THE BIDEN EFFECT: Ford to Lose $4.5 Billion on Electric Vehicles This Year

The Biden effect.

The Biden Regime is FORCING electric vehicles on the American people and China controls the critical minerals needed for the car batteries.

Ford Motors has poured billions of dollars into producing electric vehicles as the Biden Regime wages war on gas-powered vehicles.

The electric vehicles have proven to be a money pit for Ford.

Ford also recently announced it is cutting 1,000 jobs in the United States and Canada after accepting a subsidy from the Biden administration to produce more electric vehicles.

Earlier this year it was reported that Ford may lose $3 billion this year on electric vehicles.

According to the latest analysis, Ford is on track to lose $4.5 billion on their electric vehicles this year.

Fox Business reported:

Ford Motor Company announced it is projected to lose a whopping $4.5 billion from electric vehicles (EVs) this year, up from the previous projected loss of $3 billion.

The company released its second-quarter financial results on Thursday. The U.S.-based automaker’s EV division, called “Ford Model e,” has lost $1.8 billion so far this year, according to Fortune.

The projected $4.5 billion loss is over twice as much as Model e’s $2.1 billion loss in 2022. The company recently announced that the price of its electric F-150 Lightning pickup trucks will be reduced due to cheaper raw battery materials.

The company touted that its low EV prices “establish[es] leadership ahead of industry’s next-generation EVs” and that the Ford Model e’s revenue is up 39%. Ford is also expected to produce 600,000 EVs per year by 2024.

One in five electric vehicle owners in California switched back to gas-powered because of the inconvenience of charging.

It only takes a few minutes to fill up a gas tank, yet some electric vehicles need several hours of charging to drive 35 miles.

Charging electric vehicles is a total “hassle” say 20% of EV owners surveyed between 2012 and 2018 so they’re going back to gas, researchers found.

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Cristina began writing for The Gateway Pundit in 2016 and she is now the Associate Editor.

You can email Cristina Laila here, and read more of Cristina Laila's articles here.

 

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