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Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.
Bye bye Ford EV's and I'm sure the others are right behind them.
Ford borrowed 9.2 billion from government, so we know who eventually will pay for their losses...
I wish the feds stop interfering with anti-demand regulations and corporate welfare since it is all a waste of our money.
The free market always wins at the end, for economic prosperity the supply needs to be controlled by demand.
Ford borrowed 9.2 billion from government, so we know who eventually will pay for their losses...
I wish the feds stop interfering with anti-demand regulations and corporate welfare since it is all a waste of our money.
The free market always wins at the end, for economic prosperity the supply needs to be controlled by demand.
Ford borrowed 9.2 billion from government, so we know who eventually will pay for their losses...
I wish the feds stop interfering with anti-demand regulations and corporate welfare since it is all a waste of our money.
The free market always wins at the end, for economic prosperity the supply needs to be controlled by demand.
I wish I could believe that. The free market is not really free, investments to advance the public/social good for the sake of progress and might be necessary to compete globally with other nations. I can't help but think about all the government aid to what we came to know as the defense contractors during the arms race/space race/Cold War era.
As an owner of two >10-year old EVs and 2 turbodiesels, I believe EV adoption is inevitable and necessary despite the clumsy and ill-planned rollout. But I think the economic model of vehicle ownership also needs to change as well. If EVs are designed well, they should outlast ICE vehicles and be reasonably serviceable and renewable. If they are poorly designed, the high-cost of repair for failed components might just make EVs an ecological disaster.
Perhaps a subscription model would make more sense for profitability, but the vehicles would need to reliable and outlast the average ICE vehicle.
I'm willing to bet the Detroit three (two ?) are biding time to see how the election goes. If there is a change at the top, who knows what might happen to these subsidies.
WASHINGTON, D.C. — As part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) announced a $15.5 billion package of funding and loans primarily focused on retooling existing factories for the transition to electric vehicles (EVs)—supporting good jobs and a just transition to EVs. This includes making available $2 billion in grants and up to $10 billion in loans to support automotive manufacturing conversion projects that retain high-quality jobs in communities that currently host these manufacturing facilities.
Eh, they said this was going to be the case for years while they need to put a lot of money into weathering the transition and catching up. The alternative to this risk is another risk of constant decline in the near future while South Korean and Chinese automakers eat their lunch in markets around the world and ultimately the NA market because they aren't prepared to tackle EVs. They purposefully separated the divisions and made it so they have separate balance reports so they can have transparency in the run up to ramping up EVs. They expected this to cost them in the early years, but to show that the revenues and margins improved over time. It's like watching someone mix batter for a cake and then acting like you caught them messing up because they don't have cake yet, just a bunch of goo. I think most would understand that's not a very sensible take. Cake might still come out poorly, but this isn't proof of it.
Last edited by OyCrumbler; 04-26-2024 at 03:05 PM..
Ford and GM are going to be near the top EV production very soon. Simpleminded people will of course expect collapse at every turn. It’s amazing more internet experts aren’t employed by these companies.
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