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By Jo Nova
Remember when Ford was just losing $38,000 on every EV? Those were the good days
The biggest star in the automotive world at the moment is a black hole, and it’s swallowing whole industrial giants. It’s hard to imagine a faster way to sabotage whole nations than to disguise your spies as academics and environmentalists. Then get them to convince the government to command a whole new market into existence in a highly technological field with the wave of a legislated wand.
These numbers are astronomical:
Ford just reported a massive loss on every electric vehicle it sold
By Chris Isodore, CNN: Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.
Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales.
We can only wonder what’s happening at other companies.
The EV unit at Ford sold 10,000 cars in the first quarter this year, which is 20% fewer cars than they did a year ago. It’s that bad. In fact it’s worse. Those cars were also discounted. So the revenue mostly went beyond the event horizon — and fell an astonishing 84%.
Ford is expecting losses in the order of $5 billion for the full year. Their aims now are so low, they just hope one day to sell the cars for enough to cover the cost of making them, perhaps. They can’t hope to cover the millions spent on R&D in the foreseeable future. Indeed, even covering the costs in a market with a price war is said to be “very difficult”.
Meanwhile, two days earlier the IEA chief said the EV revolution was rolling on just fine:
CNN readers must be confused.
The electric car revolution is on track, says IEA
[CNN] Global electric vehicle sales are set to rise by more than a fifth to reach 17 million this year, powered by drivers in China, according to the International Energy Agency.
In a report Tuesday, the IEA projected that “surging demand” for EVs over the next decade was set “to remake the global auto industry and significantly reduce oil consumption for road transport.”
So the global EV market is being powered by “drivers in China”, like these drivers perhaps who left their brand new EV’s rotting in fields in China. That would be imaginary drivers?
Chinese EV’s rotting in a field
The propaganda never ends.
As Stephen Wilmot said in The Wall Street Journal last year, if Ford just canned the EV unit, its adjusted operating profit would be 50% higher. Surely that beckons…
Hat tip to Marc Morano @ClimateDepot