"As it backs off its plans almost completely, its November EV sales were down 61% from the same period last year. It shows the real demand for its EVs when a federal government $7,500 tax credit is not in place. It will never be entirely clear how much of the $30 billion it said it would invest in EVs when it made a commitment in August 2021 was actually spent."
"At the start of this year, Ford said its EV business would lose between $5.0 billion and $5.5 billion. Presumably, those losses will not entirely disappear next year. CEO Jim Farley said recently that Ford cannot walk away from EVs completely. He has admitted Chinese manufacturers are well ahead of American ones in EV production and development. Yet, he indicated Ford would not give up on an EV future. That competition may just be further off than Ford had expected."
"Executive Chair Bill Ford said that the launch of the company's EV flagship F-150 Lightning was the most important product launch of his tenure. In November, Lightning sales dropped 72.4% to 1,006. This contrasts with F-Series sales, which dropped 9.6% to 60,961. The F-150 is likely to continue to be the best-selling vehicle in the U.S. That would continue a string of success that goes back decades."
Ford is scaling back its EV plans and saw November EV sales fall 61% year-over-year, revealing demand without a $7,500 federal tax credit. The company previously committed $30 billion to EVs in August 2021, though the exact spend is unclear. Ford estimated EV business losses of $5.0–$5.5 billion for the year and expects some losses to persist. CEO Jim Farley said Ford cannot abandon EVs and acknowledged Chinese manufacturers lead U.S. firms in EV production and development. F-150 Lightning sales plunged 72.4% to 1,006 in November while F-Series sales fell 9.6% to 60,961, maintaining the F-150's position as the likely best-selling U.S. vehicle.
Read at 24/7 Wall St.
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