost per mile (vs a gas car) if I lived up north. Even if the range safely got me where I was going for the day's driving, driving in the cold requires more charging at home than driving in warm weather and may be the difference that makes an EV not worth it unless you drive maybe 20K miles per year.
It has nothing to do with refusing to sell EV’s. I’ve managed new car stores since 1990.
“Just over half of Ford’s nearly 3,000 dealerships in the US have opted out of the investments necessary to sell electric vehicles like the F-150 Lightning and Mustang Mach-e, Ford says”.
I didn’t say “sell”; they wouldn’t “service”.
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