Ford’s electric vehicle (EV) division lost In the first quarter of 2024, it would be $1.3 billion, or a loss of $132,000 for every 10,000 EVs sold.
Ford’s EV sales also fell 20% year over year, with “sales down 84% to approximately $100 million, which Ford attributes primarily to industry-wide EV price reductions.”
Ford expects Model E losses to reach $5 billion by the end of the year.
more:
Ford says the losses far exceed the costs of manufacturing and selling those 10,000 cars. Instead, losses include hundreds of millions of dollars spent on research and development of Ford’s next-generation electric vehicles. It takes years for these investments to pay off.
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The company said its “intent” is for EV pricing to cover the actual cost of manufacturing each EV, rather than covering all research and development costs, within the next 12 months. But about a year and a half of price competition among EVs has made it extremely difficult to measure even that profitability, said Ford CFO John Lawler. He said Ford has cut costs by about $5,000 per Mustang Mach-E, but “revenues are decreasing more than the cost savings.”
Last year, the Model e division lost $4.7 billion on “sales of 116,000 EVs, or an average loss of $40,525 per vehicle,” just a third of its first-quarter loss. It was more than enough.
It seems like the time has come for EVs to be called EVs. car betamax In the world.
Electric car sales plummet across Europe as demand stalls https://t.co/TPjHgK0yTT
— Breitbart London (@BreitbartLondon) April 18, 2024
Sony’s Betamax was a superior product to VHS video recorders. Nevertheless, America wanted VHS not only because VHS recorders were cheaper, but also because they were cheaper and more convenient to operate. Videotapes were cheap and could store six hours instead of his one hour on Betamax. Sure, the Betamax offered a good reproduction image, but it wasn’t good enough to justify the cost. Does this sound familiar?
It is true that EVs have higher purchase costs, maintenance costs (repair costs), and inconvenience (charging infrastructure, charging time). Still, they are status symbols of environmental virtue or something. If most of the electricity to run an EV comes from fossil fuels, I don’t get it.
What’s the difference between driving your car looking for Betamax tape and driving your car looking for an EV charger? Oh, and you won’t be stuck in the middle of nowhere looking for Betamax tape.
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So is Ford willing to lose $10 billion over two years on Betamax cars? Those are gullible shareholders.
Until EV chargers are as plentiful and convenient as gas stations…until you can charge your car in minutes instead of an hour or so, the average person won’t touch these super expensive cars. And before that happens, many Democratic-run cities will need to do the opposite of what they’re doing now: beef up their power infrastructure to handle the load. That means more power plants.
And no matter how many lies we tell about the environment, that will never change, especially when fossil fuels are still needed to power Betamax, ultra-expensive EVs.
John Nolte’s first and last novel. borrowed time, winning five star rave From daily readers.You can read an excerpt here and a detailed review here.Also available in hard cover upon Kindle and audio book.
