Green Crash

Ford EVs go bust, forcing Ford to switch to alternatives:

From the Wall Street Journal:

Ford instead will offer hybrid gas-electric versions of future large, three-row SUVs, a popular vehicle category that includes the brand’s Explorer and Expedition nameplates. The company’s moves are the latest example of automakers unwinding EV-investment plans they made years ago, when it looked like there was big untapped consumer demand for battery-powered models. There has been more hesitancy among car shoppers than auto executives initially expected, with surveys showing concerns about high prices and finding places to charge. [...] Ford also pushed back the launch of a new electric pickup truck by one year, until 2027, the second time it has pushed back the timeline. In addition, Ford said it would trim its capital spending on fully electric vehicles to about 30% of its budget, from 40%. “Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions,” Ford Chief Financial Officer John Lawler said.

Ford said its EV business is on track to lose an eye-watering $5 billion this year alone. In the three-month period ending in June, the automaker lost about $44,000 on every electric vehicle it sold. That is not sustainable.

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