The Biden and MLG Administrations are in lock step agreement on the “need” to subsidize electric vehicles. While the Gov. did veto an EV subsidy in the tax bill (disappointing some of her enviro group allies) she and the Legislature also spent $10 million in New Mexico tax dollars for EV charging stations. That’s on top of $38 million from the federal government. Lujan Grisham has also joined California in mandating the sale/purchase of EV’s.
But, even with numerous federal and state mandates electric vehicles are money losers for auto manufacturers. According to calculations from energy expert Robert Bryce Ford Motor Company is losing a mind-blowing $66,446 On Every EV It Sells. According to data released recently by the company, “Ford reported a $722 million loss on its EV business over the first three months of 2023. During that span, Ford sold 10,866 EVs, meaning it lost $66,446 on every EV it sold.”
Perhaps someday electric vehicles will be able to compete in the free market, but as it stands now they are most effective at wealth destruction.
3 Replies to “Ford loses $66,446 on every EV it sells”
Why the immediate push for EVs? When the power goes out, no charging can take place. With traffic pucking up, there won’t be enough charging stations to replace gas pumps. The longer it takes to charge your vehicle as opposed to filling up with fuel will add time to everyone’s trip. We have enough fuel to last at least another century so the switch over should be voluntary, not mandatory.
There is nothing in the link you attached that shows some energy expert I’ve never heard of saying Ford lost over $60,000 per EV. Sounds like you only believe in capitalism when it suits you. Ford Motor Company hasn’t stuck around since 1903 by losing money.
This is linked in the article and has the calculation: https://robertbryce.substack.com/p/ford-is-losing-66446-on-every-ev
The loss is for the first quarter of 2023.