Ford will lose billions of dollars on electric vehicles, according to financial reports

[JGalt]

Ford is setting itself up to become the Bud Light of American car companies. Trump was right when he said "Everything woke turns to shit."

Ford shows profits in first quarter, reveals EV losses​

"For the first time in its 120-year history, Ford Motor Co. reported quarterly earnings Tuesday by its three key business units instead of by regions, such as North America, in an attempt to show investors how the company is preparing for more aggressive competition as the industry moves into all-electric vehicles.
Ford CEO Jim Farley divided the company a year ago into Ford Blue (gas, hybrid), Ford Model e (electric vehicles) and Ford Pro (commercial products). Ford has already revealed it's planning to lose billions of dollars during the transition to battery-operated vehicles, and the first quarter reflected a more than $700 million loss for Model e. When characterizing the effort as more like a start-up, Farley and Chief Financial Officer John Lawler play into the reality that all start-ups lose money in the beginning, from Amazon to Tesla.
"We plan to be surgical," Farley told industry analysts in the earnings call, adding later, “We are pleased but we are not satisfied.”

First quarter 2023 earnings highlights​

• Ford Motor Co. reported $3.4 billion in earnings before interest and taxes for the first three months of this year, a dramatic contrast to one year ago when the company reported $2.3 billion in earnings.
• A net gain of $1.8 billion after a net loss of $3.1 billion in first quarter 2022, primarily attributable to the value of its investment in the start-up electric vehicle maker Rivian.
• $41.5 billion in revenue for first quarter this year, up 20%, compared with $34.5 billion in 2022.
• Ford ended the quarter with $29 billion in cash on hand, $46 billion in liquidity.
• Ford Credit earned $303 million, compared with $928 million for the same quarter in 2022
• Ford Pro earnings before interest and taxes nearly tripled to $1.4 billion, Ford Blue doubled to $2.6 billion
• Model e earnings reflected a loss of $722 million for this quarter.

Action taken before earnings​

Early Tuesday, Ford revealed its plan to slash prices a second time in four months on the Mach-E, a direct competitor of the Tesla Model Y. With order banks reopening, and a factory in Mexico overhauled to dramatically increase production more efficiently, Ford said it can afford to cut prices in an attempt to grow market share..."

https://archive.ph/isCBY#selection-413.0-493.263

 

[talksalot]

I don't think most people want EVs.
They don't last long and create toxic waste. The way the materials for EVs are mined is disgusting. The infrastructure isn't capable of charging all those vehicles.

 

[White 6]

Ford is setting itself up to become the Bud Light of American car companies. Trump was right when he said "Everything woke turns to shit."

Ford shows profits in first quarter, reveals EV losses​

"For the first time in its 120-year history, Ford Motor Co. reported quarterly earnings Tuesday by its three key business units instead of by regions, such as North America, in an attempt to show investors how the company is preparing for more aggressive competition as the industry moves into all-electric vehicles.
Ford CEO Jim Farley divided the company a year ago into Ford Blue (gas, hybrid), Ford Model e (electric vehicles) and Ford Pro (commercial products). Ford has already revealed it's planning to lose billions of dollars during the transition to battery-operated vehicles, and the first quarter reflected a more than $700 million loss for Model e. When characterizing the effort as more like a start-up, Farley and Chief Financial Officer John Lawler play into the reality that all start-ups lose money in the beginning, from Amazon to Tesla.
"We plan to be surgical," Farley told industry analysts in the earnings call, adding later, “We are pleased but we are not satisfied.”

First quarter 2023 earnings highlights​

• Ford Motor Co. reported $3.4 billion in earnings before interest and taxes for the first three months of this year, a dramatic contrast to one year ago when the company reported $2.3 billion in earnings.
• A net gain of $1.8 billion after a net loss of $3.1 billion in first quarter 2022, primarily attributable to the value of its investment in the start-up electric vehicle maker Rivian.
• $41.5 billion in revenue for first quarter this year, up 20%, compared with $34.5 billion in 2022.
• Ford ended the quarter with $29 billion in cash on hand, $46 billion in liquidity.
• Ford Credit earned $303 million, compared with $928 million for the same quarter in 2022
• Ford Pro earnings before interest and taxes nearly tripled to $1.4 billion, Ford Blue doubled to $2.6 billion
• Model e earnings reflected a loss of $722 million for this quarter.

Action taken before earnings​

Early Tuesday, Ford revealed its plan to slash prices a second time in four months on the Mach-E, a direct competitor of the Tesla Model Y. With order banks reopening, and a factory in Mexico overhauled to dramatically increase production more efficiently, Ford said it can afford to cut prices in an attempt to grow market share..."

https://archive.ph/isCBY#selection-413.0-493.263

I just hope they finish the new electric vehicle and battery plants down the road from here in West Tennessee.

 

[JGalt]

I don't think most people want EVs.
They don't last long and create toxic waste. The way the materials for EVs are mined is disgusting. The infrastructure isn't capable of charging all those vehicles.

With interest rates being so high, most people can't afford them.

 

[MarathonMike]

I just hope they finish the new electric vehicle and battery plants down the road from here in West Tennessee.

What if they have signed agreements that they will comply and obey the CCP like the EV plant going up in Michigan?

 

[White 6]

What if they have signed agreements that they will comply and obey the CCP like the EV plant going up in Michigan?

I have no idea what those agreements are, but in Sept, I will have been retired 9 years, so I don't see how they will affect me, whatever they are.

 

[SassyIrishLass]

I have no idea what those agreements are, but in Sept, I will have been retired 9 years, so I don't see how they will affect me, whatever they are.

All about YOU!

 

[toobfreak]

I just hope they finish the new electric vehicle and battery plants down the road from here in West Tennessee.

Say hi to all of the chinks. Just an hour ago, I saw the secretary of the dept of the interior on TV being interviewed by congress being asked about her promotion of EVs and of her promotion in particular of the entire military fleet being made all electric (at enormous fantastic expense).

Her name was Debra Haaland I think. The congressman asked her if she knew what the essential metals were to making EV batteries and she didn't even have any idea. The congressman told her they were lithium, cobalt and graphite I think. Then he asked her who was the chief source of these materials, and again, she had no idea.

So he told her: CHINA. By promoting EVs, she was promoting business and dependence with our #1 enemy.

Then the congressman said that we have very limited supplies of those things here in the USA but guess what? Industries were being blocked from mining them so we could really make our own EV batteries!

And by who?

By Debra Haaland and the Dept of the Interior. When pressed, she said we had a duty to protect wild resources like the tiehm’s buckwheat (ever hear of it?), a totally valueless weed growing in the desert in an area right in the way of our mining our own lithium. In other words, our government, clueless, puts higher priority on a useless weed than it does our own energy, climate and independence from China.

The journalist concluded wondering how this woman ever even got her job, she was so clueless about anything asked.

How electric cars could wipe out a unique species

A local energy company says it is working to protect the rare plant.

thehill.com

Meanwhile, conservation of the valueless weed may fail anyway because it is all being eaten up by rodents.

 

[White 6]

All about YOU!

Well, I thought it might depress you to know the positive regional economic effects of all that construction, the additional suppliers moving in to feed it and rising real estate values here in West Tennessee and more when the plant goes into operation, as it does not fit with your negative outlook on the economy in this country and life in this part of the US.

 

[fncceo]

There is one, foolproof way of creating a profit from the transition from ICE vehicles to EV is to lobby an already receptive Congress to mandate the purchase of EVs and legislate tariffs and taxes on ICE vehicles.

One way to tell if the wind is blowing that direction is by keeping track of how man Congress members currently invest in Ford (and other EV companies).

Ford Motor Co Profile: Members Invested

Ford Motor Co organization profile: 15 members of congress invested in Ford Motor Co in 2018. Find out who.

www.opensecrets.org

Currently, only 15 members of Congress have disclosed direct investments in Ford (roughly split between Democrat and Republican) and those amounts are small (less than $20,000). Two notable exceptions are Brenda Lawrence, Democrat from Michigan, who has invested between $250,000 and $500,000 directly in Ford and Greg Gianforte, Republican from Montana, with $158,000 in Ford.

 

[Augustine_]

Ford is setting itself up to become the Bud Light of American car companies. Trump was right when he said "Everything woke turns to shit."

Ford shows profits in first quarter, reveals EV losses​

"For the first time in its 120-year history, Ford Motor Co. reported quarterly earnings Tuesday by its three key business units instead of by regions, such as North America, in an attempt to show investors how the company is preparing for more aggressive competition as the industry moves into all-electric vehicles.
Ford CEO Jim Farley divided the company a year ago into Ford Blue (gas, hybrid), Ford Model e (electric vehicles) and Ford Pro (commercial products). Ford has already revealed it's planning to lose billions of dollars during the transition to battery-operated vehicles, and the first quarter reflected a more than $700 million loss for Model e. When characterizing the effort as more like a start-up, Farley and Chief Financial Officer John Lawler play into the reality that all start-ups lose money in the beginning, from Amazon to Tesla.
"We plan to be surgical," Farley told industry analysts in the earnings call, adding later, “We are pleased but we are not satisfied.”

First quarter 2023 earnings highlights​

• Ford Motor Co. reported $3.4 billion in earnings before interest and taxes for the first three months of this year, a dramatic contrast to one year ago when the company reported $2.3 billion in earnings.
• A net gain of $1.8 billion after a net loss of $3.1 billion in first quarter 2022, primarily attributable to the value of its investment in the start-up electric vehicle maker Rivian.
• $41.5 billion in revenue for first quarter this year, up 20%, compared with $34.5 billion in 2022.
• Ford ended the quarter with $29 billion in cash on hand, $46 billion in liquidity.
• Ford Credit earned $303 million, compared with $928 million for the same quarter in 2022
• Ford Pro earnings before interest and taxes nearly tripled to $1.4 billion, Ford Blue doubled to $2.6 billion
• Model e earnings reflected a loss of $722 million for this quarter.

Action taken before earnings​

Early Tuesday, Ford revealed its plan to slash prices a second time in four months on the Mach-E, a direct competitor of the Tesla Model Y. With order banks reopening, and a factory in Mexico overhauled to dramatically increase production more efficiently, Ford said it can afford to cut prices in an attempt to grow market share..."

https://archive.ph/isCBY#selection-413.0-493.263

This reminds me of when whale oil proponents argued that switching to petroleum would be a disaster

 

[fncceo]

This reminds me of when whale oil proponents argued that switching to petroleum would be a disaster

At least whale oil is renewable ...

... Pump whale pheromones and Barry White music into the ocean and we'll have more than we can use.

 

[Augustine_]

At least whale oil is renewable ...

... Pump whale pheromones and Barry White music into the ocean and we'll have more than we can use.

Finally a rational viewpoint on this website

 

[Doc7505]

I just hope they finish the new electric vehicle and battery plants down the road from here in West Tennessee.

~~~~~~
Especially when Ford 150s have a tendency to explode and burn....

Ford stops production of electric F-150 after battery fire

Ford Motor Co. says it has suspended production and halted shipments of the F-150 Lightning electric pickup after a battery caught fire during a pre-delivery quality check

abcnews.go.com

 

[22lcidw]

There are different types of work as we all know. Manufacturing has the greatest multiplier in employment associated with it. Service employment has less and Government employment less. Manufacturing also has had traditionally better wages. Looking at segments of types of employment, dock workers have a multiplier as an example. California does well off of this.

 

[Independentthinker]

Ford is setting itself up to become the Bud Light of American car companies. Trump was right when he said "Everything woke turns to shit."

Ford shows profits in first quarter, reveals EV losses​

"For the first time in its 120-year history, Ford Motor Co. reported quarterly earnings Tuesday by its three key business units instead of by regions, such as North America, in an attempt to show investors how the company is preparing for more aggressive competition as the industry moves into all-electric vehicles.
Ford CEO Jim Farley divided the company a year ago into Ford Blue (gas, hybrid), Ford Model e (electric vehicles) and Ford Pro (commercial products). Ford has already revealed it's planning to lose billions of dollars during the transition to battery-operated vehicles, and the first quarter reflected a more than $700 million loss for Model e. When characterizing the effort as more like a start-up, Farley and Chief Financial Officer John Lawler play into the reality that all start-ups lose money in the beginning, from Amazon to Tesla.
"We plan to be surgical," Farley told industry analysts in the earnings call, adding later, “We are pleased but we are not satisfied.”

First quarter 2023 earnings highlights​

• Ford Motor Co. reported $3.4 billion in earnings before interest and taxes for the first three months of this year, a dramatic contrast to one year ago when the company reported $2.3 billion in earnings.
• A net gain of $1.8 billion after a net loss of $3.1 billion in first quarter 2022, primarily attributable to the value of its investment in the start-up electric vehicle maker Rivian.
• $41.5 billion in revenue for first quarter this year, up 20%, compared with $34.5 billion in 2022.
• Ford ended the quarter with $29 billion in cash on hand, $46 billion in liquidity.
• Ford Credit earned $303 million, compared with $928 million for the same quarter in 2022
• Ford Pro earnings before interest and taxes nearly tripled to $1.4 billion, Ford Blue doubled to $2.6 billion
• Model e earnings reflected a loss of $722 million for this quarter.

Action taken before earnings​

Early Tuesday, Ford revealed its plan to slash prices a second time in four months on the Mach-E, a direct competitor of the Tesla Model Y. With order banks reopening, and a factory in Mexico overhauled to dramatically increase production more efficiently, Ford said it can afford to cut prices in an attempt to grow market share..."

https://archive.ph/isCBY#selection-413.0-493.263

Yup. This is the democratic thinking alright. Let's turn successful companies into horse shit and then make an excuse by now referring to them as startup companies. Henry is turning over in his grave right now.

 

[Resnic]

Don't worry, uncle Joe will bail them out and then praise them.

He will probably bail them out then recover the money by taxing people who drive gas powered cars and trucks.

 

[whitehall]

Just when you think Ford learned it's lesson from the Edsel.

 

[AZrailwhale]

Just when you think Ford learned it's lesson from the Edsel.

It took a couple of generations of management to forget that lesson.