Ford’s Determination to be a Major Player in the Electric Revolution
The auto industry is currently undergoing a major revolution, with electric vehicles (EVs) leading the way towards a more sustainable future. However, competition in the EV market is fierce, with Tesla dominating the industry and legacy automakers struggling to catch up. Despite setbacks, Ford, the company that revolutionized the auto industry with the Model T, is determined to be a major player in the electric revolution, too.
Ford said it expects a Model e EBIT loss of $4.5 billion for the full year, up from its earlier forecast of a $3 billion loss for all of 2023.
Ford has big plans for the EV market, planning to sell 600,000 EVs this year alone. However, the company was forced to push back this milestone to next year, with a goal of 2 million by 2026 delayed indefinitely. Farley, Ford’s CEO, insists that the company is still fully committed to its EV expansion, even with these delays. The company’s lower target for 2023 is still four times higher than its 2022 target, so it’s clear that Ford is not giving up on the EV market.
Legacy automakers have struggled to make EVs profitably, and Ford is no exception. In fact, the company lost a billion dollars on its EV unit last quarter alone. The company is losing money on each EV it sells, which explains the shift in plans. Ford is working to make its EVs more profitable in the future, and it’s clear that this is a necessary step if the company wants to succeed in the EV market.
The Ford Lightning, the company’s first electric pickup truck, has been struggling in particular. The company loses money on each Ford Lightning it sells, and this was before they knocked thousands of dollars off the sticker price this summer. This price war was triggered by Tesla, and it’s pulling EV prices down. However, Ford is still determined to succeed, even if it means losing money in the short term.
Despite setbacks and struggles, Ford is determined to be a major player in the electric revolution. The company has been around for over a century and has always been at the forefront of innovation in the auto industry. It’s clear that the company is not giving up on the EV market, even with its recent delays and losses. The company needs to make its EVs more profitable, but with its determination and innovation, it’s only a matter of time before they achieve this goal.
Ford’s determination to be a major player in the electric revolution is admirable, but it’s not an easy goal to achieve. The EV market is competitive, and legacy automakers are struggling to catch up with Tesla. However, Ford has a long history of innovation and determination, and it’s clear that the company is not giving up on the EV market. With time, effort, and innovation, Ford will undoubtedly succeed in this new era of the auto industry. We can’t wait to see what the future holds for Ford and the rest of the EV market.