Connect with us

Hi, what are you looking for?

US News

Ford Got $9 Billion From Biden, Still Halts Production Of EVs

via Associated Press
This article was originally published at Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

Ford initially planned to increase production of the all-electric F-150 Lightning to 3,200 per week but has decided to cut this projection in half to 1,600 per week starting in 2024.

The production cuts are attributed to changing market demand, as Ford aims to align production with customer needs.

This decision follows Ford’s struggles to sell its electric vehicles amid concerns about transitioning from gas to electric, despite an increase in F-150 Lightning sales after a price reduction. (Trending: Here Are The Most Disturbing Ways Hunter Biden Spent His Millions)

According to Automotive News, a memo circulated at Ford saying the EV production cuts are due to “changing market demand.”

In response, a Ford spokesman only said that the company would “continue to match production with customer demand.”

CNBC reported that “Ford has sold more than 20,000 F-150 Lightnings this year, up 54% from last year.”

Despite those sales and a $9 billion loan from the Biden Administration, Ford continued to struggle.

It was also reported that, “Ford has projected it will lose $4.5 billion on EVs this year, and the motor company said it lost around $32,000 for every EV it sold during the second quarter of 2023.”

Ford’s challenges in the EV market are reflected in projected losses and delays in battery plant construction.

Most Popular:

Top Democrat Loses In Historic Landslide

US State Unveils Controversial ‘Gender Neutral’ Laws

Elon Musk Condemns Arrest Of Jan 6 Protester

You May Also Like