Ford lost $1.3 billion in a quarter, a loss of $132,000 on every EV sold

Ford lost $1.3 billion in a quarter, a loss of $132,000 on every EV sold

https://www.windtaskforce.org/profiles/blogs/ford-lost-1-3-billion-...

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Ford Explorer

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By Jo Nova

Remember when Ford was just losing $38,000 on every EV? Those were the good days

The biggest star in the automotive world at the moment is a black hole, and it’s swallowing whole industrial giants. It’s hard to imagine a faster way to sabotage whole nations than to disguise your spies as academics and environmentalists. Then get them to convince the government to command a whole new market into existence in a highly technological field with the wave of a legislated wand.

These numbers are astronomical:

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

By Chris Isodore, CNN: 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.

Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales.

We can only wonder what’s happening at other companies.

The EV unit at Ford sold 10,000 cars in the first quarter this year, which is 20% fewer cars than they did a year ago. It’s that bad. In fact it’s worse. Those cars were also discounted. So the revenue mostly went beyond the event horizon — and fell an astonishing 84%.

Ford is expecting losses in the order of $5 billion for the full year. Their aims now are so low, they just hope one day to sell the cars for enough to cover the cost of making them, perhaps. They can’t hope to cover the millions spent on R&D in the foreseeable future. Indeed, even covering the costs in a market with a price war is said to be “very difficult”.

Meanwhile, two days earlier the IEA chief said the EV revolution was rolling on just fine:

CNN readers must be confused.

The electric car revolution is on track, says IEA

[CNN] Global electric vehicle sales are set to rise by more than a fifth to reach 17 million this year, powered by drivers in China, according to the International Energy Agency.

In a report Tuesday, the IEA projected that “surging demand” for EVs over the next decade was set “to remake the global auto industry and significantly reduce oil consumption for road transport.”

So the global EV market is being powered by “drivers in China”, like these drivers perhaps who left their brand new EV’s rotting in fields in China. That would be imaginary drivers?

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China, EVs left to rot.

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Chinese EV’s rotting in a field

The propaganda never ends.

As Stephen Wilmot said in The Wall Street Journal last year, if  Ford just canned the EV unit, its adjusted operating profit would be 50% higher. Surely that beckons…

Hat tip to Marc Morano  @ClimateDepot

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Comment by Dan McKay on April 28, 2024 at 8:14am

Get in line Ford. Taxpayers will not bail you out, but the government will be forced by the truth to point the finger at the billionaires who financed this climate crisis fiasco and they will be separated from their billions to make reparations to aggrieved citizens in the largest class action suit in history. Could one of those billionaires be someone managing Ford's operations?

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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