Ford is pausing about $12 billion in spending on a new EV factory in Kentucky, as EV demand softens and customers balk at premium prices.
Ford is postponing $12 billion in EV factory building, including a planned battery factory in Kentucky. The reasons given were an unwillingness by customers to pay extra for its electric vehicles. You see, they’re too expensive, and now Ford’s massive transformation into an EV company is now going to take a lot longer than before. Ford’s EV business continues to lose money, around $1.3 billion this past quarter in adjusted earnings. So far this year, Ford has lost $3.
General Motors is pushing back production of its new slate of electric trucks and SUVs. Tesla CEO Elon Musk spent a large chuck of his last earnings call moaning about interest rates. It’s rough out there right now. Customers would probably agree. Most of the early adopters have, well, adopted, and the next tier of possible customers has enough sticker shock to keep their wallets closed.
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