(TheRedAlertNews.com) – In a development questioning the viability of electric vehicle manufacturing, Ford Motor Company disclosed a staggering loss of $132,000 for each electric vehicle (EV) sold in the initial quarter of 2024, culminating in a $1.3 billion deficit.
The company’s electric vehicle division has reported a 20% fall in sales volume, necessitating price reductions due to weak consumer interest, as per a CNN report, cited by Breitbart News.
Revenue for Ford’s Model E EV plummeted by 84% to approximately $100 million.
The company attributes this decline to widespread price cuts throughout the automotive industry.
“That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit,” the publication observed.
These recent figures continue a pattern of financial setbacks for Ford, with the Model E division reporting a total annual EBIT loss of $4.7 billion from sales of 116,000 units.
This reflects an average loss of $40,525 per vehicle — a figure that constitutes only a third of the loss per vehicle in the first quarter of 2024 alone.
Ford executives now predict that their EV segment will face a total loss of $5 billion for the current year, an increase from the previous year’s $4.7 billion.
“Americans don’t want EVs at levels Biden’s climate hysteria require. Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All of Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity,” commented author and businessman Andy Puzder on X.
“This does not appear to be ‘sustainable,’” remarked environmentalist Patrick Moore.
Energy and environmental science expert Steve Milloy described Ford’s situation as a “massive EV disaster.”
Earlier this month, Ford announced a postponement in the production of two new electric models, choosing instead to focus on hybrid vehicles.
“Many companies rushed in too fast with EVs that were too expensive and there was not as much of a market for them as they thought,” explained Sam Abuelsamid, a transportation and mobility analyst at Guidehouse Insights, to The New York Times.
“That’s made it a lot tougher to sell those vehicles,” he added.
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