<p>Ford Motor Company expects to lose a whopping $4.5 billion from its electric vehicles (EVs) this year, the company said in its second-quarter earnings report <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2023/07/27/second-quarter-2023-financial-results.html" target="_blank" rel="nofollow noopener">released</a> Thursday.</p>
<p>The Michigan-based automaker said its all-electric vehicle division, called &#8220;Ford Model e,&#8221; has already <a href="https://www.investopedia.com/ford-shares-fall-ev-warning-f150-recall-7567136" target="_blank" rel="noopener">lost</a> more than $2.8 billion in the first two quarters of this year, including $1.8 billion in the second quarter alone or <a href="https://www.carscoops.com/2023/07/ford-loses-over-32000-per-ev-during-the-second-quarter-shifts-production-goals/" target="_blank" rel="noopener">about</a> $32,000 for every EV Ford has sold.</p>
<p>Ford said the loss reflects the &#8220;pricing environment, disciplined investments in new products and capacity, and other costs.&#8221; The car company struggled to compete with Tesla, which <a href="https://www.carscoops.com/2023/04/elon-musk-is-willing-to-sacrifice-teslas-premium-image-to-take-down-the-likes-of-ford/" target="_blank" rel="noopener">lowered</a> prices for its electric models earlier this year.</p>
<p>Back in March, Ford <a href="https://www.reuters.com/business/autos-transportation/ford-sees-3-billion-pretax-loss-its-ev-business-this-year-2023-03-23/" target="_blank" rel="noopener">expected</a> to lose only about $3 billion from electric vehicles this year, but the company bumped that projection up to $4.5 billion last week.</p>
<p>The disappointing numbers come after Ford made a big push for electric vehicles last year.</p>
<p>The carmaker said it would ramp up its electric vehicle production to 600,000 cars a year by the end of this year. Now, Ford says it will hit that goal next year instead.</p>
<p>In the meantime, Ford executives say the company is working on several new hybrid model cars, which <a href="https://www.ford.com/new-hybrids-evs/" target="_blank" rel="noopener">can operate</a> in either electric mode or gas mode.</p>
<p>“You’re going to see a lot more hybrid systems from us,” CEO Jim Farley said Thursday after the company&#8217;s earnings report was released.</p>
<p>“What the customer really likes is when we take a hybrid system that’s more efficient for certain duty cycles and then we add new capabilities because of the batteries,” Farley said.</p>
<p>Farley said Ford has been &#8220;surprised, frankly&#8221; at the popularity of the hybrid model for the F-150 pickup truck. More than <a href="https://www.cnbc.com/2023/07/28/ford-embraces-hybrids-as-it-loses-billions-on-evs.html" target="_blank" rel="noopener">10% of</a> Ford buyers who purchased the pickup truck bought the hybrid model, he said.</p>
<p>Also, more than half, 56% of Ford customers who bought Ford&#8217;s Maverick pickup truck bought the hybrid version.</p>
<p>“We’re seeing a lot of customers like that combination of using the batteries for something beyond just moving the vehicle,” Farley said. “And so we’re just listening to the market.”</p>
<p>Some of Ford&#8217;s hybrids <a href="https://www.cnbc.com/2023/07/28/ford-embraces-hybrids-as-it-loses-billions-on-evs.html" target="_blank" rel="noopener">allow</a> users to plug power tools into the car&#8217;s battery or plug in a refrigerator for a tailgate party.</p>
<p>Ford is still moving forward with its plans for electric cars, but may take quite a while for the company to start profiting from them.</p>
<p>Ford sold only 34,000 electric vehicles and hybrids combined in the second quarter of this year, and only 61,575 electric vehicles in the U.S. in all of last year. Some experts <a href="https://cleantechnica.com/2022/11/16/ev-makers-are-not-losing-hundreds-of-thousands-of-dollars-on-every-car-sold/" target="_blank" rel="noopener">say</a> it takes about 100,000 cars sold to even start turning a profit on a new model.</p>
<p>However, the company also touted that its electric vehicle revenue is up 39% and that Ford maintains low prices for electric cars, &#8220;further establishing leadership ahead of [the] industry’s next-generation EVs.&#8221;</p>
<p>Ford still turns a massive profit thanks to other sectors of the company, raking in $45 billion in the second quarter with a net income of $1.9 billion.</p>
<p>The automobile industry as a whole has raced to adapt ahead of potential government regulations that would require them to produce more electric cars, with car companies spending tens of billions of dollars to develop electric models.</p>
<p>In April, the Biden administration&#8217;s Environmental Protection Agency proposed a requirement that would <a href="https://www.reuters.com/business/autos-transportation/us-proposes-hike-vehicle-fuel-economy-standards-58-mpg-by-2032-2023-07-28/">cut</a> emissions by 56% and result in 67% of new vehicles being electric by 2032.</p>
<p>The Department of Energy has also <a href="https://www.reuters.com/business/autos-transportation/us-proposes-slash-ev-mileage-ratings-meet-fuel-economy-rules-2023-04-11/" target="_blank" rel="noopener">proposed</a> regulations that would push car makers towards electric vehicles, rejecting criticism from some car makers that the rules could cost the auto industry hundreds of billions of dollars in penalties by 2031.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Ford Loses Billions On Electric Cars, Embraces Hybrids

CONTINUE READING

Your Child’s School Might Still Be Pushing Transgender Ideology Despite Trump’s Orders

Trump Says MSNBC Changed Name Because It’s ‘Ashamed’

Plant-Based Beyond Meat Denies It’s Filing For Bankruptcy Amid Falling Sales

Democrats Love Citing This One Climate Change Study. Turns Out It’s All Bogus.

NYC Mayor Eric Adams Proposes Law To Involuntarily Commit Drug Addicts

The Feds Took Over The DC Police In The 90s, Too. Here’s How That Went.

News

Economy

electric vehicles

Ford Motor Co.

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Ford Loses Billions On Electric Cars, Embraces Hybrids