Environmental extremists and their hatred of fossil fuels have forced leftist politicians to push people into electric vehicles, using bribes and coercion.
The truth is, without government force or bribes, hardly anyone would want an EV, except possibly a cool Tesla.
The push for Bidenmobiles at Ford has gotten so bad they were forced to make a stunning admission that could affect the entire company.
Ford says Model E program is “effectively a startup within Ford”
The Democrat Party has been pushing Bidenmobiles down our throats for nearly a decade despite a lack of public interest.
Now, major automakers have taken the bait after watching Tesla scoop up revenue backed by federal subsidies offered in tax rebates.
In 2020, Ford released its first electric car, the Model E.
Hoping to tap into the spirit of the Model T, the company promised to make EVs affordable for everyone.
“You have to think about Ford Model E—that EV business—effectively as a startup within Ford,” a spokesperson said in 2023.
Ford executives knew it would be a bumpy road. But the manufacturer moved forward with the risk.
The company has faced stiff competition but that isn’t their biggest problem.
Now they are showing profit and loss statements from Q1.
And the problem is staring them straight in the face.
Ford could lose $5 billion this year on Model E program
Ford’s effort to bring Bidenmobiles to the market is resulting in major losses that are going to be hard to recover from.
The auto manufacturer reported a staggering $1.3 billion in losses on their EV unit in the first quarter alone.
The company says it has gone all in on EVs and the research and development is bringing down the profits.
The problem is that they only sold 10,000 Bidenmobiles in Q1.
That means they lost about $132,000 for every Model E sold.
Ford says that the only goal in the short term is to set prices at a point where they cover the cost of production—disregarding R&D.
That means that until the company gets development under control, they will continue to post losses every quarter.
This could lead to $5 billion in losses for 2024, eclipsing the $4.7 billion lost in 2023.
Ford will push forward with Bidenmobiles and ignore the troubling financial signs.
Ford pushes ahead promising Model E to produce a new generation of Bidenmobiles
Ford’s consumer sales are taking a major hit following their shift towards EVs.
Ford Blue says that their unit sales have dropped by 11 percent from over 700,000 in Q1.
That resulted in a loss of nearly $2.5 billion in revenue.
The only thing keeping Ford in the positive was business-to-business sales.
Ford Pro increased units sold by 21 percent in Q1, bringing their total number of vehicles sold to 409,000.
But their business-to-business sales are primarily driven by internal combustion vehicles.
Together Ford Pro and Ford Blue couldn’t make up for the losses of the Model E program.
Ford’s overall net income crashed by nearly 20 percent in Q1.
Year of year figures show that the company earned $1.65 billion in the first quarter of 2023.
This year it was $1.3 billion.
Despite the anchor that the Model E program is putting on the auto giant—the CEO Jim Farley says he is pressing on.
In a call with stockholders, Farley said that the company is working on a new product that would make the Model E unit profitable soon.
But experts wonder how much the company can sustain in losses.
Informed American will keep you up-to-date on any developments to this ongoing story.
