Ford will postpone about $12 billion in EV investment as buyers become more cautious

1 min read

Ford Motor said Thursday that many customers in North America are no longer willing to pay a premium for an electric vehicle over an internal-combustion or hybrid alternative.

As a result, it’s postponing about $12 billion in planned spending on new EV manufacturing capacity.

Customers’ reluctance to pay extra for EVs has complicated Ford’s ambitious and expensive plans to sharply increase production of those vehicles. While Ford’s – and the industry’s – sales of EVs are growing, they aren’t growing at the pace Ford had expected.

Ford executives emphasized that the company isn’t cutting back its spending on future electric vehicle models. But it now plans to ramp up its EV manufacturing capacity, and its spending on that capacity, more gradually than previously planned.

“We’re not moving away from our second generation [EV] products,” CFO John Lawler said in a media briefing Thursday. “We are, though, looking at the pace of capacity that we’re putting in place. We are going to push out some of that investment.”  

Lawler said that Ford will postpone about $12 billion in planned spending on manufacturing capacity for EVs, including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City – Ford’s new EV manufacturing campus in Tennessee – will continue as originally planned.

“The customer is going to decide what the volumes are,” Lawler said. “Ford is able to balance production of gas, hybrid and electric vehicles to match the speed of EV adoption in a way that others can’t.”

As part of its third-quarter earnings report, Ford said on Thursday that its electric-vehicle business unit, called Ford Model e, lost $1.3 billion on an operating basis in the period. That’s roughly double its year-ago loss, despite a 26% increase in revenue.

Through the first three quarters of 2023, Model e posted an operating loss of about $3.1 billion, on track with Ford’s previous guidance calling for a full-year operating loss of $4.5 billion for the Model e business unit.

Ford withdrew all of its 2023 guidance Thursday in light of its tentative deal with the United Auto Workers labor union.

Read the full article here

Leave a Reply

Your email address will not be published.

Previous Story

How a single year of Elon Musk turned Twitter into a husk of its former self

Next Story

Stocks making the biggest moves after hours: Intel, Amazon, Chipotle, Enphase Energy and more

Latest from News

Pin Up Güvenilir Canli Casino – Sanal casino

Kumarhanelerdeki etkinliklerin karakteri gereği, hiçbir yöntem kesin bir gelir temin etmez. Bahis stratejilerinin etkinliği, oyunun türüne göre olarak değişiklik gösterir. Mesela, poker gibi beceri

Pinco Canlı Casıno gırış – Slot sitesii

Geleneksel kumarhanelerin sunduğu deneyimi dijital alana aktaran bu oyunlar, oyunculara otantik bir kumarhane hava sunuyor. 2024’te, Türkiye’deki çevrimiçi kumar sitelerinin daha çok canlı oyun
مشاهير العرب سكس arabpornsamples.com زبر نايم
قصص ن realarabporn.com انجلا وايت
little pussy analpornstars.info chut land ki film
old movies telugu fuckmetube.mobi sapna rathi sex
pandaniku youhentai.org cbt hentai
xx com indian indianpornfeed.com bf vs gf
bf sex sex sex hqtube.mobi husband wife sexy video
desi sex video tumblr sexozavr.com animal fuck women
marathi blue film com xxx-tube-list.info xixxx video
bed room xnxx prontv.mobi real chut image
ytmp4 eroanal.net bhojpuri sexy
fpo xxx indiandesiclips.com nepal call girl
xvideo wwe gotporn.mobi www.indianxnxx
sex videos sunny leone erofreeporn.net hot malayalam actress navel pictures
presyo ng mga bilihin onlineteleserye.com love revolution season 2