Posted on 05/14/2024 6:47:01 AM PDT by bitt
Ford’s attempt to electrify its revenue through electric vehicle production has been a swing and a miss.
In response to the decreasing market for EVs, Ford has begun cutting orders from its battery supplies, according to Bloomberg.
Even though this changeup will be beneficial in the long run, Ford will not come out of its EV experiment unscathed. Sources told Bloomberg that Ford lost over $100,000 per EV in the first quarter of 2024, more than double its deficit from last year.
The news comes as the EV market across the country has taken a hit in 2024. The Associated Press reported last month that sales of electric vehicles only grew at 3.3 percent during the first quarter of this year, a sharp decrease from the 47 percent growth seen last year.
The EV share of total U.S. sales also fell year over year from 7.6 percent to 7.15 percent in the first quarter. The declining sales numbers support some automakers’ belief that they moved too aggressively in expanding their EV production, the AP reported. Given the state of the EV market, Ford is trying to reinvent its EV strategy. The American automaker has decided to reduce its spending on battery-powered models by $12 billion, Bloomberg reported.
Ford’s already forecast it will lose up to $5.5 billion from EVs alone this year.
Bloomberg reported that Ford CEO Jim Farley recently said Ford’s EV division, known as Model e, “is the main drag on the whole company right now.”
The company has taken several measures to try and remain competitive with the EV market king, Tesla.
(Excerpt) Read more at westernjournal.com ...
This year Ford won’t be laughing at us all the way to the bank.
For 100 years companies have been fixing things that weren’t broke and peddling “New and Improved” stuff to us that wasn’t as good as last years “New and Improved”.
Now we get to see their bullscat catch up to them and it’s not unpleasant to watch!!!
“LOL. Who knew that pushing an unwanted, woke technology would be such a waste of time and money? Suck it up you incredibly dumb wokesters. More popcorn. Who is John Galt?”
Number 1 selling vehicle worldwide: Tesla Model Y.
USA:
F-150
Silverado
Ram
Rav-4
Tesla Y
“Post hoc ergo propter hoc - The best bet is go all in on electric pickups.”
They went with the Mach-E first.
“This year Ford won’t be laughing at us all the way to the bank.”
Ford tops Q1 earnings expectations, sees full-year profit ‘tracking to high-end’ of guidance
While Ford did not raise its full-year profit guidance, it raised its full-year adjusted free-cash flow target and tightened its capital expenditures guidance.
https://finance.yahoo.com/news/ford-earnings-162126906.html
EVs were not the only place where Ford dropped the ball. Look at the Ranger. What was needed was a good basic little truck that almost anyone could afford. What they delivered was a gold plater that runs form the mid 30 thousands to the mid 50 thousands. If they had brought back a clean simple reasonably priced samll truck suitable for actually carrying stuff instead of a bloated, overstuffed, expensive living room on wheels they would be flying off the lots.
Ford is no longer a conservative Company. Back in the day Ford rejected Government money, but the sucked up to Biden and his crazy EV scheme.
“The public pays for the losses regardless.”
Won’t make any money off me.
Apparently the board doesn’t care about making money but just being woke. Shareholders screwed,
Biden WOKE idiocy screws over the little people one more time... You're right - Ford will have to raise prices on their internal combustion cars to stay in business.
That’s what happens when you run a business based on politics instead of economics.
Poor business strategy. The CEOs succumbed to the EV fad. Then it became a race to see who could offer the greatest number of models, and production volume, regardless of poor demand.
Ford did this to themselves and I don’t feel any sympathy for them.
They know the government (meaning YOU) will bail them out.
You’re right; we TAX PAYERS will take it on the cuff.
There was another article recently about Ford, EVs, and Ford’s efforts/plans for EV battery production. Ford is significantly reducing its EV battery production. The reason I mention this is a very telling part of the article. They mention the total megawatt/gigawatt electricity production of all the batteries. NO WHERE in the article do they discuss how they charge the batteries. No mention of the source of the energy/electricity.
“Not everybody needs or wants an EV.”
In Europe ICE car sales will be banned in eleven years. And after some time, trying to maintain an ICE vehicle will be banned.
So if we end up with legislated mandates for electric cars, Ford and others will go bankrupt?
And GM just announced they were ending production of the Chevrolet Malibu so they can focus on electric vehicles. Electric vehicles no one wants. The stupidity and wokeness at the upper echelons of all three American manufacturers is mind boggling. They need to just say no to Joe and his band of idiots.
Oddly I would consider an electric car just for commuting to work and back if it is economical verses an internal combustion engine, which is doubtful. When I drive to El-Paso, Texas (650 miles away) I take my Ram 1500 with its 500+ mile range. I fill up in Fort Stockton in 5 minutes and continue. On the return journey I have ample fuel to get to Fort Stockton and fill up again in 5 minutes and then drive home. Try that with an EV. It will not happen.
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