Name: Ford's Green Flop: Lost $3 BILLION on Mustang Mach-E
Uploaded: 2023-05-04T20:34:53+00:00
Duration: 46 s
Description: Top news right now: Ford's electric vehicle division is suffering severe losses, with each electric vehicle sold costing the company roughly a $60,000 loss. In the first quarter of 2023, the division

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1 year ago

Top news right now: Ford's electric vehicle division is suffering severe losses, with each electric vehicle sold costing the company roughly a $60,000 loss. In the first quarter of 2023, the division lost $722 million while selling only 12,000 units, bringing the total yearly losses to roughly $3 billion. While the company expects to begin turning a profit by the end of 2024, many experts warn that the division's decision to go "all-in" on electric vehicles is a tremendous risk that requires ongoing support from government subsidies. Private analysts predict the total cost of green manufacturing subsidies under President Joe Biden's Inflation Reduction Act to exceed $1 trillion, with subsidies for electric vehicle battery packs alone topping $130 billion. Stay tuned for more breaking news from Next News.

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