–by Mark Cipolloni–
Ford lost $2.1 billion on electric vehicles in 2022 and expects to lose $3 billion this year.
GM CEO Mary Barra said her company will lose billions on EVs until at least 2025.
Even once the electric vehicles break even, Barra reportedly notes that EVs won’t be as profitable as gas-powered cars.
“As everyone knows, EV startups lose money while they invest in capabilities, develop knowledge, build volume and gain share,” Ford CFO John Lawler told media ahead of an investor call Thursday.
In this FOX Business interview, Ford President Jim Farley explains that building and scaling new battery factories in the USA instead of importing batteries and rare earth minerals.
“We’re willing to invest,” Farley continued, “but we have to have people in partnership with government that’s going to improve mines, improve processing. These sites are really important. We can build all the plants, but what’s the good if we’re importing batteries?”
Unfortunately, these mines are big polluters, so the tree huggers put up barriers to them being done here in the USA.
Well, the tree-hugger batteries materials are being mined with child labor in Africa. Cancer rates are through the roof. May as well dig the mines here in the USA using illegal aliens from Mexico and South America and let them get cancer and die young.
But hey, we’re saving the planet.