The following are a series of headlines relating to electric vehicles. They were collected on ONE day (October 31, 2023). A brief summary of the article is provided below the headline (again, we are NOT against EV’s as a concept, but are firmly against the Gov.’s push to mandate EV’s on New Mexicans. If you agree, take a minute to send the Environmental Improvement Board a message here.
EV’s are piling up on dealer lots because “Nobody bothered to ask consumers whether they wanted the car.”
Ford noted in its earnings report released last week that its EV unit posted a quarterly loss before interest and taxes (EBIT) of $1.33 billion – an acceleration after a loss of $1.08 billion in the prior quarter. It added that it’s cutting production of its Mustang Mach-E while scaling back about $12 billion in planned investments in the EV segment, including delaying its second battery plant in Kentucky.
General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs
The transition to electric vehicles is supposed to be a matter of when not if. However, automakers are starting to seem a little hesitant about what resources they should pour into EV production. Manufacturers have had supply issues building electric vehicles as well as trouble actually selling the ones they have made. Now, companies are lowering expectations for their investors.
Panasonic shares dipped after the company cut its profit outlook by 15% citing slower electric vehicle battery demand, especially on higher-end EVs where Inflation Reduction Act credits are limited.