But, but, but, everyone wants one, right? They’re cost effective?
Ford set to lose $4.5 billion on electric vehicles this year, despite increased revenue
Ford Motor Company announced it is projected to lose a whopping $4.5 billion from electric vehicles (EVs) this year, up from the previous projected loss of $3 billion.
The company released its second-quarter financial results on Thursday. The U.S.-based automaker’s EV division, called “Ford Model e,” has lost $1.8 billion so far this year, according to Fortune.
The projected $4.5 billion loss is over twice as much as Model e’s $2.1 billion loss in 2022. The company recently announced that the price of its electric F-150 Lightning pickup trucks will be reduced due to cheaper raw battery materials.
The company touted that its low EV prices “establish[es] leadership ahead of industry’s next-generation EVs” and that the Ford Model e’s revenue is up 39%. Ford is also expected to produce 600,000 EVs per year by 2024.
“The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford,” Ford CEO Farley said in a press release. “EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”
See, if the government could just force you peasants into purchasing an EV, then Ford could jack the price up thousands as Government offers tax incentives.
I wonder why Ford is getting crushed while Tesla is not? Anyway, don’t forget that the hardcore Warmists want to ban all private ownership of vehicles, even EVs.
Read: Ford Will Lose At Least $4.5 Billion Pushing Electric Vehicles This Year »