Ford Motor Company has revealed the massive losses that the American automaker has suffered from electric vehicle (EV) production.
In a new report, Ford admitted losing over a hundred thousand dollars for every EV the company sold during the first quarter of 2024.
Ford’s electric vehicle unit reported a whopping $1.3 billion loss, CNN reported.
The figure amounts to an eyewatering $132,000 loss on every EV sold during the first three months of the year.
The company saw a 20% decrease in sales volume as consumers continued to lose interest in expensive EVs, despite an initial buzz.
Due to this low demand for electric vehicles across the industry, Ford was forced to slash the prices of its EV offerings.
Ford said it expects its EV division to lose a shocking $5 billion this year.
This is an increase of $300 million from the $4.7 billion loss that Ford suffered last year.
Industry experts are blaming Democrat President Joe Biden’s collectivist “green agenda” for the damages incurred by automakers.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder posted on X.
“Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold.
“All Ford’s profits came from combustion engine vehicle sales.
“Collectivist policies destroy prosperity.”
The company announced earlier this month that it was delaying the production of two new electric vehicles.
Ford revealed that it will instead focus on making more hybrid vehicles as consumer demand for electric vehicles continues to plummet.
Sam Abuelsamid, principal analyst for transportation and mobility at the research firm Guidehouse Insights, told The New York Times that the market simply isn’t there for EVs yet.
“Many companies rushed in too fast with EVs that were too expensive and there was not as much of a market for them as they thought,” Abuelsamid explains.
“That’s made it a lot tougher to sell those vehicles.”
Numerous companies have been forced to scrap their plans to build electric cars, cancel their plans to go all-electric, or in some cases are struggling just to stay in business.
Consumers regularly have complained about the high prices of electric vehicles, their quality and reliability, the lack of charging stations, the time it takes to charge them, how inconvenient they can be, and their significantly decreased performance during cold weather conditions.
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