Daily Caller Piece: Biden's EV Push Could Be The Death of U.S. Automakers
[Note: This story is also published at the Daily Caller]
In case you missed it, Ford Motor Company told investors last week that its electric vehicles division managed to lose over $72,000 per unit sold during the 2nd quarter of 2023. That is not a typo, and things only seem to be getting worse for the venerable automaker: The 2nd quarter loss is $6,000 more than the $66,000 per unit sold during the first quarter of the year.
Overall, Ford reported an operating loss of $1.08 billion for Q2, and warned investors that its’ EV division — which it calls Ford Model e — would likely lose an estimated $4.5 billion for the year. That is a big increase from its Q1 estimate for its projected annual loss, and compares to the $2.2 billion loss Ford Model e reported for 2022.
Truly, things seem to be getting worse, not better, at Ford. Yet, the company’s management also projects that it will be making 600,000 EVs annually by 2024, despite having sold only 14,843 units during the 2nd quarter. Of course, Ford said it will be “making” 600,000 units next year, not actually “selling” those units. (RELATED: KEVIN MOONEY: The Push For ‘Net Zero’ Isn’t Clean Or Green)
If this all sounds like an unsustainable business model to you, well, you are not alone. But frankly, Ford is not alone, either. GM, the other big U.S. automaker convinced by the Biden administration to rush whole hog into major new investments in EV infrastructure on the promise of huge federal subsidies to come, is reporting similar horrible results for 2023. The company announced in June that it had sold just 47 of its electric Hummer model SUVs during Q2 of this year, and only 1,348 of its Cadillac Lyriq model.