Ford has suffered astronomical losses from its electric vehicle (EV) unit in the first four months of 2024 following a push to lead the auto manufacturing industry in electric “zero emissions” cars.
[RELATED: Environmental Groups Sue Maine in Effort to Force Adoption of Controversial EV Mandate…]
According to a report from CNN, the car manufacturer has lost $1.3 billion in just the first four months of 2024.
During the year’s first quarter, Ford Model E, the branch of the company dedicated to EV manufacturing, sold 10,000 vehicles, including the electric F-150 Lightning, and the Mustang Mach-E.
The report shows that the company lost $132,000 for each of the 10,000 vehicles sold.
The most expensive version of the electric truck, the 2024 F-150 Lightning Platinum costs $84,995 according to Ford’s website, meaning that, even if each car sold was the most expensive model, and each was sold at the manufacturer recommended price, the sale would still lose the company $47,005 more than the price of each vehicle.
The electric unit of the company has seen a steep decline in sales since the same time last year, selling 20 percent fewer units over 2023.
The company has also seen a staggering 84 percent drop in revenue from last year, which they have blamed in part on the plummeting prices of EVs.
Ford has also pinned some of its losses on the cost of research and development for future EVs.
Those development projects, however, will take years to begin paying off.
According to CNN, Ford is expecting to suffer a total of $5 billion in losses from its EV unit during the whole of 2024.
Despite electric vehicles proving to be economically disastrous for companies like Ford, and the dropping sales numbers of Tesla, Maine’s environmental activists have continued their push to mandate the use of expensive EVs for Mainers.
In March, Maine’s Board of Environmental Protection (BEP) voted to reject a rule change which would have allowed the Mills administration to impose unilateral regulations requiring a large percentage of new cars sold in the state to be EV’s, with that percentage increasing in later years in an attempt to eventually faze out gas powered cars entirely.
[RELATED: Maine BEP Rejects Controversial EV Mandate…]
That rule change failed with a 4-2 vote against it in the BEP, but activists did not abandon their hopes of forcing everyday Mainers to buy expensive cars they don’t want.
Earlier this month, a group of environmental activist organizations, including the Conservation Law Foundation and Maine Youth Action, sued the state in an attempt to force the adoption of the unpopular EV mandate that failed in the BEP.
[RELATED: Environmental Groups Sue Maine in Effort to Force Adoption of Controversial EV Mandate…]
The groups claim that, in failing to enact the EV mandate, the state acted in violation of the laws requiring a 45 percent reduction in emissions from their 1990 levels by 2030, and an 80 percent reduction by 2050.
They argue that the failure to adopt the EV mandate will result in the state’s ultimate failure to meet its legally mandated emissions goals.
<span class="dsq-postid" data-dsqidentifier="27609 https://www.themainewire.com/?p=27609">7 Comments
Everything the socialists are involved in goes to crap. Amazed at the people that continue to vote for these inept and corrupt politicians.
I hope these three wacko environmental groups go down in flames. EVs are a joke and it’s un American to try and force them on people to solve a problem they can’t fix and that doesn’t exist except in the heads of these nuts. Ford is paying the price and it shows that people don’t want these damned things. Scary that there were 2 nuts on the BEP who voted for this insanity.
I hope all the car makers, and their investors, who took the goobermint’s money to enable this debacle, lose very single penny they have. Same for the windmill and solar panels criminals.
😂…keep pushing this EV folly Janet!
It’s quite interesting to watch this all unfold. The mandates are the big mistake, if you drive say ten miles to work every day and run errands etc. perhaps an e v will work for you. But in the real world and especially Maine this is quite unrealistic. Why not let folks buy what they need and can afford until a better technology is available?
Hydrogen fuel is easy to use in a typical internal combustion engine with the modification of the fuel storage tank to one such as a propane cylinder, and modifying the fuel intake part of the engine. Nothing else in the vehicle design needs to be changed.
Hydrogen can also be run through a fuel cell eliminating the internal combustion engine completely. The electric vehicles that are being put into the market could replace battery storage with a hydrogen storage tank, and a fuel cell utilizing the remainder of the vehicle design.
Hydrogen has only water vapor as a residual, is abundant, can be manufactured with power generated from renewable sources, and does not require digging up the earth to mine for the exotic rare earth minerals that when put into a EV battery become non recyclable, and highly toxic.
So why the push for electric vehicles….? It seems to be more about control over a citizenry than about environmental concern when there are viable clean technologies such as hydrogen available.
I would suggest reading Jeremy Rifkin’s book the Hydrogen Economy for any who would like to know more of this existing, reliable, renewable source of energy.
That petroleum products were created from decaying vegetation and dinosaurs is a myth that never is questioned. There have been significant improvements in ICEs in the past 60 years that has solved much of the smog problems. Stationary coal-fired power plants can also operate much cleaner than in the past.
Conservatives have surrendered what could have been intelligent debates and rejection of new age restrictions and guidance. It’s a mistake to fight electric vehicles and allow the assumption that hydrocarbons are either in short supply or capable of changing the climate.