Staff Reports
In a shocking turn of events for Ford, their electric vehicle (EV) division took a big hit, losing a whopping $1.3 billion in the first quarter of 2024. That’s like losing $132,000 for each of the 10,000 EVs they managed to sell. Ouch! Sales of Ford EVs also went down the drain, plummeting by 20% compared to last year. And if that wasn’t enough, their revenue tanked by a staggering 84%, landing around $100 million, mostly due to price slashes across the EV industry. It’s basically like a fancy car clearance sale gone wrong.
Electric cars are a DISASTER. Destroying auto economy. Why is it EVERYTHING Democrats believe in is a terrible failure & disaster? Are they really that dumb…or are they SUICIDE BOMBERS?https://t.co/oxe6L0FjBf
— Wayne Root – Wayne Allyn Root – TV & Radio Host (@RealWayneRoot) April 29, 2024
To make matters worse, Ford is expecting even more losses on their Model e, with estimates hitting $5 billion by the end of the year. That’s a whole lot of zeroes flying out the window! Ford explained that the losses not only stem from building and selling the cars but also from hefty investments in researching and developing the next generation of EVs. It seems like those investments won’t be paying off anytime soon.
Ford is crossing their fingers and hoping that within the next 12 months, the pricing of their EVs will at least cover the basic building costs. But with a price war raging on in the EV market, hitting that sweet spot of profitability is proving to be quite the challenge. The company’s CFO, John Lawler, mentioned that although Ford managed to trim costs on each Mustang Mach-E, the revenue is dropping faster than they can slash expenses.
Comparing EVs to the Betamax of cars, a VHS versus Betamax situation is painted, where the Betamax was superior but ultimately lost out due to cost and convenience. Similarly, EVs come with a hefty price tag, maintenance headaches, and the hassle of finding charging stations. Are they really worth the hype when most of the electricity powering them still comes from good ol’ fossil fuels? It’s a head-scratcher for sure.
Until EV chargers become as common as gas stations and recharging doesn’t feel like watching paint dry, regular folks might continue steering clear of these overpriced vehicles. And before that utopian future arrives, Democrat-led cities need to step up their game and boost electric infrastructure. More power plants are needed, but guess what, they might run on, you guessed it, fossil fuels. The irony is just too real.
So, is Ford really willing to bleed out $10 billion over two years on what some may term the Betamax of cars? Well, that’s a whole lot of money to burn, especially when the average Joe is still wrapping their head around the whole EV craze. Maybe it’s time for Ford to pump the brakes and rethink their electric dreams before the losses go shockingly off the charts!
