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Off topic, EV vehicle opinions…

Ford Will Lose $4.5 Billion On EVs This Year, Up From $2.1 Billion Last Year​


As we first noted last week, Ford is slated to lose $4.5 billion from its EV segment this year, a $1.5 billion larger loss than the company had expected.

So far this year, the division has lost $1.8 billion and this year's $4.5 billion loss figure blows away last year's $2.1 billion loss. Ford also announced that its electric F-150 pickup trucks will undergo a price cut, according to Fox.

Ford beat earnings on Thursday and reported adjusted EPS of $0.72, beating expectations of $0.54. It posted revenue of $45 billion and adjusted EBITDA of $3.8 billion, above estimates of $3.15 billion. We detailed analyst takes on the report late last week in this piece.


The company also raised its guidance, forecasting adjusted EBIT of $11 billion to $12 billion from $9 billion to $11 billion. The company is now guiding for free cash flow of $6.5 billion to $7 billion, from $6 billion.

But reality has sunk in about the company's comments regarding its EV production schedule and spending plans. Price cuts in the industry, led by Elon Musk and Tesla, have thrown Ford's production targets into a tailspin and Morgan Stanley noted on Friday morning that "major changes to the EV strategy" could be necessary, according to a wrap up by Bloomberg.

Ford now says it is "throttling back" on plans to ramp up EV production, the wrap up said. It blamed the price war for EVs as part of the cause and told shareholders it would need another year to meet its target of 600,000 EVs produced annually.

Ford CEO Jim Farley said late last week: "The shift to powerful digital experiences and breakthrough EVs is underway and going to be volatile, so being able to guide customers through and adapt to the pace of adoption are big advantages for us. Ford+ is making us more resilient, efficient and profitable, which you can see in Ford Pro's breakout second-quarter revenue improvement (22%) and EBIT margin (15%)."

CFO John Lawler said yesterday that the company "has ample resources to simultaneously fund disciplined investment in growth and return capital to shareholders – for the latter, targeting 40% to 50% of adjusted free cash flow," Bloomberg added. He now says Ford is "not providing a date" for producing 2 million EVs per year, which was previously the company's target for 2026.
 

Summary​

  • Cobalt is a necessary metal for the lithium-ion batteries used in electric vehicles (EVs). The majority of this cobalt comes from Chinese-owned cobalt mines in the Democratic Republic of the Congo (DRC).
  • Thirty percent (30%) of cobalt from the DRC is mined by non-industrial “artisanal” workers. “Artisanal” mining is a euphemism for low-paid, subsistence miners and their families, including children, living and working in brutal and unsafe conditions.
  • Many of the ultimate purchasers of the cobalt, including EV and EV battery makers, belong to various industry organizations supposedly working to ensure that the supply chain does not include cobalt produced by child labor. These organizations, however, have little actual control or influence over the cobalt production. They provide, in reality, little more than fig leaf reputational protection for the EV industry.
  • EVs have no environmental or economic justification.
  • The EV supply chain relies on Communist China. So reliance on EVs endangers US national security.
 
svetz said:

EV Sales picking up in the U.S. & E.U.​


Looks like EV registrations are picking up in the EU... (ref)

This reference, with March's registration numbers, show new EV car sales are up...

march-argonne.png
Click to expand...
end of quarter deals
 

Ford just reported a massive loss on every electric vehicle it sold​


New YorkCNN —
Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales. And the results it reported Wednesday show another sign of the profit pressures on the EV business at Ford and other automakers.

The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier. And its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry. That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit.

The losses go far beyond the cost of building and selling those 10,000 cars, according to Ford. Instead the losses include hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away from paying off.

And that means this is not the end of the losses in the unit - Ford said it expects Model e will have EBIT losses of $5 billion for the full year.

The company said it is its “intention” to be have EV pricing cover the actual costs of building each EV, rather than covering all the research and development costs, within the next 12 months. But a price war among EVs for about a year and a half has made even that measure of profitability very difficult said Ford CFO John Lawler. He said while Ford has removed about $5,000 in cost on each Mustang Mach-E, “revenue is dropping faster than we can take out the cost.”

In 2023, Ford Model e reported a full-year EBIT loss of $4.7 billion on sales of 116,000 EVs, or an average of $40,525 per vehicle, just more than a third of the first quarter loss.
 

EV euphoria is dead. Automakers are scaling back or delaying their electric vehicle plans​



KEY POINTS
  • Automakers from Ford Motor and General Motors to Mercedes-Benz, Volkswagen, Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans.
  • Though consumer demand for EVs hasn’t shown up in the way executives had expected, sales of the vehicles are still predicted to increase in the years to come.
  • A broad return to a more mixed offering of vehicles — with lineups of gas-powered vehicles alongside hybrids and fully electric options — assumes an all-electric future at a much slower pace, and it calls attention to ambitious EV targets set for the years ahead.


First step in admitting that EVs are flopping. Noone wants them and everyone who did, already got them.
 

Where Unsold EVs Go To Die: Belgium's Ports Drowning Under Glut Of Chinese Imports​


www.lemonde.fr

Belgium's ports drowning under glut of Chinese electric cars: 'Some are parked here for a year, sometimes more'

Due to China's overcapacity in production – as it aims to capture a quarter of the European electric vehicle market – the ports of Antwerp and Zeebrugge are inundated.
www.lemonde.fr www.lemonde.fr

Belgium's ports drowning under glut of Chinese electric cars: 'Some are parked here for a year, sometimes more'​


A large number of Chinese-made cars are being gathered at Yantai Port for shipment for export in Yantai, Shandong Province, China, on April 12, 2024.


Le Monde reports Belgium’s ports drowning under glut of Chinese electric cars: ‘Some are parked here for a year, sometimes more’

Due to China’s overcapacity in production – as it aims to capture a quarter of the European electric vehicle market – the ports of Antwerp and Zeebrugge are inundated.
You probably need to see it to appreciate the challenges the automobile industry faces in transitioning to electricity. You also need to come here to understand how the Chinese industry’s overcapacity has flooded the European market. That morning, as the sun unexpectedly lit up the maze of highways leading to this remote arm of the port of Antwerp, Belgium, a huge cargo ship from the Norwegian company Höegh Autoliners unloaded thousands of cars at one of the terminals of International Car Operators (ICO), a subsidiary of the Japanese group Nippon Yusen Kaisha.
Alongside Swedish-Norwegian Wallenius Wilhelmsen, it is one of the main operators of the now merged port of Antwerp-Bruges, the world’s largest automotive terminal, through which the production of some 40 brands used to transit. But that was before the emergence of their Chinese competitors.
Click to expand...

Car Parks​

Quartz reports Cars are piling up at European ports at an alarming rate

Imported vehicles are seriously piling up at European ports, turning them into “car parks.” Automakers are distributors are struggling with a slowdown in car sales as well as logistical bottlenecks that make it hard to alleviate the buildup of new, unsold vehicles.
Some Chinese brand EVs had been sitting in European ports for up to 18 months, while some ports had asked importers to provide proof of onward transport, according to industry executives. One car logistics expert said many of the unloaded vehicles were simply staying in the ports until they were sold to distributors or end users.
“It’s chaos,” said another person who had been briefed on the situation.
Click to expand...
This is another part of the escalating trade war between China and the rest of the world.
 
aenyc said:

Where Unsold EVs Go To Die: Belgium's Ports Drowning Under Glut Of Chinese Imports​


www.lemonde.fr

Belgium's ports drowning under glut of Chinese electric cars: 'Some are parked here for a year, sometimes more'

Due to China's overcapacity in production – as it aims to capture a quarter of the European electric vehicle market – the ports of Antwerp and Zeebrugge are inundated.
www.lemonde.fr www.lemonde.fr

Belgium's ports drowning under glut of Chinese electric cars: 'Some are parked here for a year, sometimes more'​


A large number of Chinese-made cars are being gathered at Yantai Port for shipment for export in Yantai, Shandong Province, China, on April 12, 2024.


Le Monde reports Belgium’s ports drowning under glut of Chinese electric cars: ‘Some are parked here for a year, sometimes more’


Car Parks​

Quartz reports Cars are piling up at European ports at an alarming rate


This is another part of the escalating trade war between China and the rest of the world.
Click to expand...
The deal I see is by going EV we are shifting our oil dollar to Chinese money. Win for them loss for us. The CHINESE - Warren Buffet investment are not really being allowed in with BYD and such. Safety standards? Tax Tariffs? they could own it with cheap priced cars. Did Buffet sell off his BYD?

Problem is Chinese are demanding more money for what they do - slave labor is going away thus cheap prices. we like slave labor or at least ppl running business do to make max profits. rarely do buyers get big breaks unless technology is being out dated.
 
D71 said:
They were trying to make all accessory things on ALL cars for options but you have pay to keep them on - activated. You will never own it.

We don’t really own anything anyway. If we think about it
Click to expand...

While mostly true, there are ways around this at least with most cars. Not Tesla.
 
I am tempted to build another car.

This is one of nicest looking Tesla builds - have seen online.
IMG_6323.jpeg

www.motortopia.com

Turning a 1965 Ford Mustang into an Electric Marvel with Inspire EV

A remarkable tale of dedication and innovation, the team at Inspire EV, based in Arvada, Colorado, embarked on an ambitious project to
www.motortopia.com www.motortopia.com

Nice Tesla…. No? There are ways around lot of things as you get older will see it.
 
D71 said:
I am tempted to build another car.

This is one of nicest looking Tesla builds - have seen online.
View attachment 213648

www.motortopia.com

Turning a 1965 Ford Mustang into an Electric Marvel with Inspire EV

A remarkable tale of dedication and innovation, the team at Inspire EV, based in Arvada, Colorado, embarked on an ambitious project to
www.motortopia.com www.motortopia.com

Nice Tesla…. No? There are ways around lot of things as you get older will see it.
Click to expand...
I’ve been really keen on repowering a SXS with a leaf motor and battery. Seems like a fairly decent idea if one can track down a totaled leaf
 
G00SE said:
I’ve been really keen on repowering a SXS with a leaf motor and battery. Seems like a fairly decent idea if one can track down a totaled leaf
Click to expand...
That mustang cost the builder a listed $100,000 🤣
 
I've been trying to figure out the Tesla layoffs in their charging group. All the media opinions defy everything I know about Musk ..... It seems to me that when he does something like this there HAS to be a good reason for it.
I ran across this video and what he is saying makes sense.

 
"The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier. And its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry. That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit."

If Ford attributed 84% plunge in profits to price cuts, I could buy that.

But 84% plunge in revenue, with 20% drop in units sold?
The 20% drop in units sold would cut revenue 20%.
Mix of models could boost or cut revenue.

Prices would have had to drop 80% to explain 84% drop in revenue. That hasn't happened.

I'll write that one off as clueless author of the company's news release, or bad math by the people performing financial analysis.
 
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