Ford reported losing over $100,000 per electric vehicle sold in the first quarter of 2022, with its electric vehicle division posting a $1.3 billion loss.
Electric vehicle sales volumes dropped 20% as Ford was forced to slash prices due to weak industry demand.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder wrote on X. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
The company expects $5 billion in electric vehicle losses for the year, up from $4.7 billion last year.
Ford has delayed two new electric models and will instead focus on hybrids as consumer demand plummets.
Analysts note many automakers rushed into electric vehicles that were too expensive given small market demand.
“Many companies rushed in too fast with E.V.s that were too expensive and there was not as much of a market for them as they thought,” Guidehouse Insights principal analyst Sam Abuelsamid said. “That’s made it a lot tougher to sell those vehicles.”
Numerous companies have canceled electric vehicle plans or are struggling financially due to high prices, quality issues, lack of charging infrastructure, and performance decreases – reflecting widespread consumer complaints that electric vehicles remain inconvenient and unreliable.
