And the losses (and stupid business decisions) keep piling up. Not sure how any voting shareholders can allow this to continue for long. How long until the until the bailout chants of “Too Green to fail!” starts to be the cause celebre?
Wow… Ford losing over $130k on every EV sold…
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And the G7 countries, which is most of the industrialized world just signed onto a 2035 ban on coal fired electrical plants. Maybe even if you have an EV then you won't be able to charge it.
The loss numbers are stunning but sooner or later production has to pick up and demand has to be there for Ford, after all investment in equipment and building factories is part of the loss equation. Research and development cost money, there isnt a way to have that without investing.
I dont know Tesla numbers except they didnt make money on any of their cars for 15 years and first profit from cars was only 2021
So if Ford can stop the losses on their EVs sooner than 15 years they will be doing better than Tesla.
Unlike Tesla though, Ford as a company still pulling in over 10 billion in profits every year while spending another 10 billion expected this year. Im not a Ford fan, last one I owned was in 1974 ish and never did after that.
This story was from when after 12 or 15 years Tesla turned a profit but they were still losing money building cars.
www.cnn.com
I dont know Tesla numbers except they didnt make money on any of their cars for 15 years and first profit from cars was only 2021
So if Ford can stop the losses on their EVs sooner than 15 years they will be doing better than Tesla.
Unlike Tesla though, Ford as a company still pulling in over 10 billion in profits every year while spending another 10 billion expected this year. Im not a Ford fan, last one I owned was in 1974 ish and never did after that.
This story was from when after 12 or 15 years Tesla turned a profit but they were still losing money building cars.
Tesla's dirty little secret: Its net profit doesn't come from selling cars | CNN Business
Tesla posted its first full year of net income in 2020 -- but not because of sales to its customers.
www.cnn.com
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Thos are rookie numbers compared to some other EV makers.
oilprice.com
Lucid Motors Reports Staggering $227,000 Loss Per Car | OilPrice.com
Lucid Motors reported a substantial loss of $227,000 per car sold in the third quarter, highlighting significant financial challenges in the electric vehicle industry.
oilprice.com
The 2 local Ford dealers are sitting on 14 - 2023 Lightnings and Mach-E's.... and these are not mega dealers.
Assuming $65,000 each, that is nearly a million dollars in floor plan money that is doing nothing for them... month after month... year after year.
These two dealers have a current combined new Ford inventory of only 75 vehicles, so these so-far unsellable 2023 model EV'sare hogging up make up nearly 20% of their inventory. Ouch.
I asked the sales manager at the local Chevy dealer as to when he expected his first Silverado EV on the lot. He just stopped short of saying that he really didn't care if one ever showed up at all.... and then simply stopped talking about it.
An $80,000 "Work Truck" at Illinois' largest Chevy dealer... https://www.phillipschevy.com/new/C...kfort-il-e1fb42a4ac1845cb63d3641ae8448b97.htm
Assuming $65,000 each, that is nearly a million dollars in floor plan money that is doing nothing for them... month after month... year after year.
These two dealers have a current combined new Ford inventory of only 75 vehicles, so these so-far unsellable 2023 model EV's
I asked the sales manager at the local Chevy dealer as to when he expected his first Silverado EV on the lot. He just stopped short of saying that he really didn't care if one ever showed up at all.... and then simply stopped talking about it.
An $80,000 "Work Truck" at Illinois' largest Chevy dealer... https://www.phillipschevy.com/new/C...kfort-il-e1fb42a4ac1845cb63d3641ae8448b97.htm
Agree, what a mess these companies got into, lousy decisions, caught up in the media producing cars and trucks that no one wants. Not to say all people but they over built. If I could and if I wanted, Im not spending 85k on an EV pickup, I want a real V8 or Diesel.
For special use cases, yes but will it be enough to get production costs down? I dont know, just took at Tesla with their small cars, sales are flat to negative and we pay people to buy them.
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And they want us, the consumer, to pay for them.
It's a hard price for this area as well. My Ford dealer seems to be moving EVs, but only after some large discounts. The one Lightning they have left is now discounted to $58k which means it's now within a couple thousand of the other non EV XLTs on the lot. I still can't believe an XLT is a $50k+ truck these days.
That helps come tax time, if that's how they report their numbers.
Yeah, its called, click bait, generated news that can be skewed as technically correct for clicks yet leaving out the "inconvenient truth"
This is what society runs on now a days. 24/7 news feeding everyones appetite, we dont even want to know all the facts.
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Unless you are Germany, this is a good thing.
The only way they'll move these is if gas goes up to $10 a gallon or is not available. With the current global mess causing fluctuations in the price of oil this could happen sooner than later.
I have to give Ford credit for splitting out the division so it can be independently measured vs hidden by blending pickup truck performance in it.
It took real huevos to do this, and Id like to see every manufacturer do the same.
It took real huevos to do this, and Id like to see every manufacturer do the same.
One might expect more from a 100 year old car company.
It's part of the product life cycle to lose money during product start up and introduction, but you still gotta sell cars.
GM is in the same boat, but at least the Bolt sold. Lost a ton of money, but sold.
It's part of the product life cycle to lose money during product start up and introduction, but you still gotta sell cars.
GM is in the same boat, but at least the Bolt sold. Lost a ton of money, but sold.
Highly unlikely.
As a society we're highly dependent on crude oil and it's byproducts.
Our dependency is comparable to the need for clean water/air...
OP, can't read apparently... "$132,000 for each of the 10,000 vehicles it sold" which is a whopping $13.2 per EV. Which is somewhat expected since they had to invest in new equipment and R&D.
This isn't so uncommon for new products to market. Bringing an EV to market isn't cheap when you think of the capital investment.
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