Ford Cuts Battery Orders as EV Losses Top $100,000 Per Car
As EV prices have plunged and demand has slackened, Ford’s losses per EV exceeded $100,000 in the first quarter, more than double the deficit from last year, one of the people said.
Bloomberg Intelligence estimates the losses Ford expects to sustain in its EV unit this year will come close to wiping out the profits it earns from its Ford Blue division, which makes traditional internal combustion engine vehicles like the Bronco SUV and gas-electric hybrids such as the Maverick truck.
Readily jumping into EVs to seek rents from subsidies or to enthusiastically comply with elected Jacobins has a cost. Toyota seems to have a healthy skepticism that protects its shareholders.
Absolutely. Toyota’s approach to the predicted EV mandates is stunningly rational. I’m working on freeing up some cash to take a position in their stock ASAP.
How would you like to be the sales-person trying to sell clients vehicles they don’t want at prices they can’t afford, and which are 25-30% higher than the prices for the vehicles they actually want to purchase.
It’s going to be ugly. Real ugly.
Wait till these mortgages turn over too for Canadian housing.
https://www.howestreet.com/2024/05/happy-monday-morning-3/
The greatest depression seems quite likely I’m afraid.
As businesses tank like never before to record levels.
Oh no Twaddels will give all a government income and we will all be millionaires.
I don’t care – there are many stupid people in this world, and some of my friends fall into that category. When money was cheap, they went out and bought second properties or yachts or other expensive toys. Now that their incomes have tightened and they are unable to offload their expensive toys, they expect the government or the Bank of Canada to bail them out. I sympathize, but do not talk about money too much with them.
I was self employed for 25 years (Toronto and Calgary) and have always tried to live “below my means”. I have a good life, I own my house, my car and have some decent investments. I take a very nice vacation every 16-18 months, but I am very aware that the stock markets can go down and that I will have to tighten my belt even more.
I think the music is stopping and there will not be enough chairs for people to sit on.
I used to cheer on EV development but after the left claimed it as their own (as they claim all worthwhile causes and endeavours as their own) I’ve come to despise the contraptions and hope the entire industry falls on its face.
EV’s were NEVER a worthwhile Cause AT ALL.
Since the gitgo:
Utterly useless Range & I don’t GAF which one you name.
Cant tow Squat
Useless in Northern climes
Scratch the Battery Cover..? Dealer will tell you – NEW Batt Reqd. @ $ 60,000 (see Ionic 5 story in YVR)
Tendency towards Self immolation – does NOT like Water
Charging on 110VAC must be done with EV outside & Takes up to 48 hrs.
Damned things are VERY heavy and cause significantly more road Damage.
Damned near impossible & prohibitively EXPENSIVE to RECYCLE – (Seems to be a Recurring Theme with anything to do with Renewables – Wind/Solar/EV’s NO..??)
And who in their RIGHT mind would even consider buying a Used one..??
NO ONE.
They are and continue to be a niche product for those who live in the Suburbs and drive into Downtown…and the CLIMATARDS among us.
JUNKIMO.
You got that all right. I agree with every word.
Yes, they’re a niche product but that isn’t the same as useless.
EVs are like the covid jabs.
Ah, no thanks.
Oh, THAT Ford cut battery orders. Not the other Ford: blubber douggie. Silly me. I should have known better.