Ford is also shutting electric truck plant in Dearborn, Michigan, as sales slow.
The major US automaker reported third-quarter profits of $892 million, down 26 percent from the year-ago level, on revenues of $46.2 billion, up 5.5 percent.
Ford executives have said they are still bullish on EVs in the long-term, but that consumers “aren’t willing to pay a premium,” said Chief Financial Officer John Lawler.Farley said during the call that when it comes to EVs and ICEs, the “math is completely different.” Apparently, the EV market is “volatile,” which makes sense as each EV now represents a $32,000/car loss vs. the $3200/car
Consumers have many concerns related to EVs. One of the most understated is that EVs are generally more expensive than their gas-powered counterparts. The average transaction price forFord’s big sellers is its trucks, which are an essential part of life in rural America.
…For Ford, the plant closure is the latest in a series of disappointing developments in their EV efforts.Most people can’t even afford the ridiculous $40K+ price of an average ICE, so it’s hardly surprising that EVs are sitting collecting dust in dealers’ lots. Couple that with the inherent limitations of EVs, there’s little wonder why people are staying away in crowds from EVs.
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