Electric vehicles are the Next Big Thing, and they always will be.
More proof of that hits the streets today when Ford Motor Company announced it would take a $19.5 billion charge due to its headlong rush to build EVs. As the Wall Street Journal noted, “The sum is among the largest impairments taken by a company and marks the US auto industry’s biggest reckoning to date that it can’t realize its electric-vehicle ambitions anytime soon.”
Anytime soon? How about never? Does never work for you?
In May, after Ford reported a first-quarter loss of $849 million on its EVs, I wrote that the company sold “about 19 times more conventional vehicles than EVs.” I continued:
While the per-vehicle losses in the first quarter were an improvement over last year’s numbers, the EV business has been nothing short of disastrous for the Dearborn-based auto giant. In 2022, Ford lost $2.2 billion on EVs. In 2023, it lost $4.7 billion. In 2024, it lost $5.1 billion (compared to net income of $5.9 billion).
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