The bean counters at Ford are finally learning to do the maths when it comes to the true cost of making and selling EVs.That’s because the company’s Model e all-electric unit reported first quarter losses that exceeded USD$1.3 billion on falling sales of just 10,000 vehicles in the US and Canada, which itself was down 20% from the same time last year.By comparison, it sold 626,000 gas powered cars in the same period..For the numerically challenged, that works out to a whopping $132,000 for each EV sold in the quarter. That’s more than triple the $40,525 it lost on each electric car and truck in the same quarter of last year.In a statement, Ford attributed the losses to price cutting — revenues were down about 84% to $100 million. Ford now expects full year losses in the division to surpass $5 billion.But analysts said the losses go far beyond the mere cost of building and selling those 10,000 cars and tracks. Instead, they include hundreds of millions of dollars being sunk into research and development..The company said it is its “intention” to have EV pricing cover the actual costs of building each EV, rather than covering all the research and development costs, within the next 12 months.Although it has managed to shave about $5,000 in production costs on each Mustang Mach E made, CFO John Lawler complained “revenue is dropping faster than we can take out the cost.”And Ford isn’t alone. On Tuesday, Tesla — the world’s largest EV maker — reported its adjusted first quarter earnings dropped 48% on 9% lower revenue, the first year-over-year drop in sales since the pandemic. .This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
The bean counters at Ford are finally learning to do the maths when it comes to the true cost of making and selling EVs.That’s because the company’s Model e all-electric unit reported first quarter losses that exceeded USD$1.3 billion on falling sales of just 10,000 vehicles in the US and Canada, which itself was down 20% from the same time last year.By comparison, it sold 626,000 gas powered cars in the same period..For the numerically challenged, that works out to a whopping $132,000 for each EV sold in the quarter. That’s more than triple the $40,525 it lost on each electric car and truck in the same quarter of last year.In a statement, Ford attributed the losses to price cutting — revenues were down about 84% to $100 million. Ford now expects full year losses in the division to surpass $5 billion.But analysts said the losses go far beyond the mere cost of building and selling those 10,000 cars and tracks. Instead, they include hundreds of millions of dollars being sunk into research and development..The company said it is its “intention” to have EV pricing cover the actual costs of building each EV, rather than covering all the research and development costs, within the next 12 months.Although it has managed to shave about $5,000 in production costs on each Mustang Mach E made, CFO John Lawler complained “revenue is dropping faster than we can take out the cost.”And Ford isn’t alone. On Tuesday, Tesla — the world’s largest EV maker — reported its adjusted first quarter earnings dropped 48% on 9% lower revenue, the first year-over-year drop in sales since the pandemic. .This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
