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Posted: 4/28/2024 2:51:54 PM EDT
[Last Edit: FlashMan-7k]
https://justthenews.com/politics-policy/energy/ford-lost-132000-each-electric-vehicle-it-sold-first-quarter-2024
Ford lost $132,000 on each electric vehicle it sold in the first quarter 2024 The company’s other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle business, made up for the losses on its EV lines. By Kevin Killough Published: April 25, 2024 7:22pm Ford announced Wednesday losses of $1.32 billion on its Ford Model-e sector, which represents the company’s electric vehicle business. With 10,000 units sold, the company lost $132,000 on each EV it sold. In the fourth quarter of 2023, the company sold 34,000 units in its Model-e business, which produced $1.57 billion in losses, or roughly $46,176 on each EV sold. “The company expects EV costs to improve going forward, but be offset by top-line pressure,” the company said in a press release. The company’s other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle business, made up for the losses on its EV lines. Hybrid vehicles combine aspects of EVs and gas-powered engines. The company posted a net income of $1.3 billion in the first quarter, with revenues of $42.8 billion.  ---------------------------------------------------------- https://www.washingtonexaminer.com/news/business/2982170/ford-reports-loss-on-every-ev-sold-in-first-quarter/ Ford lost $1.3 billion in its electric vehicle department during the first quarter of 2024, which is about $132,000 per vehicle it sold. The loss is due to the car maker lowering the price of its electric models while also appropriating funds for further research. Electric vehicle revenue brought in $100 million, which is an 84% drop from last year. It is expected that Ford will continue to lose money on its EV models, as the company predicts a total loss of $5 billion this year. Last year, the company lost $4.7 billion in its electric division, which was about $40,525 per vehicle it sold. Meanwhile the Ford Pro department, which primarily sells internal combustion models, reported a profit of $3 billion. Its Ford Blue department made a revenue of $21 billion, but this was actually a 13% decrease. So, when totaled altogether, Ford’s overall profit was $1.3 billion — one-fifth less than the previous year. |
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KY, USA
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Posted: 4/28/2024 2:53:34 PM EDT
[#1]
I hope they sell millions.
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Posted: 4/28/2024 2:57:23 PM EDT
[#2]
That's not too bad.
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Posted: 4/28/2024 2:57:50 PM EDT
[#3]
Quote HistoryOriginally Posted By Explorer225: I hope they sell millions. Overall vehicle sales or electric specifically? |
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Posted: 4/28/2024 2:58:42 PM EDT
[#4]
A small price to pay for defeating global cooling and warming (aka The Four Seasons).
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Posted: 4/28/2024 2:58:50 PM EDT
[#5]
Quote HistoryOriginally Posted By L_JE: That's not too bad. It "totally" shows that the market really makes ev's viable. They must not make enough carbon credits to offset the losses onto everyone else. |
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Posted: 4/28/2024 2:58:53 PM EDT
[#6]
EV THREAD BOIS
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KY, USA
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Posted: 4/28/2024 2:59:32 PM EDT
[#7]
Quote HistoryOriginally Posted By JamPo: Overall vehicle sales or electric specifically? What ever it takes to destroy them |
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Posted: 4/28/2024 3:00:01 PM EDT
[#8]
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Posted: 4/28/2024 3:00:43 PM EDT
[Last Edit: PhuzzyGnu]
[#9]
...and talk to their dealers.
"Ford is building their EV infrastructure on the backs of its dealers," one told me. To become "E" certified requires dealers to invest approximately $500,000 on chargers and other equipment, training, and other ancillary things. |
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Posted: 4/28/2024 3:04:25 PM EDT
[#10]
Didn't Tesla loose a bunch of money on each car they sold when they first started selling car also?
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MN, USA
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Posted: 4/28/2024 3:05:26 PM EDT
[#11]
I will accept an EV, at no charge to me, if they want to get rid of inventory
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MI, USA
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Posted: 4/28/2024 3:06:24 PM EDT
[#12]
Charging too much for their other shit if they're covering those losses.
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Posted: 4/28/2024 3:11:20 PM EDT
[#13]
Quote HistoryOriginally Posted By PhuzzyGnu: ...and talk to their dealers. "Ford is building their EV infrastructure on the backs of its dealers," one told me. To become "E" certified requires dealers to invest approximately $500,000 on chargers and other equipment, training, and other ancillary things. This is exactly why Tesla is direct to consumer. The costs to set up infrastructure for an EV dealer are insane. |
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Posted: 4/28/2024 3:14:27 PM EDT
[#14]
Good.
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Posted: 4/28/2024 3:16:00 PM EDT
[#15]
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TX, USA
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Posted: 4/28/2024 3:16:24 PM EDT
[#16]
The govt is paying them to offset the loses
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Posted: 4/28/2024 3:22:45 PM EDT
[Last Edit: callgood]
[#17]
Quote HistoryOriginally Posted By Grendel-OK: Didn't Tesla loose a bunch of money on each car they sold when they first started selling car also?  Tesla may "loose" more when the vehicles Hertz is selling hit the market.Hertz Car Sales |
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USA
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Posted: 4/28/2024 3:26:03 PM EDT
[#18]
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OK, USA
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Posted: 4/28/2024 3:31:05 PM EDT
[#19]
Cars could have been made almost perfect with turbo-Diesels (40+mpg and plenty of power) but then these leftists and their scumbag “expert class” had to come along and ruin everything.
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Posted: 4/28/2024 3:32:25 PM EDT
[#20]
Yeah, but they’ll make it up on Volume!
 Honestly, that number would be inflated because of all the money spent building out EV manufacturing. It takes a long time to turn a profit on something like that. Otoh, the electric trucks and vans are being sold at significant discounts. The Range is just not there. |
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Posted: 4/28/2024 3:43:17 PM EDT
[#21]
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TX, USA
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Posted: 4/28/2024 3:43:32 PM EDT
[#22]
Meh. This is what launching a new product line costs in the industry. This is also why big companies are incredibly bad at innovation - because the bets they have to place to get a return are epic in size, and if the bets go bad, well.....
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Posted: 4/28/2024 3:44:36 PM EDT
[#23]
Tax shelters ain't going to build themselves.
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Posted: 4/28/2024 3:48:22 PM EDT
[#24]
Quote HistoryOriginally Posted By VVinci: Meh. This is what launching a new product line costs in the industry. This is also why big companies are incredibly bad at innovation - because the bets they have to place to get a return are epic in size, and if the bets go bad, well..... It's usually because accountants or "business" men are in charge, show me how many companies are still run by engineering? |
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USA
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Posted: 4/28/2024 3:48:49 PM EDT
[#25]
With the U.S. government giving federal subsidies to the auto makers to build ev's (otherwise they wouldn't build all electric vehicles), it's the American tax payer losing with each vehicle sold.
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Posted: 4/28/2024 3:58:08 PM EDT
[#26]
Unplug them all now!
#TeamUnPlug @WhiskersTheCat |
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Posted: 4/28/2024 4:00:16 PM EDT
[#27]
Quote HistoryOriginally Posted By mcantu: The |
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Posted: 4/28/2024 4:00:33 PM EDT
[#28]
Quote HistoryOriginally Posted By kozaki: Unplug them all now! #TeamUnPlug @WhiskersTheCat They are totally unsustainable and must be unplugged. This is from a class I went to recently:  
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Posted: 4/28/2024 4:02:10 PM EDT
[#29]
The record for most fires the instructor saw was 5.
The EV caught fire five times. They ended up having to dig a pit at the tow yard and permanently submerge it in water. |
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NV, USA
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Posted: 4/28/2024 4:02:14 PM EDT
[#30]
here comes the next bailout....
you know biden loves printing free money |
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Posted: 4/28/2024 4:03:44 PM EDT
[#31]
Quote HistoryOriginally Posted By WhiskersTheCat: The record for most fires the instructor saw was 5. The EV caught fire five times. They ended up having to dig a pit at the tow yard and permanently submerge it in water. |
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NC, USA
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Posted: 4/28/2024 4:09:27 PM EDT
[#32]
Now we know why f150’s are $$$$$$
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Posted: 4/28/2024 4:12:17 PM EDT
[#33]
Quote HistoryOriginally Posted By kozaki: I'm not even surprised. Quote HistoryOriginally Posted By kozaki: Originally Posted By WhiskersTheCat: The record for most fires the instructor saw was 5. The EV caught fire five times. They ended up having to dig a pit at the tow yard and permanently submerge it in water. Caught fire at accident scene, extinguished. Caught fire again at body shop, extinguished but now totaled. Caught fire again waiting for pick up. Caught fire again at tow yard, extinguished. Caught fire 5th time, was put underwater |
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Posted: 4/28/2024 4:14:10 PM EDT
[#34]
Instructor believes eventually shops will specialize, due to how nuts these battery packs can be.
Imagine getting into an accident, repairs are done but the battery cells were damaged so the vehicle catches fire a month later. Fuck that |
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Posted: 4/28/2024 4:19:05 PM EDT
[Last Edit: MilHouse-556]
[#35]
How can such a large company be that out of touch with what the market demands for a product they are selling? Especially such a high dollar item.
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NV, USA
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Posted: 4/28/2024 4:22:11 PM EDT
[#36]
Ford CEO to shareholders:
"I know we're losing over $130K per unit sold but we'll make it up in volume". |
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Posted: 4/28/2024 4:24:57 PM EDT
[#37]
Quote HistoryOriginally Posted By MilHouse-556: How can such a large company be that out of touch with what the market demands for a product they are selling? Especially such a high dollar item. They got suckered in by fear of regulatory issues/credits/ FOMO, ect. |
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Posted: 4/28/2024 4:25:47 PM EDT
[#38]
That's a hell of a business model. It's almost like the spent and lost it knowing someone at .gov was gonna make it right later.
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Posted: 4/28/2024 4:29:31 PM EDT
[#39]
Quote HistoryOriginally Posted By MilHouse-556: How can such a large company be that out of touch with what the market demands for a product they are selling? Especially such a high dollar item. The only company that's NOT riding the same train is Toyota. My hats off to them. |
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Posted: 4/28/2024 4:30:08 PM EDT
[#40]
Then stop making them.
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Posted: 4/28/2024 4:32:46 PM EDT
[#41]
The US auto makers need to band together and openly demand that US regulations and policies that serve to force them to make EVs be immediately revoked. Otherwise they will shut down manufacturing in 120 days.
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Posted: 4/28/2024 4:34:38 PM EDT
[#42]
Quote HistoryOriginally Posted By 15jonshoot: Charging too much for their other shit if they're covering those losses. Exactly. Stop making EVs and perhaps they can lower F150s $20,000 to $40,000. ( I don't have the data to get closer). |
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Posted: 4/28/2024 4:35:31 PM EDT
[Last Edit: mjohn3006]
[#43]
Can you imagine if the iPhone came out in 1987. There was no internet, limited coverage and the battery lasted 3 hours max?
EVs were not ready for mainstream. The only reason they have been successful is because people wanted them to be. |
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Posted: 4/28/2024 4:36:44 PM EDT
[#44]
Quote HistoryOriginally Posted By MilHouse-556: How can such a large company be that out of touch with what the market demands for a product they are selling? Especially such a high dollar item. They are being forced to do it. |
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Posted: 4/28/2024 4:39:08 PM EDT
[#45]
Quote HistoryOriginally Posted By MilHouse-556: How can such a large company be that out of touch with what the market demands for a product they are selling? Especially such a high dollar item. @MilHouse-556 https://www.cnbc.com/2021/05/18/tesla-electric-vehicle-regulatory-credits-explained.html In a push to reduce carbon emissions, governments around the world have introduced incentives for automakers to develop electric vehicles or very low-carbon emitting cars. Credits are given to carmakers that build and sell environmentally friendly vehicles. In the U.S., California and at least 13 other states have rules surrounding regulatory credits. They require auto manufacturers to produce a certain number of so-called zero-emission vehicles (ZEVs) based on the total number of cars sold in that particular state. Automakers that produce such cars will get a certain amount of credits based on factors like the range of the vehicle — longer range ZEVs get more credits. These carmakers are required to have a certain amount of regulatory credits each year. If they can't meet the target, they can buy them from other companies that have excess credits. Because Tesla only sells electric cars which come under the ZEV category, the company always has excess regulatory credits and can effectively sell them at a 100% profit. Just one example. How do they get unhitched from reality? Government cronyism. Plus the EPA and CARB in cali are making it nigh impossible to make the vehicles we want. Oh, and stupid tarriffs on light trucks because of a slap fest fight between us and the UK / europe over cheap chikens. @LittlePony Can tell you want happens to new engines because of the insane regs. |
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Posted: 4/28/2024 4:40:26 PM EDT
[#46]
Quote HistoryOriginally Posted By TAG_Match: Then stop making them. Several states have put preemptive bans on the sale of new ICE engined vehicles circa 2030. The green religionists are painting them into a corner and will sic their inquisitors onto them if they don't comply with the lies. |
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Posted: 4/28/2024 4:41:53 PM EDT
[#47]
Quote HistoryOriginally Posted By AmericanPeople: Exactly. Stop making EVs and perhaps they can lower F150s $20,000 to $40,000. ( I don't have the data to get closer). Quote HistoryOriginally Posted By AmericanPeople: Originally Posted By 15jonshoot: Charging too much for their other shit if they're covering those losses. Exactly. Stop making EVs and perhaps they can lower F150s $20,000 to $40,000. ( I don't have the data to get closer). The state by state regulatory credits trading means that all people not buying Evs are having to bear the burden of that cost. You're being coerced into funding it. Say thank you to the states involved in that nonsense. |
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Posted: 4/28/2024 4:42:07 PM EDT
[#48]
Quote HistoryOriginally Posted By MilHouse-556: How can such a large company be that out of touch with what the market demands for a product they are selling? Especially such a high dollar item. They saw Tesla gaining market share and clumsily stumbled into the market yelling "Me too!" |
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MN, USA
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Posted: 4/28/2024 4:42:12 PM EDT
[#49]
Quote HistoryOriginally Posted By Jacon: This is exactly why Tesla is direct to consumer. The costs to set up infrastructure for an EV dealer are insane. Quote HistoryOriginally Posted By Jacon: Originally Posted By PhuzzyGnu: ...and talk to their dealers. "Ford is building their EV infrastructure on the backs of its dealers," one told me. To become "E" certified requires dealers to invest approximately $500,000 on chargers and other equipment, training, and other ancillary things. This is exactly why Tesla is direct to consumer. The costs to set up infrastructure for an EV dealer are insane. The model 3 and x's are piling up at the Tesla dealer that I pass on the way home. And yes Tesla has dealers. |
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USA
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Posted: 4/28/2024 4:43:33 PM EDT
[Last Edit: HourOfAngle]
[#50]
My career supports the petro chemical industry. In the winning twist of fate companies started paying outrageous amounnts of money aquiring mineral rights that had already produced in oil and gas for lithium. Nice paycheck. That mini boom did not last long last year and is now gone.
Power plant work has picked up a little. I am still in the camp that a number of Tesla stock sales were people that wanted to hep fund Musk on his space deals. |
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