Republicans threaten to subpoena Ford over project involving Chinese company“Henry Ford’s son was named Edsel, and this was going to be the great car, all of the executives said, ‘This is the car everybody’s going to want to buy.’ Ford made 500,000 of these new sedan cars, but guess what?” Moore said on “Varney & Co.” Monday. “Nobody bothered to ask consumers whether they wanted the car.”
Ford noted in its earnings report released last week that its EV unit posted a quarterly loss before interest and taxes of $1.33 billion – an acceleration after a loss of $1.08 billion in the prior quarter. It added that it’s cutting production of its Mustang Mach-E while scaling back about $12 billion in planned investments in the EV segment, including delaying its second battery plant in Kentucky.General Motors saw its quarterly profit reduced by about $1.
“Given the huge losses that these companies like Ford are suffering because of the EV mania, I saw a statistic this morning that Ford is losing something like between $40,000 and $60,000 per car,” Moore reacted. “It’s been a bad bet.”General Motors saw its quarterly profit decrease by about $1.5 billion due to the impact of selling more Electric Vehicles.The economist further argued that auto industry-wide bailouts may be likely amid companies’ EV losses.