As someone who owns stock in Ford, I was happy to see that Ford has finally seen the light on its EV production.
From Fox Business:
“On 4/5 Ford Motor Company announced that it pumping the brakes on the production of two forthcoming electric vehicle models as demand for EVs continues to wane.
In a manufacturing update Thursday, 4/4/24, Ford announced that it is pushing back the production launch of its planned three-row electric SUV at its assembly plant in Oakville, Ontario, from 2025 to 2027.
The automaker said the two-year delay of its new SUV rollout “will allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology.”
Ford also said it now expects customer deliveries of the all-new electric pickup truck it will manufacture at its Tennessee plant to begin in 2026 and “gradually ramp up production to assure quality,” after saying last year that production of the truck would begin in late 2025.”
Why these changes in plans? Actually, it’s quite simple!
Ford lost about $4.7 billion on EVs last year and projects losses in the range of $5 billion to $5.5 billion this year.
Again from Fox Business:
“Despite a surge in EV demand in recent years following a push from the Biden administration and manufacturers, consumer interest has leveled off for all-electric models as many consumers balk at making the switch from gas-powered vehicles over concerns such as a lack of charging infrastructure and the higher cost of the vehicles.
“Hybrid models have now become a “happy medium” for some buyers, because they do not always require a charger, and they tend to be more affordable.”
In general the American public is not on the EV bandwagon. Isn’t it about time that those who produce autos are finally seeing the light!
4/9/24