Ford Motor Co.’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles.
The automaker on Thursday said it would need another year to meet a year-end target to reach an annual production rate of 600,000 EVs, which it now expects to reach in 2024. Ford also abandoned plans to be making 2 million EVs a year by the end of 2026.
It now expects to see losses from EVs hit $4.5 billion this year, up from an earlier estimate of $3 billion. That’s more than double the $2.1 billion the company lost on EVs last year.
More top management “ass-pirational” bull to placate the Dems to avoid getting whacked. After 2024 it’ll be biz as usual, imo. Ford’s Lightning EV truck = this century’s Edsel. Usefulness obviously is light years away from “Job 1”. Henry’s rolling right now.
Hey let’s build a battery powered commuter plane with a 90 mile range! Such waste of capital and effort. Virtuous idiots are killing actual progress.
A price war for EVs? That’s a strange way of describing lack of demand.
Indeed. I notice there’s no price war for diesel pick ups.
Interesting. $2.1 billion loss and growing. Market cap of F is about $50B. Put a 10 x multiple on the losses and the company is at risk.
And good old Ontario together with numb nuts PM pouring borrowed money into battery factories!
“The fact is that Mr. Edison and I have been working for some years on an electric automobile which would be cheap and practicable. Cars have been built for experimental purposes, and we are satisfied now that the way is clear to success. The problem so far has been to build a storage battery of light weight which would operate for long distances without recharging. Mr. Edison has been experimenting with such a battery for some time.”
Henry Ford 1914
Still the same problem Henri.
Yeah, thanks but no thanks Ford.
The blue oval has lost its way, completely.
Whether it’s the trucks, the mustangs or any other product, their dramatic escalation of new vehicle prices is shocking. So long as they still get suckers to line up for $1,000/mo plus payments for depreciating assets, they get away with it. The Greater Fool theory in action.
I’ll stick with my 05 SD 4×4. It’s a beast, no payments, motor work is done. No need to prostate myself for even a 5 yr old F350 for $60K, let alone new, or the LIEDNING joke.
Even if I were a multiple billionaire, (up front disclosure, sadly I’m not!) If I were losing billions in “investments” I would probably take a meaningful look at my investment portfolio, and perhaps consider a redirection of my investment funds. It seem totally illogical to me, to keep posting financial losses, but continuing to “invest” in things that perpetuates those losses. However, being a mere mortal, what do I know!
As an aside, being a hot rod and muscle car fan for most of my life, I would not ever even consider using an EV based on principle alone. Besides, an electric motor in a hot rodded 32 three window coupe, just ain’t cool!
Serious questions; if Ford is losing so much money building EV’s then why are they building them at all?
A modest proposal,which will allow Ford to sell thousands of Electric Vehicles ,burmish their Environmental Credentials and survive financially..
Buy a Golf cart manufacturer,of electric carts,rebadge their product as “Ford” and instigate multiple lawsuits against any city that will not allow the use of said golf carts on their streets or “Bike lanes”..
We have in Golf carts one of the few mature and successful electric vehicles …
They need no subsidy or blackmail to sell them..
OMG, right alongside e-scooters, e-bikes, e-monowheelies, e-skateboards, e-etc.