Biden Sinks Major U.S. Automaker
This is Biden’s fault.
According to Ford Motor Company, their electric vehicle (EV) division, known as the “Ford Model e,” has incurred significant losses amounting to billions of dollars, and should be treated like a startup company.
As reported by Associated Press, Ford’s Model e division has recorded a pre-tax loss of $3 billion in the past two years, with projections indicating an additional loss of $3 billion this year due to the company’s ongoing investments in the new technology.
Ford’s Model e division incurred pretax losses of $900 million in 2021 and $2.1 billion in 2022, according to reports. However, the company anticipates that Model e will become profitable before taxes by the end of 2026, with a projected pretax profit margin of 8%.
According to Ford’s Chief Financial Officer John Lawler, it’s a well-known fact that EV startups incur losses as they invest in developing their capabilities, acquiring knowledge, building sales volume, and expanding their market share.
In addition, Lawler noted that Model e is focused on creating second- and third-generation electric vehicles. Currently, Ford has three EV models available for purchase in the US: the Mustang Mach E SUV, the F-150 Lightning pickup truck, and an electric Transit commercial van.
Ford recently made an announcement that the production and shipping of its electric F-150 truck model have been suspended due to an unspecified potential battery issue.
President Biden and the Democrats essentially forced all of these companies to shift their business model to become “green” but now the people over at Ford are fighting to not completely sink their entire business which millions of Americans are invested in.
