Ford is trying to stop its electric car bleeding.
Back in March, I wrote that, “Ford reported that it’s going to lose $3 billion on electric cars in 2023. Unlike most automakers, Ford reports its electric vehicle numbers separately, but experts estimate that most car companies are losing similar amounts on the dead end business.”
“Ford plans to make 2 million electric cars every year by 2025. That would be impressive considering that Ford only sold 61,575 of them in 2022. It sold 3,624 electric vehicles in Feb 2023.”
By July, it was a loss of $4.5 billion.
“Ford said the higher loss projection for Ford Model e reflected “the pricing environment, disciplined investments in new products and capacity, and other costs.” Ford also now expects to reach a 600,000-unit EV production run rate during 2024, instead of the end of this year, on the way to achieving a 2 million annual run rate.”
Now, Ford is finally pulling back.
Ford Motor said Thursday that many customers in North America are no longer willing to pay a premium for an electric vehicle over an internal-combustion or hybrid alternative.
As a result, it’s postponing about $12 billion in planned spending on new EV manufacturing capacity.
Customers’ reluctance to pay extra for EVs has complicated Ford’s ambitious and expensive plans to sharply increase production of those vehicles.
This isn’t a sudden development. EVs are a luxury market. That market has mostly been tapped. Ford and GM jumping into it just burned a lot of money. Now, Ford is trying to burn it at a slower rate. There was never a huge customer base for electric cars. And the only way to expand that customer base is regulatory bans on real cars, which is what California and other lefty states are doing, but those bans are aimed for the mid 2030s. And Ford is sensibly taking more of a wait and see attitude.
GM, which has also been losing a lot of money, is also pulling back.
General Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars.
The move on EVs is a surprise one for a company that has bet its future on the technology, anticipating that it will eventually phase out sales of gasoline-powered vehicles next decade. It comes as rivals, including Tesla and Ford Motor, have also raised red flags about consumer demand for EVs and buyers’ willingness to pay a premium for them over traditional models.
Compared with its competitors, GM has been among the most bullish in pursuing a transition to EVs. Investors cheered its declaration in early 2021 that it would phase out nearly all gasoline- and diesel-powered vehicles by 2035, among the first automakers to vow a full switch to electric.
The question now is whether these pullbacks signal that the car companies wagered too heavily on EVs or are simply confronting hiccups in their transformation toward an electric-dominated future that Tesla pioneered. GM Chief Executive Mary Barra on Tuesday said she believed it was the latter.
“As we get further into the transformation to EV, it’s a bit bumpy, which is not unexpected,” Barra told analysts during GM’s earnings call. “What we’re moving to is something that we can react in a much more agile way to make sure that we have the right vehicles.”
The federal government and states have two options going forward. They can either stop their planned car bans or reckon with a reality in which the US car market will be dominated by China. While we can’t build affordable EVs, China and some Asian automakers will be able to.
Mandating electric cars means turning over the automobile industry to China.
The US can’t supply enough electricity for electric cars.
The US and the world can not mine enough copper and other necessary metals for electric cars
The US does not have the adequate transmission line infrastructure to move the necessary electricity
The US does not have enough charging stations
Electric cars suck. I work for Avis at an airport so I must move a huge variety of cars, SUV’s and trucks. I just drove my first Toyota Prius. Sorry, fans but that is one horribly designed car in so many ways. If people like them that is fine, but don’t you dare force me to buy one of those pieces of $hit. I am happy with my Jeep and GMC Acadia. They both get 28 mpg and that is good enough because the driving experience is so, so much better.
How about we just turn Old Joe and all his kin over to China and move on.
The EV bubble seems to be collapsing, as predicted early on.
There was just an earthquake here. My butt cheeks jiggled on my chair and I can hear neighbors chattering in the hallway. I hope you’re safe where you live. I live in between two fault lines San Jose sucks.
FUCK this shit. I know it’s going to kill me.
This will come as a huge disappointment for the left, as they will lose massive amounts of leverage, ie. control, and have to find another scam to replace the massive amount of money they planned to make from their EV monopoly.
It’s a shame that the left can’t profit from children being forced to mine toxic metals needed for lithium batteries. Now they’ll need another way to profit from colonialism and slave labor.
They’ll figure out something. Maybe have the kiddies working in salt mines.
Correct me if I’m wrong, but I seem to recall that Daniel, among others, predicted that this would happen.
Here’s the thing. There is not now, nor has there ever been, a plan for everyone to drive an EV. That’s exactly why the Dem-dominated US government is going to mandate them. The real plan – which they would never admit – is for you and me to drive NO CAR! A car is freedom, plain and simple. The international power elite do not want us driving. Only they will drive. Only they will ever fly. BTW, if you ever wanted to go to Europe. you had better do it now. In a few years, you will not be able to. There will be no international travel for regular people. If you want to go someplace in the US you’ll be taking the electric train. It will take you days to get where you’re going. Oh, and the government will know exactly where you are every minute. And with your CBDC they will know every bug snack you bought on the way there.
So it comes down to this… If the Dems maintain control of the government after the election next November, you’d better buy an electric car or you will have no car or no gas for the real car you have. You better buy all the freeze-dried beef, chicken, and pork you can lay your hands on. Buy all the gold and silver you can get. Buy guns and ammo. Read your Bible and pray.
“Mandating electric cars means turning over the automobile industry to China.”
It is called Population and Resources Control and it is a cornerstone of counterinsurgency. It is precisely what is ongoing in this nation, gradually until Obama then with a vengeance under the Resident. Mandating E Cars means that the freedom of movement and of assembly and of speech and religion are on the way out.
My President opposed that with all his might and was sabotaged by the military, the intel “community” (communism is a form of community, doncha know?) which sabotage contiues to this day.
After that come fierarms confiscation and more counter measures including USSR type passports for travel between cities and towns. Electric vehicles, stoves and so on will strangle all but the richest until they too become a threat to the REGIME and they WILL. Then they die as well. Poetic, huh?
An article on Food Insecurity brought to my suspicious mind the Holodomor visted on Ukrainians by the Roosians to the tune of 6 million lives.
And, here it all is in the US, all prior to any real revolution. It is a proactive effort to maintain control. Wake up!!!!!!!
Wake up America. I and others know of what we speak.
What is it with conservatives and the belief that the lazy and incompetent Bareback Hasbeen Obama is some kind of political mastermind who secretly controls the government? That loser dork couldn’t control a pre-school class.
In the early years of the automobile, there was some electric automobiles. It ended rather quickly, and for much the same practical reasons pointing towards this current push for the electric automobile. And this, despite having seen a century of improvement with the battery. It’s a pipe dream for those who can believe the dream will go against the reality of our universe. But, I too believe there are a class of persons now in this known who know the all electric dream of a civilization functioning cannot exist. They dream of a new world of the neo-feudal with them as humanity’s Lords and Ladies to be slaved for best from only one spot of the Earth. And they hope to watch their slaves from their private planes – and private walled lives far, far removed from the slaves.
Even Pharaoh didn’t have this dream. He was quite happy to man the gates to the afterworld. These would-be lords and ladies don’t give a d*mn about the rest of humanity. But – they do seem to like the idea of pushing the rest into the mud.
Speaking of into the mud, I recently saw a UN document presented in a livestream, which revealed UN plans to have the entire Western world living in mud huts by 2050. Then I did a search on mud huts and found an NPR article assuring readers that while the term “mud hut” conjures up an image of a grim lifestyle, what it really means is just adobe brick. So it seems liberal publications are already prepping the public to embrace such a scheme. That is just how far they plan to push us.
Biden+Globalists+Democrts+Liberal=Traitor
Just another multi-billion dollar mistake without the necessary infrastructure in place to handle the EV. The average person will pay 50% more for an EV. Many will have to get a second job to make the lease or car loan payment every month. Your electric bill will be higher. Repairs most likely will be higher. One article I read, a EV owner had to have his entire battery pack replaced after four years, cost $6,00o. He can always take out a second mortgage on the house.
Another thing, who wants to pull into gas station and wait almost an hour to recharge the batteries on a EV?
On another note, you may want to know that the national debt is 33.6 trillion dollars and the interest paid on that debt was 1 trillion, 700 billion dollars for the fiscal year ending September 30, 2023.
IF electric cars are the miracle solution for our salvation…why do most people ignore them? Are we all suicidal? IF they are such a marvelous way to drive, why won’t we drive them? Billions are being spent to convince us and laws are being passed to force us to buy them yet we refuse? Why are “incentives and grants” being wasted to help us buy them? Why doesn’t the free marketplace model work? Why is nothing being done to produce the massive increase in electricity that will be required? Why are the subsidies being paid by people who can’t afford the cars so that those who CAN afford them will buy? What about the massive effect of heavier vehicles on our roadways, of cars that burst into flames at will, of a lack of a plan to deal with the trillions of used batteries once they wont charge anymore/ Damn the iceberg….full speed ahead!!!!!
What? No one saw this coming?
I would never by one of these!!! It makes me think of China!!! No think you I love the USA!!!!
EV has nothing to do with saving environment whatsoever. To the contrary are EVs have done more damage to the environment than gas power vehicles. The whole purpose of EV is to tight down the population into crowded cities and control the people. Is that simple
Never will I ride in a coal-fired car with a black child-slave battery made in the actually, literally Earth raping and polluting slave plantation known as China …
Not because I’m such a great guy who stands on principle …
But because I’m absolutely certain my social credit score as an “evil genocide” engineer of “white supremacy” science will never be high enough to afford me such a privilege …
LOL … 😉
I have to hand it to Jack Greenfield even though I sometimes disagree with him. Look at how much he turns out. That man is a writing machine.