Posted on 08/03/2023 11:48:55 AM PDT by Kaiser8408a
Bidenomics, the term for “Government Gone Wild! in terms of spending and EPA regulations, is a disaster for the US middle class and low wage workers. Even the 1% are now hurting if bought into Biden’s green lunacy. Ford is now down -48% since January 14, 2022 as The Fed started raising rates to fight inflation. GM is down “only” -40%.
Ford is slated to lose $4.5 billion from its EV segment this year, a $1.5 billion larger loss than the company had expected.
So far this year, the division has lost $1.8 billion and this year’s $4.5 billion loss figure blows away last year’s $2.1 billion loss. Ford also announced that its electric F-150 pickup trucks will undergo a price cut, according to Fox.
Ford beat earnings on Thursday and reported adjusted EPS of $0.72, beating expectations of $0.54. It posted revenue of $45 billion and adjusted EBITDA of $3.8 billion, above estimates of $3.15 billion.
But reality has sunk in about the company’s comments regarding its EV production schedule and spending plans. Price cuts in the industry, led by Elon Musk and Tesla, have thrown Ford’s production targets into a tailspin and Morgan Stanley noted on Friday morning that “major changes to the EV strategy” could be necessary, according to a wrap up by Bloomberg.
Ford now says it is “throttling back” on plans to ramp up EV production, the wrap up said. It blamed the price war for EVs as part of the cause and told shareholders it would need another year to meet its target of 600,000 EVs produced annually.
Tesla is down -26% since January 14, 2022. And showing a nice turnaround!
(Excerpt) Read more at confoundedinterest.net ...
I’m sure Teslahumper and the fake news will tell us this is wonderful
why is ford pissing away money?
did they think evs would sell?
The numbers are breathtaking. $4.5 billion loss from its EV segment this year
Yet Ford beat earnings estimates: EPS of $0.72, beating expectations of $0.54.
Adjusted EBITDA $3.8 billion vs estimated $3.15 billion.
If it didn’t have that EV loss, would EBITDA have been $7.65B?
Wow, the amount of bullsh!t in this story can take your breath away. Ford stock price briefly exploded in late 2021. It’s now on the high end of the range that it’s otherwise been in since the WTC attacks ($2 to $16).
“Losses” here mean “investments.” To call it a “loss” is to imply falsely that Ford has no more assets after spending the money than it did when it began. Ford’s creation of its electric car program has cost several billion dollars. These same preachers of stupidity warned gullible conservatives for years and years how Tesla could never make money, and was losing billions. Tesla is now worth ten times more than Ford and GM combined.
Not sure of EBITDA, but yeah, Ford made a ton of money despite investing $4.5 billion.
deliberate planned economic sabotage
They have to sell EV to keep their risk down from violating CAFE standard and average across their fleet of sold vehicles
Like Jiminy Cricket, sing with me----
When you wish upon EVs,
Makes no difference, if you please,
Anything that Biden wants will cost too much.
Like a Volt or other car,
Rivian and Ford so far,
Going into hock for all the green cash crutch.
Fate's unkind,
It brings to those who think
Wishing things were so
Is just so rinky-dink....
Like a Volt or Ford EV,
Charging up each battery,
Anything that Biden wants will cost too much.
They expect the pickup truck buyers to finance their EV project by loading them up with worthless extra cost options, stupid lift kits and shiny/black trinkets plus the dealer market adjustments. Ford and Chrysler are the worst. I’ll keep my Tacoma and watch all the Truck Nutz go by.
Please, a $75K F150...
Tesla doesn't make money from selling the EVs it manufacturers. Tesla makes money from selling (to other OEMs, who need them for purposes of regulatory compliance) the GHG tailpipe "credits" it generates from those EVs it does sell. This GHG "credit" system was a regulatory invention of the Obama EPA. It is not even something that Congress established. This credit program is supposedly due to "sunset" in the out years. We'll see how well Tesla is doing if and when that day comes.
Tesla has yet to demonstrate that it can actually turn a profit solely from selling EVs.
HA~~!!!...............Tesla???
My missus's 2019 F150 is now $20k+ more for the identical trim level.
Ford is run by morons.
>> Tesla has yet to demonstrate that it can actually turn a profit solely from selling EVs. <<
This talking point expired a long time ago. 2022 Profit was 81 billion, of which $0.5 billion came from regulatory credits.
not enough. i want the idea crushed.
let these things sink or swim in the free market. sick of subsidizing this crap.
and by the way how about eliminating the gasoline tax until we figure out how to get the EV owners to help pay for the roads they drive on?
I think “despite LOSING $4.5 billion on EVs”
Economic sabotage commenced the moment Biden decided to destroy our energy industry and it is too late to correct this dire mistake because all Biden did was hand China and Russia gifts that they will never return. Biden might as well have surrendered to Putin and Xi with whom we are fighting WWIII. Biden’s treachery will cost us dearly in the future.
$75k for a truck? a truck? You can have a nice drive in a new Mercedes E450 for $75k.
It’s almost comical watching these auto manufacturers commit suicide by switching to EVs.
These kinds of articles reminds me of the famous, infamous Solyndra. There was an analyst who accurately, to the month, determined when Solyndra would close its doors. Obama funneled millions of dollars to Solyndra. Each item that was produced sold at a specific loss, so the calculations were actually not that difficult. The analyst simply added up the monthly losses, and determined that in September of a certain year, the money would run out. I was actually listening to good ‘ol KSFO at the time, the morning they shut down. A Solyndra worker called into the radio show to describe the insanity. Solyndra had called everyone in to announce the shutdown.
The original head(s) of Solyndra had left the company earlier in the year. They were found out to be major contributors to Obama (just funneling money to and fro).
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