Ford’s Electric Vehicle Struggles Highlight Industry Challenges

Ford’s venture into electric vehicles, notably the F-150 Lightning, hasn’t met expectations, with production cuts and layoffs amidst significant losses.

The company reportedly loses around $132,000 per electric vehicle sold, contributing to a $1.3 billion loss in the segment.

Despite Ford’s overall positive first-quarter earnings, its EV unit, Model e, suffered a drastic 84% revenue decline. Research and development costs further strain profitability, with Ford projecting a $5 billion loss for the year.

These challenges coincide with auto dealers urging President Biden to reconsider the aggressive EV agenda, emphasizing the need for technological advancement and consumer acceptance.