Ford is losing a lot of money in electric cars — but CEO Jim Farley is charging ahead – Gist It

Ford is losing a lot of money in electric cars — but CEO Jim Farley is charging ahead

Ford’s electric vehicle (EV) strategy faces challenges as they delay sales targets and navigate infrastructure issues, but CEO Jim Farley remains committed to the electrification process.

Driving the news: Despite setbacks and financial losses, Ford aims to be a major player in the EV market.
* Ford’s original plan to sell 600,000 EVs this year has been moved to next year and its goal of 2 million by 2026 has been postponed indefinitely.
* The company currently loses money on each EV it sells, impacting its shares resulting in a drop, despite solid overall earnings.
* Farley insists the delay is due to technical aspects and assures the company is still committed to its EV expansion.

Challenges ahead: Infrastructure difficulties and competition pose significant challenges to Ford’s EV ambitions.
* Infrastructure issues such as broken or fully occupied charging stations make the EV transition difficult.
* The company recently gained access to Tesla’s Supercharger network which has better reliability and availability.

Behind the numbers: Ford recorded $1 billion loss on its EV unit last quarter.
* Despite the current losses, Farley believes the next generation of Ford EVs will be profitable and aims to capitalize on its first generation EV customers for its future models.

Yes, but: Despite heavy investment in EVs, Ford has not committed to completely stop producing gas and diesel vehicles, arguing for more efficient traditional fuel vehicles too.
* Many critics argue that this incremental improvement will not be enough to address the climate crisis which requires zero-emission vehicles.

What’s next: Farley underlined the need for education and persuasion to convince more people to buy electric cars, calling it a “huge task” for the industry.

View original article on NPR

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