If there is a hole in the dike, then sticking a finger in it might be of some temporary benefit, but inevitably there are going to be more holes and thus more potential trouble.
On 8/21/24 Ford chief executive officer Jim Farle did his best imitation of attempting to stop the nonprofitability flow from a hole in Ford’s dike.
From Tech by BlazeMedia:
Ford Motor Company announced that it is recalibrating its EV strategy over concerns about profitability, including scrapping an electric SUV. Ford is canceling plans to manufacture a large, three-row electric SUV.
Farley said, “We loved our three-row crossover and I was so excited to show everyone the work we did. But there was just no way it would ever meet our criteria of being profitable.”
Ford now plans to leverage hybrid technology for its next-generation three-row SUVs.
Ford forecasts smaller, cheaper EVs as the future, while hybrid technology will be utilized for powering larger vehicles.
“This is about us being nimble and listening to responses from our customers,” Ford vice chairman and CFO John Lawler said in a call on Wednesday. “Hybrid tech for those customers is the best solution.”
Bloomberg reported in May, citing sources, that Ford was losing $100,000 for every electric car it delivered in the first quarter of 2024.
As. Ford stockholder my question to Mr. Farle, “Why did it take so long to see the obvious?”
9/3/24