Ford Loses $1.3 Billion on Electric Vehicles
in First Quarter of 2024, Delays Plans
to Make More
Breitbart,
by
Olivia Rondeau
Original Article
Posted By: OhioNick,
4/28/2024 4:48:54 PM
Ford Motor Company reported a whopping $132,000 loss on each electric vehicle (EV) sold during the first three months of 2024, amassing a $1.3 billion loss.
The auto manufacturer’s electric vehicle unit revealed Thursday that they experienced a 20 percent decrease in sales volume and were forced to slash prices due to low consumer demand, CNN reported. The revenue for Ford’s EV car, the Model e, plunged by 84 percent to about $100 million, which the company blamed on EV price cuts across the auto industry.
“That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit,” the publication noted.
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Reply 1 - Posted by:
franq 4/28/2024 4:50:25 PM (No. 1707845)
The dogs don't like it.
20 people like this.
Reply 2 - Posted by:
RobertJ984 4/28/2024 4:53:37 PM (No. 1707847)
They have stopped plans to build the new battery plant#2 in central Kentucky. Plant #1 isn't half way completed and they are laying off hundreds of per diem workers
24 people like this.
Reply 3 - Posted by:
DVC 4/28/2024 4:55:53 PM (No. 1707849)
It was extremely clear that this huge "investment" into EVs was a very, very risky move, and would very likely produce financial losses, not profits.
Ford, and others need to totally stop all development and production of ALL EVs. If, at some point, there are suddenly customers seeking these vehicles, then perhaps slow production might be reasonable.
Jumping into such OBVIOUSLY unattractive vehicles with such high production levels was seriously stupid on the part of Ford management. The BOD of Ford should immediately replace the CEO and others who have pushed for this disastrous policy.
39 people like this.
Reply 4 - Posted by:
ronbet 4/28/2024 5:26:40 PM (No. 1707874)
Never understand how these companies can stand to lose this amount of money and yet remain in business. Some do it for years on end.
Wonder how much influence their unions and Joe Biden had in the decision to make vehicles no one much can afford and no one can afford to do it more than once. Strange to think that this was a business decision solely on Ford's part without being pushed to "walk that plank."
The decision on electric vehicles almost put Hertz out if business. They are now dumping them by the thousands.
23 people like this.
Reply 5 - Posted by:
jalo1951 4/28/2024 5:38:12 PM (No. 1707880)
"Slash prices"? You couldn't give me one of those lemons for free. So the car cost over $132,000 to break even. Who in the real world can afford that? Even with FJB and the greenie weenies passing out tax payer money it will never be enough. It is a useless road monster. Maybe one day in the far future it will be feasible to produce an electric car but that technology is not available now. FJB has screwed us over on so many levels, this being one of the worst. Green energy is not working anywhere without huge taxpayer support. We are the cleanest we have ever been. Unleash our energy. I am tired of this nonsense. But the long term plan is for only the ultra rich to have private transportation and the great unwashed to go public. Bugs and buses. Their new bumper sticker.
33 people like this.
Reply 6 - Posted by:
Northcross 4/28/2024 6:34:58 PM (No. 1707900)
When are the auto makers going to tell the government to pound sand and start producing the vehicles that customers want to buy.
28 people like this.
Reply 7 - Posted by:
DVC 4/28/2024 6:43:02 PM (No. 1707901)
Re #5, and by slashing prices....they lose EVEN MORE money. I guess compared to putting them into a landfill, anything they get is more, but if I was a Ford shareholder, I'd want the CEO to be replaced, ASAP.
18 people like this.
Reply 8 - Posted by:
NorthernDog 4/28/2024 6:45:46 PM (No. 1707903)
Stellantis (Jeep, Dodge, etc...) is also warning of significant job cuts due to EV's. It's amazing these companies will squander billions of dollars just to appease the 'woke' crowd.
24 people like this.
Reply 9 - Posted by:
WV.Hillbilly 4/28/2024 7:01:11 PM (No. 1707915)
Command economies have failed everywhere they've been tried.
22 people like this.
Reply 10 - Posted by:
Venturer 4/28/2024 7:02:28 PM (No. 1707916)
Ford and Chevy made a big mistake by listening to the dipstick in the white House.
Toyota is about to do the same thing. Next year their Camry, the largest selling sedan in America will only come in a Hybrid.
18 people like this.
Reply 11 - Posted by:
janjan 4/28/2024 7:08:03 PM (No. 1707919)
So much for all of the lithium battery plants. They’re building one up the road from me. They’ve already cut the building plans in half. Ford counted on these cars becoming mandatory. It’s not going to happen. They trusted the government. ROFLMAO. Idiots.
22 people like this.
#4 - But how much of that $132K was granted to Ford courtesy of the taxpayers? My advisor has me investing in oil and gas development in Texas, says the industrial-level scam that is solar-powered electricity is about to be exposed and abandoned soon thereafter.
15 people like this.
Reply 13 - Posted by:
Jesuslover54 4/28/2024 7:33:22 PM (No. 1707942)
The Chinese are totally in, and they have the immense parking lots of rusting vehicles to prove it.
If they made them hybrids they would (dare I say it?) rule the world.
5 people like this.
Reply 14 - Posted by:
Heil Liberals 4/28/2024 7:43:27 PM (No. 1707946)
I wonder how big a suit they could bring against the government for their regulatory rape of the American citizen? A billion dollars can buy a lot of lawyer time.
7 people like this.
Reply 15 - Posted by:
formerNYer 4/28/2024 7:45:17 PM (No. 1707948)
Don't give up GM that might be good business sense and we all know that the people running GM for the last 40 years have been dumber than the machine building your lousy cars.
5 people like this.
Reply 16 - Posted by:
BluesClues 4/28/2024 7:52:16 PM (No. 1707953)
Yeah, here I am, a measly pion, and I was saying, no body wants EVs. So how can we have a board of directors and a set of presidents and vice presidents running a huge company yet they are clueless about what people really will or won't buy? Oh, I know. It had nothing to do with marketing. It had to do with heavy handed socialist government. Yet I wish the board o directors would fire everyone that had anything to do with this decision. There needs to be accountability. At least with Bud light, those marketing jackasses are out of a job, but it's the same thing here.
16 people like this.
Reply 17 - Posted by:
Tennman 4/28/2024 8:11:32 PM (No. 1707962)
Not a problem. They'll make it up with volume..
10 people like this.
Reply 18 - Posted by:
Knotwyrkin 4/28/2024 8:27:49 PM (No. 1707969)
When you consider that the Fed's goal is to remove all private transportation, all this seems really logical.
11 people like this.
I would not buy a Ford.... let alone an electric Ford.
8 people like this.
Reply 20 - Posted by:
MickTurn 4/28/2024 9:39:10 PM (No. 1707997)
Do Stupid Things, Win Stupid Prizes...like Bankruptcy!
11 people like this.
Reply 21 - Posted by:
Penney 4/28/2024 10:02:54 PM (No. 1708003)
That 's much worse than the Edsel ever was!
8 people like this.
Reply 22 - Posted by:
mifla 4/29/2024 4:13:14 AM (No. 1708060)
I would suggest keeping the delay in place until after the election.
4 people like this.
Reply 23 - Posted by:
NamVet70 4/29/2024 7:36:27 AM (No. 1708114)
I would hope Ford's EV unit is not too big to fail.
2 people like this.
Reply 24 - Posted by:
Sully 4/29/2024 7:41:44 AM (No. 1708118)
Know who's gonna eat that loss? You. First in you 401k, then in the price of the next gas vehicle you buy.
I cannot describe to you how pernicious is the green new deal, doubly so now masquerading as an inflation remedy.
Surely, when the commies write the history of their overthrow, this little gem of Newspeak be celebrated as a milestone of their mass delusion.
4 people like this.
Reply 25 - Posted by:
Strike3 4/29/2024 8:05:20 AM (No. 1708137)
It's a good thing that the new Volkswagen plant went union. All of those ex-Ford employees can move to Tennessee and work for them.
3 people like this.
Reply 26 - Posted by:
paral04 4/29/2024 8:57:02 AM (No. 1708167)
Good plan to quit making them. I read an article about the true cost of owning an EV. One shocker is that because of the heavier weight the tires only last 10,000 miles. They didn't mention the price of replacing the battery and the dangers of the fires that can be initiated by them.
4 people like this.
Reply 27 - Posted by:
smokincol 4/29/2024 9:26:26 AM (No. 1708192)
if you follow a fool on a fools errand, you 'll end up being a fool on a fools errand ... who, at Ford, decided this electric vehicle idea was a good one?
that individual should be shown the door and remanded to the Edsel division of Ford
1 person likes this.
Reply 28 - Posted by:
LC Chihuahua 4/29/2024 9:54:11 AM (No. 1708216)
The EV plan is a plan built by looters who are only concerned with short term gains and nothing else. They don't care about EVs catching on. They will be long gone leaving others holding the bag when their plan inevitably collapses. Some of those looters hate America, and they want this to fail because it will damage the country. EVs have been pushed for five years. They have had an unusually long grace period. Cars that don't catch on with the public are out of production sooner than this. The end is in sight. Too many people have rejected EVs for this to succeed. Certain things needed to be done for EVs to catch on and they haven't (cost, safety, mileage, infrastructure). EVs may catch on elsewhere, but not here.
1 person likes this.
Reply 29 - Posted by:
Watlines1 4/29/2024 10:22:08 AM (No. 1708241)
The leaders at Ford and GM are fools for listening to Biden.
He destroys everything he touches, walks away, and forgets about it.
4 people like this.
Reply 30 - Posted by:
anniebc 4/29/2024 11:07:34 AM (No. 1708277)
Ford should have known better, but the tax dollars were very attractive.
4 people like this.
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