Fords EV Unit Reports $1.3B Q1 Loss

[Weatherman2020]

Or in layman’s terms, they lost $132,000 for each of the 10,000 EV’s sold.
Bonus: sales down 20% YOY.

Everyone who wants to showcase themselves in an EV has already bought one. And with no resale value and the novelty factor now dead, no one will be buying EV’s soon.

Ford just reported a massive loss on every electric vehicle it sold

Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

finance.yahoo.com

 

[DGS49]

From a marketing standpoint this EV - and especially EV trucks - are fascinating as hell. The trucks (and cars) do exactly what one would expect them to do (unless you are an idiot). They have strengths and weaknesses, cost very little to operate, and perform like nothing ever produced before.

But when Biden and his fool Administration stepped in to tilt the scales in favor of EV's, there was a massive backlash, with people bad-mouthing them over mostly silly shit, but it has had its impact. Also, there can be no doubt, there was a "fad" effect: people ran out to buy them and get on waiting lists, but after that initial push, there is a significant drop off in demand when everyone who was keen to get one, has one.

There is no way Ford will drop the product. Too much money invested, too much embarrassment. I wonder if they will ask Biden for some pity money.

 

[ThunderKiss1965]

From a marketing standpoint this EV - and especially EV trucks - are fascinating as hell. The trucks (and cars) do exactly what one would expect them to do (unless you are an idiot). They have strengths and weaknesses, cost very little to operate, and perform like nothing ever produced before.

But when Biden and his fool Administration stepped in to tilt the scales in favor of EV's, there was a massive backlash, with people bad-mouthing them over mostly silly shit, but it has had its impact. Also, there can be no doubt, there was a "fad" effect: people ran out to buy them and get on waiting lists, but after that initial push, there is a significant drop off in demand when everyone who was keen to get one, has one.

There is no way Ford will drop the product. Too much money invested, too much embarrassment. I wonder if they will ask Biden for some pity money.

"There is no way Ford will drop the product. Too much money invested, too much embarrassment."

The Edsel comes to mind.

 

[Manonthestreet]

From a marketing standpoint this EV - and especially EV trucks - are fascinating as hell. The trucks (and cars) do exactly what one would expect them to do (unless you are an idiot). They have strengths and weaknesses, cost very little to operate, and perform like nothing ever produced before.

But when Biden and his fool Administration stepped in to tilt the scales in favor of EV's, there was a massive backlash, with people bad-mouthing them over mostly silly shit, but it has had its impact. Also, there can be no doubt, there was a "fad" effect: people ran out to buy them and get on waiting lists, but after that initial push, there is a significant drop off in demand when everyone who was keen to get one, has one.

There is no way Ford will drop the product. Too much money invested, too much embarrassment. I wonder if they will ask Biden for some pity money.

Might wanna work on that towing range.

 

[Dont Taz Me Bro]

The management of these companies should all be replaced for buying into this bullshit. These are irresponsible decisions made by corporate leadership. I am thinking about getting a new car and I was looking at the Challenger Hellcats. Some local dealerships still have new 2023s on the lot. I didn't realize that 2023 was the last year they made them. I was wondering why there were no 2024 models and I saw that they stopped making them in lieu of a new electric sports car to be revealed later this year. Yeah, right.... I"m sure those will fly off the lot.

 

[Weatherman2020]

"There is no way Ford will drop the product. Too much money invested, too much embarrassment."

The Edsel comes to mind.

Pinto

 

[ThunderKiss1965]

The management of these companies should all be replaced for buying into this bullshit. These are irresponsible decisions made by corporate leadership. I am thinking about getting a new car and I was looking at the Challenger Hellcats. Some local dealerships still have new 2023s on the lot. I didn't realize that 2023 was the last year they made them. I was wondering why there were no 2024 models and I saw that they stopped making them in lieu of a new electric sports car to be revealed later this year. Yeah, right.... I"m sure those will fly off the lot.

What these companies are relying on is the government forcing the issue. Restrictions or outright bans on gas burners, higher fuel taxes, huge subsides and tax breaks for electric vehicles.

 

[elektra]

Ford has been infected with Obama people. True fact, hard to find, I will have to spend a half a day, google buries the truth

 

[Cellblock2429]

Or in layman’s terms, they lost $132,000 for each of the 10,000 EV’s sold.
Bonus: sales down 20% YOY.

Everyone who wants to showcase themselves in an EV has already bought one. And with no resale value and the novelty factor now dead, no one will be buying EV’s soon.

Ford just reported a massive loss on every electric vehicle it sold

Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

finance.yahoo.com

/----/ To borrow a phrase, Go EV, go broke.
Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.

In its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale.

The company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today’s charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit.

Hertz’s EV fleet — which once stood at 60,000 EVs, will be cut down to half that at 30,000 EVs. A third of Hertz’s EV fleet was from Tesla (TSLA), with the rest coming from Polestar (PSNY), Volvo (VLVLY), and Chevrolet (GM).

For the quarter, Hertz reported an adjusted loss of $1.28 a share, wider than the $0.44 loss analysts were expecting. Hertz reported an adjusted net income loss of $392 million, more than double the $147 million loss expected.

Hertz loses another $200 million from its EVs

Car-rental operator Hertz reported it lost another $200 million due to its EV gamble.

finance.yahoo.com