Posted on 04/26/2024 4:06:03 AM PDT by CFW
Ford announced Wednesday losses of $1.32 billion on its Ford Model-e sector, which represents the company’s electric vehicle business. With 10,000 units sold, the company lost $132,000 on each EV it sold.
In the fourth quarter of 2023, the company sold 34,000 units in its Model-e business, which produced $1.57 billion in losses, or roughly $46,176 on each EV sold.
“The company expects EV costs to improve going forward, but be offset by top-line pressure,” the company said in a press release.
The company’s other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle business, made up for the losses on its EV lines. Hybrid vehicles combine aspects of EVs and gas-powered engines. The company posted a net income of $1.3 billion in the first quarter, with revenues of $42.8 billion.
(Excerpt) Read more at justthenews.com ...
TECHNICALLY those vehicles are in inventory-—AT THE DEALERS
FORD DOESN’T GET PAID UNTIL DEALER SELLS THEM
Rivian? Isn’t it hilarious? That is the same Rivian that fought in court to build their facility in rural Georgia (at the invitation of sell-out Kemp) and then abandoned the project because their company is almost bankrupt. Yeah, Ford definitely did better than Rivian. Three years ago, Rivian stock was trading at about $130.00 per share. Today it closed at 9.04. LOL! You have to love it!
Although I do feel sorry for the people of Georgia and especially Walton and Morgan County. Their property taxes increased, home prices went up, and they got shafted just as they expected.
Service is the problem with dealers not selling the EV’s. If a dealership signs up to sell them, you’ll have to purchase a bunch of special tools, send techs to train for weeks while paying them, etc. You can’t sell them and not sign up for the servicing of EV’s. You also can’t service them without agreeing to sell them.
They go together, our dealership already had been training techs for a couple of years and dropped the EV’s. One of the young techs has been repairing EV’s for the plant till it came up for us to sign.
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