Ford has now announced a loss of $4.5 billion because Americans have NOT come running to buy electric vehicles despite the thousands in subsides per vehicle that Joe Biden is offering.
Americans just don’t want EVs. And Ford has tens of thousands of them sitting on dealer’s lots that no one wants to buy. And Ford has retooled dozens of factories to make EVs that no one wants to buy.
So now, Ford is “pushing back” its estimates of when it will be selling a majority EV inventory.
Ford now expects to be building EVs at a rate of 600,000 per year sometime during 2024, a delay from earlier estimates that it would reach that level by the end of 2023. The automaker had previously targeted a rate of more than 2 million per year by the end of 2026, but now says it doesn’t know when it’ll achieve that volume.
“The transition to EVs is happening, it just may take a little longer,” CFO John Lawler said following the automaker’s second-quarter earnings results.
“It will be a little slower than the industry expected,” he said.
But Lawler emphasized that Ford’s EV spending plan and its profitability goal for its electric vehicle unit haven’t changed. He said that Ford is still targeting an 8% operating margin for its EV business, and that it isn’t planning to reduce its capital spending on the vehicles.
“We’re going to find a way to get to that 8%,” Lawler said.
And yet, these politically motivated numbskulls (and who are NOT motivated by capitalism) insist that EVs are still “the future” of car making.
They aren’t. They won’t be.
Oh, sure, there will be a small subset of fools who think EVs are a great idea. But these vehicles simply are not ready for the sort of transportation duties Americans need. And they likely never will be.
Its time car makers admitted this as retreated from this idiotic headlong push for EVs.Commentary