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Ford’s electric vehicle (EV) division lost $1.3 billion in the first quarter of 2024, which adds up to a $132,000 loss for each of the 10,000 EVs sold. Sales of Ford EVs also plunged by 20 percent compared to last year, and “its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry.” Ford expects losses on its Model e to hit $5 billion by the end of the year. More: The losses go far beyond the cost of building and selling those 10,000 cars, according to Ford. Instead the losses...

Tesla has certainly seen better days. In 2023, Tesla sold 55% of the EVs in America, far ahead of the second-place EV seller, Ford, which sold 6% of the total EVs sold. This makes Tesla a barometer by which much of the entire market can be measured. Experts say that some of Tesla's difficulties are a result of how Tesla is run, but some of the problems are systemic to the industry as a whole. Drop in Income, Stock clawing its way backOn Tuesday, Tesla reported a 9% drop in revenue in the first quarter, which was the largest drop...

The Biden Administration’s regulations are coming so fast and furious that it’s hard even to keep track, but we’re trying. On Thursday the Environmental Protection Agency proposed its latest doozy—rules that will effectively force coal plants to shut down while banning new natural-gas plants. “With the announcement today, the power sector can make planning decisions with a full array of information,” EPA’s press release declares. Translation: Get moving with the green-energy transition because we’re determined to eliminate fossil-fuel power. Barack Obama’s regulation spurred a wave of coal plant closures. Now President Biden is trying to finish the job by tightening...

The Green Slime! The global movement towards Green Energy (or global Marxist movement) is really The Green Slime! Or maybe it should be renamed “The Red Slime.” Ford lost $132,000 on every electric vehicles they sold in Q1. It was so bad that even CNN reported it! And then we have Hertz dumping its inventory of EVs. A slew of used Teslas have hit the Hertz car sales website after the company announced Thursday it planned to sell off 10,000 more electric vehicles from its fleet than originally planned, bringing the fire sale’s total to 30,000. Perhaps one of the...

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...

Hertz raised the number of electric vehicles it plans to sell this year as it is cutting its EV fleet to reduce losses that have weighed on the car rental giant’s earnings. In the first quarter, Hertz upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. Most of these EVs will be Teslas. The company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value and recognize the disposition losses on EVs sold in...

BEIJING/FRANKFURT (Reuters) -Tesla has cut prices in a number of its major markets, including China and Germany, following price cuts in the United States, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs), especially against Chinese EVs. The price cuts come after Tesla, led by its billionaire CEO Elon Musk, reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years. "Tesla prices must change frequently in order to match production with demand," Musk posted on X on Sunday. Tesla, the EV market leader,...

Europe’s plunging electric vehicle sales are painful proof the market isn’t ready to stand on its own, putting governments on notice for more support until affordable EVs become a reality. The glut is clogging up ports and factories are cutting production — a red flag for the region’s climate goals and risk of job cuts after Tesla’s mass layoffs this week. Without subsidies, the cost of EV ownership no longer makes sense for many drivers. Insurance and repairs are more expensive than for combustion-engine cars, and many would-be customers still bristle at limited charging infrastructure. At the same time, rapid...

Tesla shares extended declines Tuesday, pulling it close to the lowest levels since last spring, following the group's largest-ever job cuts, which have analysts and investors questioning the longer-term growth story of one of the market's most popular stocks. The Austin electric-vehicle group (TSLA) unveiled the layoffs in a companywide memo penned by Chief Executive Elon Musk, who told employees it was time to "streamline the company for the next phase of growth." "As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and...

Tesla is laying off more than 10% of its global workforce, equivalent to at least 14,000 roles, as the electric carmaker reacts to slowing demand and pressure on prices. The chief executive, Elon Musk, announced “the difficult decision” in a memo first reported by the online publication Elektrek. Tesla employs 140,473 people, according to its annual report.

IM motors has decided that semi solid-state batteries are ready for prime time. In an omen of what Western automakers will need to contend with, it's now launched a futuristic luxury coupe with a next-gen battery pack and crab-walking capability. The high-density lithium batteries we enjoy today were an absolute technological revolution. They blew rechargeable nickel-cadmium and nickel-metal-hydride batteries out of the water, offering such a leap in energy storage by weight and volume that suddenly all sorts of things became possible.

In recent months Tesla has had a bumpy ride. In January the electric-vehicle (ev) pioneer warned that growth would be “notably lower” this year, as motorists’ enthusiasm for battery power loses charge. The same month it had to suspend most production at its giant factory near Berlin because of supply disruptions caused by turmoil in the Red Sea. Its market share in China, the world’s biggest ev market, is falling as it fends off cheaper local competition, especially from byd, which late last year briefly eclipsed Tesla as the world’s biggest ev-maker. Tesla hit another big pothole on April 2nd,...

The future for electric vehicles is looking bleaker than ever.According to a Gallup poll published this week, the number of Americans who own an electric vehicle has indeed increased in the last year. However, the number of those interested in buying one is on the decline despite efforts from the federal government to transition the entire automobile market within the next decade. Seven percent of Americans, up from 4% a year ago, report that they own an electric vehicle. That increase is matched by an equal decline in the percentage saying they are seriously considering buying one, from 12% to...

Joe Biden’s massive electric vehicle (EV) agenda will subsidize the lifestyles of America’s well-to-do while hitting average people the hardest.... The Biden administration is aggressively regulating the U.S. auto market to drastically increase the proportion of EVs sold over the coming decade, but consumer demand has not taken off as quickly as proponents had projected despite the subsidies made available by Biden’s flagship climate bill, the Inflation Reduction Act (IRA). Manufacturers are slashing prices of their EVs to make the vehicles more appealing to consumers, which will increase prices for internal combustion engine (ICE) cars to compensate; this dynamic will...

As the automotive industry rapidly evolves towards electrification, high-voltage batteries are finding their way into various applications. From mining trucks to hydrofoil boats, electric powertrains are finding their homes in many unsuspecting vehicles. But one area is particularly fascinating: the classic car domain. Due to the high-torque nature of electric motors and battery packs that allow for a low center of gravity, swapping an old gas-guzzling engine for a battery pack and electric motors provides a quieter, faster, and more refined driving experience. Florida-based automaker E.C.D. Automotive Design Inc. has been working on precisely that. Founded in 2013, the automaker...

Tesla has unveiled plans for a new world’s largest Supercharger station, with an impressive 200 stalls in Yeehaw Junction, Florida. It was just over a month ago that we learned that Tesla planned a new world’s largest Supercharger station – a new 164-stall station in California. Now, Tesla is already planning to beat that and by a significant margin. Tesla has now filed for a new mega Supercharger station in Florida with an astonishing 200 stalls: Yeehaw Junction is located along 3 highways connecting south and central Florida as well as the coast. It makes the site strategically located for...

Vast swaths of the United States are at risk of running short of power as electricity-hungry data centers and clean-technology factories proliferate around the country, leaving utilities and regulators grasping for credible plans to expand the nation’s creaking power grid. In Georgia, demand for industrial power is surging to record highs, with the projection of new electricity use for the next decade now 17 times what it was only recently. Arizona Public Service, the largest utility in that state, is also struggling to keep up, projecting it will be out of transmission capacity before the end of the decade absent...

Battery electric vehicles like Teslas are fast, sleek, jewelrylike cars that capture the imagination. Hybrid cars, at least in the U.S., often bring to mind the Toyota Prius, long seen as a dawdling, egg-shaped vehicle for shuttling back and forth to Trader Joe's. But quietly amid all the BEV hype, automakers' hybrid fleets took broad strides forward. Car buyers flinched at the challenges of EV ownership. And sales of hybrid cars, led by Toyota Motor (TM) and Honda Motor (HMC), ramped up to outpace those of the flashier electric vehicles. Now carmakers are in overdrive to respond as analysts take...

The fossil fuel industry is cashing in on the $7.5 billion for electric vehicle (EV) charging stations that President Joe Biden approved in the Inflation Reduction Act, lobbying to have the stations built at existing gas station locations. Politico‘s Energy & Environment News reported: More than half of the charging stations being built so far from the 2021 bipartisan infrastructure law are rising at truck stops and gasoline stations, according to data exclusively provided to E&E News by EVAdoption, an EV data consultancy. In essence, the law’s $7.5 billion pot for charging is reinforcing the very fossil-fuel infrastructure that the...

Tesla has shockingly canceled the much-anticipated $27,000 car it was relying on to break into the mass market. The 'half price' EV was due to go into production starting next year and viewed by investors as a vital saving grace that could rescue the struggling automaker. Tesla will instead continue developing self-driving robotaxis, according to Reuters, which broke the news on Friday. In the minutes after the news broke, Tesla's share price fell more than 5 percent to just over $160. The company's stock is one of the worst performing in the S&P 500 this year. This week its share...