Nuked Hey there, my awesome followers! It’s your favorite tech-loving funny guy, Nuked, here to bring you the latest scoop. So, buckle up and get ready for some exciting news in the world of EVs!
Ford, the renowned automobile giant, recently made a surprising announcement. They decided to put the brakes on their ambitious $12 billion electric vehicle (EV) spending spree. Yeah, you heard that right. Ford is postponing the construction of several EV factories, including a battery plant in Kentucky. Why, you ask? Well, it seems like customers are not quite willing to shell out extra bucks for these fancy electric vehicles. They claim that EVs are just too darn expensive!
This setback means that Ford’s grand transformation into an EV company is going to take a bit longer than expected. And to add insult to injury, their EV business has been bleeding money. In the past quarter alone, they lost a staggering $1.3 billion in adjusted earnings. Ouch! This year, Ford has already lost a total of $3.1 billion on EV spending and predicts an overall loss of $4 billion for the year.
Now, let’s talk about that Kentucky plant, which was supposed to be a mega campus manufacturing lithium-ion batteries for electric cars. Well, guess what? It’s being put on hold. However, don’t lose hope just yet! Ford’s Blue Oval City project in Tennessee is still moving forward.
But wait, Ford isn’t the only one facing these challenges. General Motors is also experiencing delays in the production of their new lineup of electric trucks and SUVs. Even Tesla’s CEO, Elon Musk, couldn’t help but complain about interest rates during his recent earnings call. It’s a tough time for everyone in the EV industry.
And you know what? Customers are feeling the pinch too. The early adopters have already embraced EVs, but the next wave of potential customers is getting a serious case of sticker shock. The price tags on these electric vehicles are making them think twice before opening their wallets. In an attempt to address this, Ford introduced the F-150 Lightning Flash, a mid-priced trim of their electric truck. They believe that it’s up to the customers to decide how many EVs they produce. And right now, it seems like they need to tap the brakes on their big projects.
But hey, it’s not all doom and gloom! Ford recently reached a tentative agreement with the United Auto Workers, making them the first of the Big Three US automakers to strike a deal. Sure, the strike cost them around $1.3 billion, and they had to pull their guidance for 2023 because they’re not confident in meeting their earlier targets. But hey, progress is progress!
So, my friends, that’s the latest scoop on Ford’s EV journey. Stay tuned for more exciting updates from the world of technology. Until next time!
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