As the push for electric vehicles persists despite public reluctance, the once-promising solution for environmental concerns is revealing significant drawbacks. Issues like inadequate charging infrastructure, limited range, battery problems, high repair costs, and supply chain disruptions have plagued the industry.
Despite these challenges, proponents like Joe Biden continue to advocate for electric vehicles. However, the lack of consumer interest has led to substantial financial losses for manufacturers. Ford Motor Company, for instance, reported a staggering $4.7 billion loss in 2023 from its electric vehicle product line, exceeding earlier projections.
The company attributed the losses primarily to intense competition driving down prices. With Ford selling around 72,608 electric vehicles in the year, the losses translate to roughly $65,000 per vehicle sold, an unsustainable business model. Moreover, Ford anticipates further losses, projecting up to $5.5 billion for 2024, particularly concerning in an election year.
Despite Chief Financial Officer John Lawler’s optimistic remarks about future profitability and customer adoption, the reality suggests otherwise. Ford’s flagship electric vehicle, the F-150 Lightning pickup, saw diminished demand, leading to production cuts. This setback is notable, especially as Biden’s administration aimed for 50% of new vehicle sales to be electric by 2030.
Watch Biden test drive the Ford Lightning pickup here:
General Motors has also dialed back production and tempered expectations, posting a $1.7 billion loss on electric vehicles in just the fourth quarter of 2023. Ford went on to state: “We said yesterday that we will launch our second-generation EVs when they can be profitable and deliver the kind of returns we want, and we will build a stand-alone profitable EV business. Meantime, we’re improving the contribution margin of our first-generation EVs.”
HAPPY MOMENTS: Taylor Swift and Travis Kelce Seal Victory with Kiss After Kansas City Chiefs’ Super Bowl 2024 Triumph.
Taylor Swift, unable to contain her reaction, was left visibly in shock as Mecole Hardman’s touchdown secured the team’s OT win.
The Chiefs began the game with a worrisome 10-3 score, eventually reaching 19 all until OT.
Swift, in the VIP box with Ice Spice and Blake Lively, went wild in celebration.
Supporting Travis Kelce since the 2023 season began, Swift has attended 13 Kansas City Chiefs games (including the Super Bowl). The pop singer flew in from Japan a few hours ago, making it in time to see her boyfriend create history at the Allegiant Stadium in Las Vegas.
Earlier during the game, Swift was caught in another viral moment as she huddled with her friends in similar fashion. It was the first lead for the Chiefs of the night, Mahomes passing to wide receiver Marquez Valdes-Scantling.
Mahomes was just as pumped post-game, out of breath as he credited the win to his teammates:
“The guys never faulted. I can’t take all the glory, man. I’m proud of my guys, man. This is awesome. Legendary”.
Speaking about coach Andy Reid and the final call, Mahomes added:
“Coach Reid, he’s a legend, man. And Mecole Hardman, battled through adversity this year. Making that play was special. It’s a start (of a dynasty). I’m not done. We’re going to celebrate tonight, but we’re not done. We got a young team, we gonna keep this going”.
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