Posted on by Californiacontrarian

Disastrous …”Looney Tunes!”

To be clear, as I have stated many times in the past, I grew up in a Ford family. Perhaps, better stated, my dad was a big time “Ford guy.” For whatever reason, he would only buy Ford cars, and so consequently I learned to drive on a Ford. For many years a Ford was the only car I knew.

I sometimes wonder if my dad is now flipping over in his grave, as the Ford Motor Company seems to be going the way of most of the other automobile manufacturers by going all-in with EVs.

FYI: Since 1985 I have been a “Toyota guy,” and have had no regrets.

However, for all of you who are still “Ford fans,” caution, as the following is not pretty.

From the Manhattan Contrarian on What’s Up With That:

“In March, Ford Motor Company announced that it lost $2.1 billion on its EV business last year. Those losses were double the losses it had on EVs in 2021. As I noted in a video I posted on TikTok on March 23, Ford made 61,575 EVs in 2022. Thus, the company lost about $34,000 on every EV it sold last year. I also noted that the costs of making EVs aren’t falling. Last year, the cost of battery packs for EVs went up by 7%. . . . Indeed, it appears Ford’s 2022 losses were only a warm-up lap. Yesterday afternoon, Ford reported a $722 million loss on its EV business over the first three months of 2023. During that span, Ford sold 10,866 EVs, meaning it lost $66,446 on every EV it sold.”

Now admittedly, I am no businessman, but losing a substantial amount of money on each EV built does not sound like a credible business plan! These losses are disastrous, and continuing to forge ahead without blinders is “looney tunes!”

5/30/23

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