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.”
Eat one boiled egg every morning for 2 weeks and see what happens to your body
Richard David Hendrickson, president and CEO of Lifetime Products, and his 16-year-old daughter Sally were killed in a tragic accident in Ogden Canyon on Saturday.
According to the Utah Highway Patrol, they were killed instantaneously when a truck’s excavator broke loose and fell over their pickup truck.
The tow truck was navigating a tight right-hand curve while pulling a small bulldozer when the tragedy occurred. After breaking loose, the bulldozer crashed into Hendrickson’s GMC pickup. Two other adult passengers suffered non-life-threatening injuries, and Hendrickson and Sally were both pronounced dead at the site. Hendrickson was honored by Lifetime Products, which described him as more than just a business leader.
They emphasized his wide range of skills, renowned mechanical prowess, and remarkable interpersonal skills. In addition, Hendrickson was the Church of Jesus Christ of Latter-day Saints’ stake president.In addition to expressing his sympathies for X, Utah Governor Spencer Cox offered prayers for the bereaved family and lamented the passing of his friend and leader.Many people in the neighborhood are grieving the loss of Hendrickson and his daughter as a result of this unfortunate incident.
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