Quote:Ford has halted billions of dollars in investment in EV manufacturing, warning that customers will not pay a premium for these vehicles.

The auto giant announced in its third-quarter earnings call on Thursday that it would postpone $12 billion in planned spending on electric vehicle production and pause some major projects, including the construction of a new battery factory in Kentucky.

"Given the dynamic EV environment, we are being judicious about our production and adjusting future capacity to better match market demand," said Ford CFO John Lawler.

"All told, we have pushed about $12 billion of EV spend, which includes capex, direct investment, and expense," he added.

The company stressed that it is still committed to spending on future EV models, however.

"We're not moving away from our second generation [EV] products," Lawler said in a media briefing on Thursday, per CNBC.

"We are, though, looking at the pace of capacity that we're putting in place. We are going to push out some of that investment," he added.

Speaking after the results, Lawler said the transition to EVs was "well underway," but admitted that the pace of adoption was slower than expected.

Ford had already announced that it would abandon its target of building two million EVs by 2026, and its latest move comes as auto companies take an increasingly cautious tone on the future of electric vehicles.

Honda CEO Toshihiro Mibe told Bloomberg that the company was ending development of an affordable electric model, and General Motors has also abandoned its targets to build 500,000 EVs by the first half of 2024.

In a recent interview with The New York Times, Ford's executive chair Bill Ford said that high prices were the main reason why Ford was slowing EV production.

"Electric vehicles are expensive," he said. "We know prices will come down, and as that happens, we will have a bigger ramp-up of EVs."

Link

Don't worry, the government will boost the bribe to $15,000 to buy one.

After the rich and woke made their purchases, Ford realized that nobody else really wants these at these prices and limited functionality.

GM, Daimler and Ford all released third-quarter revisions and pulled back their earnings statements this week, and all had the exact same things to say about lack of demand for EVs.

"pace" is 'all the sudden' an issue vs future investment? ... who'd a thunk it?

this is just another propagandized/subsidized driven miscarriage passed on to the poor/middle class consumer that have driven up costs of EVERYTHING - BOTH DIRECTLY AND INDIRECTLY ... nuts zongo (as have many others) filed this under the NFS 'negative residual impact' category moons ago...

climate change fagoos are w/o question, THEE worst of the worst in my lifetime from the horseshite/glue factory...

#suckers

This is what happens when you don't let markets develop naturally. Even at that though, it always made zero sense to put so much capital towards EVs when this technology wasn't capable of competing against ICE vehicles without heavy, heavy gov't interference.

(10-28-2023 10:16 AM)miko33 Wrote:  This is what happens when you don't let markets develop naturally. Even at that though, it always made zero sense to put so much capital towards EVs when this technology wasn't capable of competing against ICE vehicles without heavy, heavy gov't interference.

after decades of brainwashing our youth and the saps w/o a clue (aka democrats w/o a platform), we're now living in the perfect time for the globo-homo-sexuals to further continue the wealth siphon from the boomers/Xers coupled with limiting subsequent gens through inflationary practices...

it's much larger in scope than ICE vs. EV...

the same applies to the growth of muh mail-it-inns (which began in cali, '78) ... there's some truth in 'as goes cali, so goes the nation' ... just look at cali today...

#intertwined

(10-28-2023 09:58 AM)stinkfist Wrote:  "pace" is 'all the sudden' an issue vs future investment? ... who'd a thunk it?

this is just another propagandized/subsidized driven miscarriage passed on to the poor/middle class consumer that have driven up costs of EVERYTHING - BOTH DIRECTLY AND INDIRECTLY ... nuts zongo (as have many others) filed this under the NFS 'negative residual impact' category moons ago...

climate change fagoos are w/o question, THEE worst of the worst in my lifetime from the horseshite/glue factory...

#suckers

I'm betting the CEO at Ford finally had the crazy talk of Gates and others sink in. No personal vehicles by 2030, no home ownership by 2030, and everyone would be more happy???? Not Executives, mid management, and employees at automobile manufacturers which would be out of business unless retooled to make public transportation for the government at razor thin profit margins.

It's about time CEO's at many of our corporations started assessing the depth of lunacy spouted by a few of the elite and become dedicated to eradicating those bastards before they are eradicated by them.

For most Americans the crazy talk was just more nonsensical noise until Joe allowed the loons to run rampant while the blind FBI strong armed opposition.

Now if more will follow Ford's example perhaps this dismal tide may yet turn.

(10-28-2023 10:31 AM)stinkfist Wrote:  

(10-28-2023 10:16 AM)miko33 Wrote:  This is what happens when you don't let markets develop naturally. Even at that though, it always made zero sense to put so much capital towards EVs when this technology wasn't capable of competing against ICE vehicles without heavy, heavy gov't interference.

after decades of brainwashing our youth and the saps w/o a clue (aka democrats w/o a platform), we're now living in the perfect time for the globo-homo-sexuals to further continue the wealth siphon from the boomers/Xers coupled with limiting subsequent gens through inflationary practices...

it's much larger in scope than ICE vs. EV...

the same applies to the growth of muh mail-it-inns (which began in cali, '78) ... there's some truth in 'as goes cali, so goes the nation' ... just look at cali today...

#intertwined

recall that when cars were first invented, electric battery-powered ones also lost favor with the public, who instead were more interested in ICE-powered vehicles. New Century, same results.

Maybe it is because the smart people listen and pay attention... Every year the technology improves just a little bit. Over the course of 5 years, the EV you bought is getting covered up by better technology. Why would anyone spend that kind of money for a car that will be obsolete in just a handful of years as the technology improves?

Pragmatism forces itself into the industrial zeitgeist for the win in the auto manufacturing sector. Imagine that. Until capitalism and free enterprise are thrown over thus may it ever be.

Surely the Auto workers Union strike has no impact on this.

There's still a few years to go until cost parity. Infrastructure needs to catch up, and it's smart of Ford to take a step back and re assess after their new agreement with the labor union.

You guys take this as some death knell to EVs when they say exactly what they're doing in the article quoted. I'll start worrying about the death of EVs when you can make an ICE engine, transmission, and exhaust output the same horsepower and range while fitting on a half pallet

They specifically cited EV lack of demand in all calls to investors and letters this week.

(10-29-2023 08:17 AM)rath v2.0 Wrote:  They specifically cited EV lack of demand in all calls to investors and letters this week.

Which is not new information. Half the business case of buying an EV right now is based on two things: ease of access / already existing home charging, and ROI in the middle of a paradigm shift. Said differently, most of the customer base don't have home charging and are unsure if the expensive, new vehicles won't become obsolete in a few years as better cars come out.

Tapping the brakes right now is a perfectly logical move

(10-29-2023 12:03 PM)Kruciff Wrote:  

(10-29-2023 08:17 AM)rath v2.0 Wrote:  They specifically cited EV lack of demand in all calls to investors and letters this week.

Which is not new information. Half the business case of buying an EV right now is based on two things: ease of access / already existing home charging, and ROI in the middle of a paradigm shift. Said differently, most of the customer base don't have home charging and are unsure if the expensive, new vehicles won't become obsolete in a few years as better cars come out.

Tapping the brakes right now is a perfectly logical move

Weren't you in here not too long ago urging us to put the pedal to the metal and buy in on the whole EV fallacy? Now that the fallacy has been exposed you're all for pumping the brakes. Way to stand on your principles.

Given that Ford is building a huge plant near Elizabethtown, KY to support EV production, I wonder if that will be delayed in completion, or if Ford may even close a plant elsewhere.

(10-29-2023 12:03 PM)Kruciff Wrote:  

(10-29-2023 08:17 AM)rath v2.0 Wrote:  They specifically cited EV lack of demand in all calls to investors and letters this week.

Which is not new information. Half the business case of buying an EV right now is based on two things: ease of access / already existing home charging, and ROI in the middle of a paradigm shift. Said differently, most of the customer base don't have home charging and are unsure if the expensive, new vehicles won't become obsolete in a few years as better cars come out.

Tapping the brakes right now is a perfectly logical move

Then why are you bothered? Lol

People largely don't want to buy these things, so companies are reasonably rethinking their investment priorities.

(10-29-2023 06:39 AM)TigerBlue4Ever Wrote:  Pragmatism forces itself into the industrial zeitgeist for the win in the auto manufacturing sector. Imagine that. Until capitalism and free enterprise are thrown over thus may it ever be.

nah, the Left Globalist/Marxists prefer everyone drive a "quality" car like the Trabant, Lada or the Yugo....because "they" "know" what's "better for you" than you do....

No joke

(10-29-2023 03:23 PM)rath v2.0 Wrote:  

(10-29-2023 12:03 PM)Kruciff Wrote:  

(10-29-2023 08:17 AM)rath v2.0 Wrote:  They specifically cited EV lack of demand in all calls to investors and letters this week.

Which is not new information. Half the business case of buying an EV right now is based on two things: ease of access / already existing home charging, and ROI in the middle of a paradigm shift. Said differently, most of the customer base don't have home charging and are unsure if the expensive, new vehicles won't become obsolete in a few years as better cars come out.

Tapping the brakes right now is a perfectly logical move

Then why are you bothered? Lol

People largely don't want to buy these things, so companies are reasonably rethinking their investment priorities.

I've been consistent with where I've stood on EV for awhile now, it is the future. There's work to be done, but it's the future nevertheless. The auto industry, believe it or not, is ahead of the market on this one. These vehicle OEM's are now starting their second generations or first dedicated EV platforms, fixing the problems from the first iterations, implementing them into the next models, and taking over the market back from Tesla. Where i'm bothered is you guys are taking a good decision made by the Ford CEO, to take time to balance the labor changes and allow the market to mature, and turning it into some sort of narrative.

It is a narrative. Most consumers just don't want them.