"Ford Motor Co. ( NYSE: F) only sold 1,542 F-150 Lightning electric vehicles (EVs) in October. That was down 17% from the same month a year ago. And it is only 51 a day nationwide for Ford's electric flagship. Now, Ford may kill the Lightning completely. There could not be a greater blow to the company's EV ambitions. Executive Chair Bill Ford had said the launch of the vehicle was the most important during his time at the company."
"Long term, the tax credit is not an issue. After promising a $30 billion investment in EVs, Ford retreated rapidly. Ultimately, Ford discovered it is a gasoline-powered vehicle company. Sales of its internal-combustion vehicles were up 3.4% in October to 153,377. Sales of those cars have been strong all year. Ford management might be acknowledging that gasoline-powered vehicles have a very bright future."
Ford sold only 1,542 F-150 Lightning EVs in October, a 17% decline year-over-year, averaging 51 per day nationwide. Ford executives are actively discussing scrapping the electric F-150 after the truck lost money, and overall Ford EV sales fell 25% to 4,709 in October, possibly affected by the expiration of the $7,500 federal tax credit. Ford scaled back a promised $30 billion EV investment and is seeing stronger sales in internal-combustion vehicles, which rose 3.4% to 153,377 in October. Consumer concerns about range, charging infrastructure, and higher prices hurt EV demand.
Read at 24/7 Wall St.
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