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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...

Shares of rental car giant Hertz plunged by more than 20 percent on Thursday after the company reported huge losses related to its investment in Electric Vehicles (EVs). For months, Hertz has been struggling after going all-in on EVs. On Thursday, Hertz executives said it lost $1.28 per share in the first quarter, many times larger than Wall Street’s estimate of a loss of 45 percent per share. The wider-than-expected loss came even though business was actually busier than expected for Hertz. The company took in $2.1 billion in revenue, slightly outpacing expectations. In January, Hertz executives announced that they...

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...

More than two years after President Joe Biden pledged to build 500,000 electric vehicle charging stations throughout the United States only seven are operational across four states. The Washington Post reported Friday on the sluggish pace the allocated $7.5 billion in infrastructure funds have been put to use. The bulk of the funds, $5 billion, are to go toward building fast chargers along major interstates - what's being called the National Electric Vehicle Infrastructure or NEVI program.

The Biden administration’s Environmental Protection Agency (EPA) has revealed its ambition: to phase out gas-powered cars in favor of electric vehicles (EVs). Incredibly, this announcement comes as we are flooded with overwhelming evidence that EVs are a market loser. Indeed, the artificial boom and then meltdown of the EV market is a modern industrial calamity. It was created by government, social media, wild disease frenzy, far-flung thinking, and the irrational chasing of utopia, followed by a rude awakening by facts and reality. CEO of Hertz Stephen Scherr has been booted out due to a vast purchase of an EV fleet...

The startup electric car company Fisker said this week that it is halting the production of its vehicles to raise $150 million in emergency funds as it grapples with a cash crunch spurred by a low demand for electric vehicles. The California-based company, which says its mission is to “create the world’s most emotional and sustainable electric vehicles,” has barely produced over a thousand electric vehicles worldwide for the year. “The company has approximately 4,700 vehicles in its currently inventory, carried over from 2023 and including 2024 production,” the company said. “While it has not completed an NRV analysis for...

As John Adams said:Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.Now, if Stephen Scherr had taken Adams’s observation into consideration, he might still have a job. (However, no sympathy from me; he’ll be employed in no time at all, making more bad decisions that inevitably cost me money, in one way or another.) From a report at the New York Post this afternoon:Hertz, one of the four largest car rental companies in the world, is replacing its CEO after the company...

“Automakers from Ford Motor and General Motors to Mercedes-Benz, Volkswagen, Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans,” reports CNBC. The headline says it all: “EV euphoria is dead. Automakers are scaling back or delaying their electric vehicle plans.” Yeah, there’s a shock. Gee, why-oh-why would people not want to purchase a super-expensive vehicle that can take more than an hour to charge — and that’s if you can find a charging station? For years, the automotive industry has been in a state of EV euphoria. Automakers trotted out optimistic sales forecasts for...

Electric vehicle start-up Fisker is exploring bankruptcy, The Wall Street Journal reported this week. Fisker’s stock plunged this week as investors worry about the company’s ability to survive amid a cash crunch. The auto company also said it would slash 15% of its workforce. The Wall Street Journal reported: Electric-vehicle startup Fisker FSR -55.88%decrease; red down pointing triangle has hired restructuring advisers to assist with a possible bankruptcy filing, according to people familiar with the matter. Fisker, which recently warned that it risked running out of cash this year, hired financial adviser FTI Consulting and the law firm Davis Polk...

Automakers from Ford Motor and General Motors to Mercedes-Benz, Volkswagen, Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans.. consumer demand for EVs hasn’t shown up in the way executives had expected ... The buzz around electric vehicles is wearing off. For years, the automotive industry has been in a state of EV euphoria. Automakers trotted out optimistic sales forecasts for electric models and announced ambitious targets for EV growth. Wall Street boosted valuations for legacy automakers and startup entrants alike, based in part on their visions for an EV future. Now the hype...

A green nonprofit that is indirectly funded by a foreign billionaire is pressuring broadcasters to drop advertisements that criticize the Biden administration’s massive electric vehicle (EV) agenda. Climate Power wrote to numerous broadcasters this week demanding that they stop airing American Fuel and Petrochemicals Manufacturers (AFPM)-funded advertisements in swing state markets that rail against President Joe Biden’s plans to impose widespread EV adoption in the coming years. The charitable organization affiliated with Hansjorg Wyss, a Swiss health care mogul and billionaire philanthropist, donates millions of dollars to the Fund for a Better Future, which was the fiscal sponsor for Climate...

The Joe Biden regime has classified elite getaways, including Martha’s Vineyard, as “low-income” in an effort to qualify them for an electric vehicle (EV) charger subsidy program under the Inflation Reduction Act (IRA). The EV charger tax credit program was supposed to allocate subsidies to “low-income” or “non-urban” areas. An examination of the Department of Energy’s (DOE) eligibility map identified several upscale areas deemed “low-income” by the regime, allowing them to receive EV charger subsidies. To be seen as “low-income,” areas must either have a poverty rate of over 20 percent, a median income beneath 80 percent of their wider...

Electric vehicles that typically weigh more than gasoline-powered cars can easily crash through steel highway guardrails that are not designed to withstand the extra force, raising concerns about the nation’s roadside safety system, according to crash test data released Wednesday by the University of Nebraska. Electric vehicles typically weigh 20% to 50% more than gas-powered vehicles thanks to batteries that can weigh almost as much as a small gas-powered car. And they have lower centers of gravity. Because of these differences, guardrails can do little to stop electric vehicles from pushing through barriers typically made of steel. Last fall, engineers...

The fourth quarter of 2023 was not good for Electric Vehicles (EV). Multiple manufacturers decided to curb or halt production. Ford in particular decided to cut their F150 Lightening Truck series in half. Roughly 4,500 auto dealers signed on to a letter petitioning the Biden administration to “tap the breaks” on its aggressive EV push, on account of EVs stacking up on dealer lots. The new year is already off to a rough start and we’re not even through the first month. Hertz announced it will be selling off about one third of its EVs, which will amount to roughly...

Cities coast-to-coast grappling with broken-down e-buses that cannot be fixed .. Between the federal government, states and municipalities, untold billions in taxpayer dollars have been spent adding electric buses to transit fleets across the U.S. in an effort to reduce carbon emissions. However, cities from coast-to-coast are grappling with broken-down e-buses that cannot be fixed, are too expensive to fix, or they have scrapped their electric fleets altogether. Officials in Asheville, North Carolina, recently expressed frustration that three of the five e-buses the city purchased for millions in 2018 are now sitting idle due to a combination of software issues,...

ASHEVILLE, N.C. — The city of Asheville's purchase of five electric buses in 2018 has turned into a multi-million-dollar loss. The buses have been broken or unable to run because of software and/or mechanical issues, making them an expensive and disappointing purchase, according to city maintenance and transportation staff. ... Currently, three of the five buses are idled, with one that has had a broken double door since July. “We haven’t been able to get new doors,” Asheville's interim transportation director Jessica Morriss said. “There's no third party that makes a door. We'd have to get custom-made doors.” Each of...

Several cars had to be towed from a charging line in Evergreen Park on Monday as temperatures struggled to rise above freezing. Tests found that electric vehicles lose between 20% and 30% of their range when temperatures dip below freezing... Ice causing flooding concerns The frigid temperatures in Illinois are causing flooding concerns. Chunks of ice have built up along the Kankakee River near Wilmington, causing the water to rise in some areas. A flood warning was issued for the area for the remainder of the week. Flood waters have surrounded homes as river waters continue to flow beneath the...

The 2024 Chevrolet Blazer EV is an early step in General Motors' promise of an electric vehicle future. "Our early experience in a Chevy Blazer EV has been anything but positive, sadly," said Alistair Weaver, editor-in-chief of Edmunds.com. *snip* "We took it into a Chevy dealer, asked them to have a look at it, and they came back with nothing short of 23 different error codes, which frankly is almost unheard of," said Weaver.

Sales of electric vehicles (EVs) are defying the combined urging of green lobbyists and government diktat with just a quarter making up new purchases for 2023, UK data reveals. The consumer rejection of EVs is a challenge to the electric car market and government goals to move towards net zero carbon emissions by 2050.

More than 1,000 additional auto dealers have registered for the point-of-sale electric vehicle tax credit since it became available Jan. 1, the Treasury Department confirmed Friday morning. Treasury officials told reporters that as of Friday, more than 8,700 dealers had registered for the credit, up from the 7,400 announced in late December. Alterations to the credit under the Inflation Reduction Act allow electric vehicle buyers to claim it upon purchase from registered dealers rather than waiting until filing their taxes the following year. The 7,400 number was itself an increase from the 7,000 dealers announced earlier in December by the...