Ford Motor earnings cut by 35% thanks to losses on EV’s

Ford Motor Company had a very tough day on July 25, 2024 when it announced its earnings had plummeted by 35% due to the company’s EV losses. The company which is attempting to move to manufacturing electric vehicles (per mandates pushed by the Biden Administration, the State of California, and other states including New Mexico). Unfortunately, the shift to EV’s is not going well for Ford and their stock price plummeted over 18% today alone.

While New Mexico doesn’t have any Ford manufacturing facilities that doesn’t mean that EV’s financial challenges won’t impact average New Mexicans. It and other auto companies will have to shift costs from those money-losing EV’s onto the backs of the rest of us who buy and drive gas powered vehicles. Of course, this is just one of many ways in which the costs of EV’s are shifted onto the backs of taxpayers and consumers alike.

Taxpayer-financed charging stations, a lack of taxes levied for road repairs on EV’s, generous tax credits for EV’s, and numerous other subsidies hidden and not are going to take money out of YOUR pocket to pay for EV’s because they are inferior technology (in most cases) and consumers won’t buy them willingly at market prices.