Ford said it expects to lose $4.5 billion from its electric vehicle (EV) segment this year, a $1.5 billion larger loss than the company had expected.
Back in March, Daniel Greenfield noted in a Front Page magazine analysis: “Ford plans to make 2 million electric cars every year by 2025. That would be impressive considering that Ford only sold 61,575 of them in 2022. It sold 3,624 electric vehicles in Feb. 2023.”
But Ford is throwing all in with the woke mob and the "road to an EV future" mentality of Klaus Schwab's World Economic Forum on production of EVs. The automaker now expects to reach a 600,000-unit EV production run rate during 2024 on the way to achieving a 2 million annual run rate.
Ford CEO Jim Farley said in a statement: “EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”
The numbers say otherwise: Ford EV sales dropped 2.8% for the quarter, with Mustang Mach-E sales down 21.1% and its E-Transit electric van sales down 23.8%.
"The Biden administration and China and California have conspired to price real cars out of the reach of consumers. And yet Ford still can’t sell electric cars at a time when Tesla is moving them," Greenfield noted. "How long does this go on until activist shareholders ask Ford to choose between Klaus Schwab and their money?"
Ford's inability to compete with Tesla was noted earlier this year in a Zero Hedge article titled "Tesla 'Weaponizes' Price-Cuts To Crush EV Competition".
Zero Hedge noted on Monday: "Is the company pulling an Intel and 'kitchen sinking' its guide for the year, or has Elon Musk's price cuts over at Tesla really put the legacy automaker on the ropes? Ford reports again on Oct. 26, where we'll get our next glimpse into its continuing operations this year."
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