The EV revolution has hit a stumbling block. Sure, sales are technically rising, but they’re not rising anywhere near as quickly as projected. Automakers like Ford are losing big on each vehicle sold, with losses totaling in the billions — and now, The Verge reports that Ford is starting to wonder if maybe it should have hedged its bets on smaller, more affordable cars as opposed to expensive fully-loaded electric SUVs.
To be clear, Ford is not alone in this. Mercedes CFO Harald Wilhelm called the EV market a “brutal space” after the luxury automaker reported profits and revenues down in Q3 2023 because of EVs. GM reported EV losses of $1.7 billion at the beginning of the year. Things are looking up for the American brand, but it’s still losing money as part of an industry-wide reckoning.
Read Article