On each electric vehicle ( EV ) sold during the first three months of 2024, Ford Motor Company reported a staggering$ 132,000 loss, bringing in a$ 1. 3 billion lost.
The electric vehicle division of the automaker revealed on Thursday that they were forced to reduce prices and experience a 20 % decline in sales due to low consumer demand. CNN reported.
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The revenue for Ford’s EV car, the Model e, plunged by 84 percent to about$ 100 million, which the company blamed on EV price cuts across the auto industry.
The result was the$ 1. 3 billion loss before interest and taxes ( EBIT ), and the massive per-vehicle loss in the Model e unit, ” the publication noted.
The latest figures reflect a trend of lost for Ford, with the Model electronic reporting a$ 4.01 loss in EBIT for the full year. 7 billion on the price of 116,000 products. Even that is only a third of the per-vehicle reduction seen in the first three months of 2024, which is an average loss of$ 40,525 per vehicle.
According to company officials, their EV division will lose a whopping$ 5 billion this year, up from$ 4. 7 billion next time.
Author and entrepreneur Andy Puzder wrote on X that” Americans do n’t want EVs at levels Biden’s climate hysteria require.” “Ford’s EV Q1 costs soared to$ 1. 3 billion — a insane$ 132,000 per EV sold. Ford made all of its revenue from sales of combustion-powered vehicles. Totalitarian policies destroy wealth. ”
Americans don’t like EVs at degrees Biden’s climate panic require. Ford’s EV Q1 costs soared to$ 1. 3 billion – a absurd$ 132,000 per EV sold. Ford made all of its revenue from selling of combustion-powered vehicles. Totalitarian policies destroy happiness. https ://t. co/U24fA4YHTz
— Andy Puzder ( @AndyPuzder ) April 25, 2024
“This does not appear to be “sustainable, ” said environmentalist Patrick Moore.
Ford reports that for the first quarter, they lost$ 132,000 on each EV sold. This does not appear to be “sustainable”. https ://t. co/1dKe4T2jcd
— Patrick Moore ( @EcoSenseNow ) April 28, 2024
Steve Milloy, an analyst on energy and environmental science, described Ford’s demise as a “massive EV disaster.” ”
Massive EV hazard:
Ford lost$ 132,000 on each EV sale in the first quarter of this year. https ://t. co/NK658JiY09 photograph. tweets. com/BAZ80l6zZm
— Steve Milloy ( @JunkScience ) April 27, 2024
Ford announced earlier this month that it would stop producing two fresh electric cars and instead would switch to hybrids.
Many businesses rushed in very quickly with E. V. s that were too expensive and there was not as much of a business for them as they thought, ” Sam Abuelsamid, vehicles and mobility analyst at research agency Guidehouse Insights, told the New York Times. “That’s made it a bit tougher to offer those cars. ”
