Joe Biden is hellbent on trying to force the automotive industry to go electric.
But the economic reality of electric vehicles is worse than anyone could have ever imagined.
And Ford gave Joe Biden this devastating news that is game over for electric vehicles.
Ford following Joe Biden’s lead on electric vehicles
President Joe Biden has been trying to use the heavy hand of government force to transition the country to electric vehicles.
The Ford Motor Company has worked hand-in-hand with him to ramp up its production of electric vehicles.
Biden traveled to the Ford Dearborn Development Center in Dearborn, Michigan in May 2021 where he took the F-150 lightning pickup truck for a test drive.
“Look, the future of the auto industry is electric. There’s no turning back,” Biden said at the time. “The real question is whether we’ll lead or we’ll fall behind in the race of the future, or whether we’ll build these vehicles and the batteries that go in them here in the United States or rely on other countries.”
Biden used the photo op to push for his infrastructure bill, which was filled with handouts for the electric vehicle industry.
Ford received nearly $10 billion in government subsidies from the Biden administration to build new battery plants in Kentucky and Tennessee in a joint venture with a South Korean company.
The automaker made a big bet that Biden was right and the future of the industry was electric.
Now they’re discovering how badly they played their cards with their electric vehicle push.
Ford announces jaw-dropping losses from its electric division
Ford announced that it lost $1.32 billion on its Ford Model-E electric division for the first quarter of 2024.
I like how Ford breaks their earnings out by division.
You can see how much of a disaster the EV market is. pic.twitter.com/0ig3TGdijj— Frog Capital (@FrogNews) April 24, 2024
That company sold 10,000 electric vehicles during the first three months of the year.
This works out to Ford losing about $132,000 on every electric vehicle it sold this year.
Demand for electric vehicles is down across the entire automotive industry, and Ford is no exception.
Their electric vehicle sales are down 20% compared to last year and revenue is down 84%.
Ford is now locked into a death spiral with its electric division.
They’ve slashed electric vehicle prices because of weak consumer demand, which is resulting in even bigger losses for each one sold.
Ford lost $4.7 billion on its entire electric division last year and this year is shaping up to be a bigger disaster.
The automaker has scaled back its electric goals and began to shift production back to its traditional gasoline-powered models.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder posted on X. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
The electric vehicle industry is in shambles despite the Biden administration spending big to prop it up.
Former President Donald Trump returning to the White House could be game over for the push to make everyone drive Bidenmobiles.
