Posted on 04/29/2024 6:03:44 AM PDT by ChicagoConservative27
Ford’s electric vehicle (EV) division lost $1.3 billion in the first quarter of 2024, which adds up to a $132,000 loss for each of the 10,000 EVs sold.
Sales of Ford EVs also plunged by 20 percent compared to last year, and “its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry.”
Ford expects losses on its Model e to hit $5 billion by the end of the year.
More:
The losses go far beyond the cost of building and selling those 10,000 cars, according to Ford. Instead the losses include hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away from paying off.
…
The company said it is its “intention” to be have EV pricing cover the actual costs of building each EV, rather than covering all the research and development costs, within the next 12 months. But a price war among EVs for about a year and a half has made even that measure of profitability very difficult said Ford CFO John Lawler. He said while Ford has removed about $5,000 in cost on each Mustang Mach-E, “revenue is dropping faster than we can take out the cost.
(Excerpt) Read more at breitbart.com ...
The taxpayer lost 132k per car.
A friend said he should have done his homework before he bought the Ford F-150 Lightning it’s only good for around town and he can’t even take it his Cottage , no place to charge and he can’t even get rid of it
Yeah, but they’ll make it up in volume. /sarc
Thread BUMP
Biden and his goons don’t care...
Vote this piece of cr** out of office and get all these anti-gas measures reversed....from drilling to building cars, appliancews. Time to go after your Congress people...and governors like Kochul.
China’s economy is collapsing they’re cutting prices on everything so expect tons of very cheap EVs to come flaming in ,LOL
Go woke, go broke.
Go green, no profits to be seen.
(That’s the best I can do.)
I’m considering going to my local Ford dealer and making them an offer on an EV. If they’ll pay me $100,000 to not buy one, they’ll save $32,000!
Another Democrat success story.
Do not trust your friend with any decisions
As soon as I saw the title, that's exactly what I thought.
Can’t remember where I first heard this, but someone was questioned about profits & loss & let it be mentioned that while there was a loss on each unit, they could make it up on volume. I believe it was not mentioned in a serious tone.
What an abomination to call that thing a “Mustang”
Only Woke idiots could be so stupid as to name it that
[Ford F-150 Lightning]
Hopefully he can mow around it once the battery goes bad
It should make a great fort for the kids
I believe that. Once you buy on of those stupid things, you’ll never get rid of it. We’ll have a graveyard of dead and useless EV vehicles.
not a Ford person, but that is pretty sweet.
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