Ford hits the brakes on $12 billion in EV spending because EVs are too expensive
by Andrew J. Hawkins from The Verge - All Posts on (#6FX3T)
Photo by Scott Olson/Getty Images 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 $3.1 billion on its EV spending and has said it's going to lose a total of $4 billion for the year.
The Kentucky plant, a mega campus" that builds lithium ion batteries for electric cars, would be put on hold
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