What happens when you rush pell mell into manufacturing vehicles only a small number of people actually want?
Ford is reassessing its EV plans, including vertical battery integration
Ford Motoris rethinking its electric vehicle strategies, including “reassessing” the need for in-house production of batteries, CEO Jim Farley said Tuesday.
The Detroit automaker previously confirmed plans to delay or cut $12 billion in spending on all-electric vehicles, but the comments made Tuesday are the most detailed about Ford’s changing plans for EVs, sales of which are growing at a slower-than-expected rate.
“One of the things we’re taking advantage of in taking some timing delays is rationalizing the level and timing of our battery capacity to match demand and actually reassessing the vertical integration that we’re relying on, and betting on new chemistries and capacities,” Farley said during the automaker’s fourth-quarter earnings call.
Farley reiterated the company still believes EVs will grow, but noted widespread adoption for mass-market consumers won’t happen until the costs are more in line with traditional vehicles. EVs are typically thousands of dollars more expensive than their gas-powered counterparts.
Even if they were in line with fossil fueled vehicles, people will still opt out. They do not want vehicles which do not go very far, take a long time to charge, and have a higher auto insurance cost, hence why the low cost ones are not selling well either. Heck, people still opt out of hybrids because of the cost/benefit.
Overall, Ford did make money, however
The company’s EV business, known as Model e, lost $4.7 billion last year, including $1.57 billion during the fourth quarter of 2023, offset by profits in the company’s fleet and traditional internal combustion engine units. Both businesses earned more than $7 billion each last year.
What’s selling? Fossil fueled trucks and SUVs. Not EVs.
As Ford pulls back and reevaluates the EV business, it intends to lean in on sales of hybrid vehicles, specifically trucks. The company expects its hybrid sales to increase 40% this year. It sold 133,743 hybrid vehicles in the U.S. in 2023.
That makes more sense. But, will those who want big trucks want hybrids?
Auto companies are learning that the market dictates what people want, not the companies.
Only because government mandates have not yet taken effect. People will get used to low flow shower heads and 1.6 gallon/flush toilets once we force them to.
All other manufacturers are having a difficult time playing catch up to Tesla. Tesla expects sales growth if 20 to 25% in 2024.
Johnny-as said the other day, EVs are the cars of the future, and always will be
Teslas are still an expensive toy.
And Tesla did not project sales growth of 20-25% for 2024, moron.
https://insideevs.com/news/705975/tesla-redwoord-next-generation-crossover/
#Trump2024
Bwaha! Lolgf
Total electric consumption has basically been flat for 20 years because of increases due to efficiency improvements.
Other car companies are not doing well competing against industry leader. Tesla.
Teach have you seen the new Honda Saloon ?
Concept car was at Consumer Electronics Show in Vegas. It will be Honda’s flagship. Charging 25% to 80% in 10 to 15 mins with 10% battery degradation after 10 years. Sales in North America start in 2026.
H
Bullshit
https://ourworldindata.org/energy-production-consumption
Fox News Video – Special counsel gives brutal depiction of Biden’s mental fitness
https://commoncts.blogspot.com/2024/02/fox-news-video-special-counsel-gives.html
Most of the American public reject EVs. Maybe not for the best reasons, but be thankful for small blessings.
The best reason to reject them is that they are incredibly more detrimental to the environment just in their manufacture than ICE vehicles, and over their lifecycle.
The reasons most consumers reject them are the incredible PITA in charging them and their limited range, particularly in cold weather climates.
The second best reason most consumers reject them is their high maintenance costs in terms of repair and battery replacement.
The third best reason to reject them is their habit of catastrophically catching fire and difficulty in putting those fires out. EVs are being banned from commercial parking garages and lots for just that reason. They pose a hazard to all vehicles parked near them.
EVs fill a very limited niche market, like golf carts, and with any luck, will never go beyond that.
As EVs become mainstream more batteries will be recycled. Reducing mining. Oil production in many countries like Ecuador and Nigeria and Russia has been extremely harmful to the environment. I think even worse that etc world lithium mining when large scale lithium production begins in USA the environmentalists will be able to put in place safeguards. Lithium is actually a not uncommon element. Also in the future we can expect batteries being constructed without lithium or cobalt. Remember RV technology is rapidly changing.
Look to the future not the past.
Ford’s Board of Directors need to clean out higher management. If they don’t the stockholders should replace the board.
Ford paid dividends, Tesla has not and does not plan on paying dividends for the foreseeable future. I do not know of an EV company that has paid dividends, the profits simply aren’t there and what there is has to be reinvested in the company. The industry giants, like Ford etc., can afford to delve into EV’s to appease government regulations and so forth; as well as virtue signaling. EV’s simply aren’t selling. Tesla, the EV leader by far, had US sales of about 25% of Ford’s total sales of which apx. 72k units were EV, second only to Tesla’s 498k units. This is out of apx. 15m units sold in 2023 in the US.