Legal Insurrection by Leslie Eastman 11/5/2024
Ford is also shutting electric truck plant in Dearborn, Michigan, as sales slow.The forced march to green energy utopia is running smack into market realities.
Ford Motor Company is now reporting lower profits and reducing its full-year earnings outlook. The fiscal hit is a consequence of hefty electric vehicle (EV)
expenses weighing on results. 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.
The results were the latest in which Ford has seen profits from its conventional internal combustion engine and fleet businesses offset losses in electric vehicles.
The results included a $1 billion hit after Ford in August pushed back the timeframe of one planned EV model and shifted away from a proposed EV project entirely.
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.
It turns out the automaker’s continued EV losses nearly canceled out $1.2 billion in Q2 profit from its Blue division, which represents those “evil” internal combustion engine (ICE) vehicles.
More:
https://legalinsurrection.com/2024/11/ford-motor-co-profits-take-hit-due-to-ev-costs/
