Ford has cancelled plans for an all-electric three-row SUV, citing low consumer demand and a crowded electric vehicle (“EV”) market.
This decision follows a trend of automakers scaling back their EV production goals due to slower-than-expected sales growth.
They make poor men rich and rich men poor.” Automakers are paying the price for their poor decisions in the form of losses.
It highlights the importance of meeting consumer demand in a free market economy.
Ford reported a loss of $4.7 billion on EV sales in 2023, roughly $40,525 per vehicle sold.
The news that Ford was scrapping its SUV EV came just a month after the company announced it was switching the manufacturing at its plant in Oakville, Ontario, which had been earmarked for EV production, to Ford’s F-series pickups, its flagship fuel-powered trucks.
“The move,” the New York Times reported, “is the latest example of how automakers are pulling back on aggressive investment plans in response to the slowing growth of electric vehicle sales.” Several factors contribute to the low demand for EVs, including high prices, range anxiety and a lack of charging infrastructure.
https://expose-news.com/2024/09/21/ford-scraps-its-suv-electric-vehicle/
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