Ford Miserable EV Sales at 4% of Its Total

"EV sales dropped almost 6% to less than 4% of total unit sales. For the first eight months of the year, EV sales totaled 57,888, against a company total of 1,492,905. It is an astonishingly low EV figure for a company that has invested tens of billions of dollars into the sector and once said it would have an EV annual production run rate well into the hundreds of thousands of units."

"Ford has just introduced what it called its "Universal EV Platform." The day of the announcement, its stock fell on less than normal volume. The new plan is to get an MSRP of less than $30,000 for a single model-a mid-sized electric pickup. The investment for this advancement in manufacturing will be $5 billion, just to get one new model out the door. Ford expects there to be others."

"Ford's EV failure can be illustrated by its two flagship EV models. Its F-150 Lightning carries the name of the bestselling vehicle in America. The Mustang Mach-E is an EV crossover. For some reason, it is named after Ford's iconic sports car, the Mustang, which was first sold in 1964. Ford's Future The reality of Ford's present and future is that it is a fossil-fuel car company in a fossil-fuel vehicle world."

EV sales at Ford declined almost 6%, comprising less than 4% of total unit sales; year-to-date EV units were 57,888 versus a company total of 1,492,905. Ford introduced a "Universal EV Platform" and aims for an MSRP under $30,000 for a mid-sized electric pickup, with $5 billion allocated to bring that single model to market. Two flagship EVs, the F-150 Lightning and Mustang Mach-E, have underwhelmed. Ford expects substantial gasoline-vehicle profitability while recording about a $5 billion EV loss this year and holding roughly 8% U.S. EV market share.

Read at 24/7 Wall St.