According to this CNBC article, Ford Motor Company reported a $2.1 billion loss in its electric vehicle business in 2022, on an operating basis. The company is forecasting a $3 billion loss in its EV business for 2023.
The company still expects to build two million EVs per year by 2026 and does forecast profitability by then. I think most companies would be excoriated by stockholders for losing more than $5 billion over two years for any venture.
In a related vein, Philip Maynard sent me a link to this piece, now three years old, titled “20 Drawbacks Of Electric Vehicles Drivers Commonly Overlook.” Number Eight states something that I believe is related to one of the true motives for those pushing adoption of EVs, “Ease Of Tracking Your Movements.” As written in the article, “Those systems are designed to track your driving habits, locations, charging points, and so on. Are you sure that you want your every move to be recorded on a server?”
General Motors/Chevrolet have confirmed what has long been rumored: the Camaro, as we know it, will not be produced after the 2024 model year. In fact, the car will not have a full 2024 production run as the last Camaro is supposed to roll off the assembly line in January, 2024.
Sales of the Camaro, Challenger and Mustang have all declined significantly in the past few years. Only the Mustang remains in its company’s plans for the near future.
In 2015, those three models had combined sales of more than 266,000 units, ranking Mustang, Camaro, Challenger. Camaro fell to third in 2018. In 2021 Challenger sales exceeded those of the Mustang, but by then the three cars accounted for only 128,000 units sold.
My favorite Camaro will always be the 1968 model, in terms of looks, anyway. The front vent window was removed and the rear quarter retained its aggressive haunch, which was toned down in 1969. I have never liked the function-less gills in front of the rear wheels on the ’69, either.
“Do not go gentle into that good night,
Rage, rage against the dying of the light.”
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4 thoughts on “Ford EV Losses”
From what I have heard, the Mustang nameplate will survive as an EV, and so will the Charger. But the Camaro will soon be gone for good. For better or worse, we are witnessing a huge transformation in the way we get around.
“For better or worse, we are witnessing a huge transformation in the way we get around.”
For worse, much worse…
Hey, but Ford will make up the losses in volume…
PS, their ICE cars aren’t flying off the lots either at an average MSRP of $90,000+.
Thanks, Doc. Ford is still making profits on their “legacy” and fleet divisions. Just think, though…$5 billion invested in 10-year Treasuries would earn about $168 million a year based on today’s closing yield. I will write again although no one in power will read or heed it: in a capitalist economy the consumer, not governments, is supposed to have final say.
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