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Ford continues posting huge losses on its electric lines, while automakers reverse course on EVs

 Then in June, the company delayed plans to produce its electric F-150 Lightnings at a plant in Tennessee.

A new Morningstar report finds that with the exception of China, sales performance of EVs has fallen well below expectations, and as a result automakers are adjusting their EV transition plans to match sluggish consumer interest.

Ford Motor Company on Monday posted a loss of $1.224 billion on its electric vehicle lines.

In January, Stellantis CEO Carlos Tavares warned of a “bloodbath,” according to the ;Financial Times, in the EV industry if automakers kept cutting prices to help entice more buyers.

Energy watchdog Robert Bryce points out on his Substack that the company’s losses on Model E this year are equal to its gross profit on its internal combustion engine business, Ford Blue.

Company executives sometimes make bad decisions, such as when Hertz decided that it would transition a large chunk of its rental fleet over to electric.

The plan failed spectacularly in the face of depreciation and repair costs, which cost the company an estimated $1 billion. 

https://justthenews.com/politics-policy/energy/ford-continues-posting-huge-losses-its-electric-lines-while-automakers

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