🧵 1/4 Ford's EV segment expected to lose $4.5 billion this year, $1.5 billion more than anticipated. So far, division has lost $1.8 billion. #business
🧵 1/4 Ford's EV segment expected to lose $4.5 billion this year, $1.5 billion more than anticipated. So far, division has lost $1.8 billion. #business
🧵 2/4 Ford beats earnings, reporting EPS of $0.72 and revenue of $45 billion. Raises guidance for adjusted EBIT and free cash flow.
🧵 3/4 Reality sets in as Ford throttles back EV production plans due to price cuts in the industry. May need major changes to strategy.
🧵 4/4 Ford CEO highlights shift to EVs and digital experiences. CFO says no date for producing 2 million EVs per year, unable to compete with Tesla.
🧵 Read more at: https://www.zerohedge.com/markets/ford-will-lose-45-billion-evs-year-21-billion-last-year
Bwahaha! EV's suck.