EV Fail: Ford Suffers Massive Losses After Pushing Electric Vehicles
Ford has suffered astronomical losses from its electric vehicle (EV) unit in the first four months of 2024 following a push to lead the auto manufacturing industry in electric “zero emissions” cars.
[RELATED: Environmental Groups Sue Maine in Effort to Force Adoption of Controversial EV Mandate…]
According to a report from CNN, the car manufacturer has lost $1.3 billion in just the first four months of 2024.
During the year’s first quarter, Ford Model E, the branch of the company dedicated to EV manufacturing, sold 10,000 vehicles, including the electric F-150 Lightning, and the Mustang Mach-E.
The report shows that the company lost $132,000 for each of the 10,000 vehicles sold.
The most expensive version of the electric truck, the 2024 F-150 Lightning Platinum costs $84,995 according to Ford’s website, meaning that, even if each car sold was the most expensive model, and each was sold at the manufacturer recommended price, the sale would still lose the company $47,005 more than the price of each vehicle.
The electric unit of the company has seen a steep decline in sales since the same time last year, selling 20 percent fewer units over 2023.
The company has also seen a staggering 84 percent drop in revenue from last year, which they have blamed in part on the plummeting prices of EVs.
Ford has also pinned some of its losses on the cost of research and development for future EVs.
Those development projects, however, will take years to begin paying off.
According to CNN, Ford is expecting to suffer a total of $5 billion in losses from its EV unit during the whole of 2024.
Despite electric vehicles proving to be economically disastrous for companies like Ford, and the dropping sales numbers of Tesla, Maine’s environmental activists have continued their push to mandate the use of expensive EVs for Mainers.
In March, Maine’s Board of Environmental Protection (BEP) voted to reject a rule change which would have allowed the Mills administration to impose unilateral regulations requiring a large percentage of new cars sold in the state to be EV’s, with that percentage increasing in later years in an attempt to eventually faze out gas powered cars entirely.
[RELATED: Maine BEP Rejects Controversial EV Mandate…]
That rule change failed with a 4-2 vote against it in the BEP, but activists did not abandon their hopes of forcing everyday Mainers to buy expensive cars they don’t want.
Earlier this month, a group of environmental activist organizations, including the Conservation Law Foundation and Maine Youth Action, sued the state in an attempt to force the adoption of the unpopular EV mandate that failed in the BEP.
[RELATED: Environmental Groups Sue Maine in Effort to Force Adoption of Controversial EV Mandate…]
The groups claim that, in failing to enact the EV mandate, the state acted in violation of the laws requiring a 45 percent reduction in emissions from their 1990 levels by 2030, and an 80 percent reduction by 2050.
They argue that the failure to adopt the EV mandate will result in the state’s ultimate failure to meet its legally mandated emissions goals.
