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Ford, GM, Mercedes come clean on EV demand weakness
Posted on 11/1/23 at 8:14 am
Posted on 11/1/23 at 8:14 am
Just looks like there are too much $$ chasing EV sales that don't exist. The EV sales that are happening are still disproportionately going to Tesla despite media outrage over Elon Musk buying Twitter.
LINK
The government is pushing EVs but consumers don't seem to really want them yet. At the same time, the government is also applying more regulatory pressure on energy providers despite knowing that EV's will increase demand for electricity. As the article states, this is a government mandated disaster in the making.
Looks like the government's battle against internal combustion cars will pretty much only help Tesla and will ultimately lead to the end of the automakers that are in bed with the UAW. Yet Tesla is owned by someone that clearly isn't a fan of current leadership in Washington or organized labor. And Ford is possibly the most woke car company on the planet.
quote:
Top executives of Ford, General Motors and Mercedes-Benz all addressed concerns over waning demand for electric vehicles this week, as the major automakers navigate losses and price wars amid an EV push that not enough consumers are buying.
quote:
On Thursday, Ford withdrew its full-year results forecast, citing "uncertainty" over its tentative deal with the United Auto Workers and warned of continued pressure on electric vehicles as customers balk at paying a premium for EVs over other models.
"It's been a challenging situation, for sure," Ford CEO Jim Farley said during the company's third-quarter earnings call after posting greater losses than expected on EVs. "Matter of fact, our business is never short of challenges, especially right now with the evolution of the EV market and new global competitors from China, as well as the technology disruptions."
quote:
GM on Tuesday withdrew its 2023 profit outlook, and CEO Mary Barra said the automaker will slow the launch of several planned EV models to cut costs.
"We are reducing our fixed costs by $2 billion net of depreciation and amortization as we exit 2024," Barra wrote in a letter to shareholders. "We are also moderating the acceleration of EV production in North America to protect our pricing, adjust to slower near-term growth in demand, and implement engineering efficiency and other improvements that will make our vehicles less expensive to produce, and more profitable."
quote:
Mercedes-Benz reported this week that its third-quarter earnings fell as margins on EVs remained lower than previously assumed.
Mercedes-Benz financial chief Harald Wilhelm noted during a call with analysts that some traditional players are selling EVs below the pricing level of internal combustion engine vehicles despite their higher production costs, saying, "I can hardly imagine the current status quo is fully sustainable for everybody.
LINK
The government is pushing EVs but consumers don't seem to really want them yet. At the same time, the government is also applying more regulatory pressure on energy providers despite knowing that EV's will increase demand for electricity. As the article states, this is a government mandated disaster in the making.
Looks like the government's battle against internal combustion cars will pretty much only help Tesla and will ultimately lead to the end of the automakers that are in bed with the UAW. Yet Tesla is owned by someone that clearly isn't a fan of current leadership in Washington or organized labor. And Ford is possibly the most woke car company on the planet.
This post was edited on 11/1/23 at 8:18 am
26
Posted on 11/1/23 at 8:18 am to member12
quote:
The government is pushing EVs but consumers don't seem to really want them yet. At the same time, the government is also applying more regulatory pressure on energy providers despite knowing that EV's will increase demand for electricity. As the article states, this is a government mandated disaster in the making.
The government wants to turn us into a 3rd world country so they can have complete control
Posted on 11/1/23 at 8:19 am to member12
Well that's all I needed to see. Pack it up boys OP has solved the EV crisis and they won't make anymore
Posted on 11/1/23 at 8:19 am to member12
Our country’s lack of infrastructure will hold us back for decades.
Posted on 11/1/23 at 8:21 am to member12
EPA is forcing the shut down of a huge coal powered unit just outside Baton Rouge in 2025. It's being replaced by solar, which takes up about 1500 acres of land to produce the same amount of electricity. If Louisiana was actually growing, we'd be totally fricked on electricity. We already kind of are as more people move to EV's.
Our energy policy is catastrophically stupid. It seems to be guided by unicorns and rainbows instead of a goal to provide reliable, cheap energy that can sustain our way of life for the next generation.
Our energy policy is catastrophically stupid. It seems to be guided by unicorns and rainbows instead of a goal to provide reliable, cheap energy that can sustain our way of life for the next generation.
Posted on 11/1/23 at 8:24 am to member12
quote:
The government pushing EVs but consumers don't seem to really want them yet. At the same time, the government is also applying more regulatory pressure on energy providers despite knowing that EV's will increase demand for electricity. As the article states, this is a government mandated disaster in the making. Looks like the government's battle against internal combustion cars will pretty much only help Tesla and will ultimately lead to the end of the automakers that are in bed with the UAW.
Found the problem
Posted on 11/1/23 at 8:28 am to GBPackTigers
quote:
Found the problem
Well played sir
Posted on 11/1/23 at 8:28 am to member12
I dunno. It's too easy of an excuse to say ...well consumers just don't want EVs.
Year over year EV sales continue to grow.
However the bigger issue to forecasted EV demand is not so much that consumers don't want EVs(except the OT), but that inflation/economic conditions, interest rate increases, the premium price tag on an EV(which lowering prices cuts into the profitablity). All of this affects sales as well and of course auto manufacturers should scale back their output of vehicles if people don't have the ability to buy them.
Out of curiosity, whats the forecasted sales of convential and hybrid sales in these same conditions? Is there growth, is there decline, or will it be stable?
Year over year EV sales continue to grow.
However the bigger issue to forecasted EV demand is not so much that consumers don't want EVs(except the OT), but that inflation/economic conditions, interest rate increases, the premium price tag on an EV(which lowering prices cuts into the profitablity). All of this affects sales as well and of course auto manufacturers should scale back their output of vehicles if people don't have the ability to buy them.
Out of curiosity, whats the forecasted sales of convential and hybrid sales in these same conditions? Is there growth, is there decline, or will it be stable?
Posted on 11/1/23 at 8:30 am to Corinthians420
quote:
Pack it up boys OP has solved the EV crisis and they won't make anymore
Well they could keep making them and keep not selling them if they want to. Would probably bankrupt them though.
Posted on 11/1/23 at 8:33 am to member12
Maybe also if an EV shopper is willing to pay a premium then they want a Tesla and not a Chevy "Blazer" with a base of 61K. While the base Bronco (not Bronco Sport) is 47K...and the bronco is a true 4x4 and not AWD like the "Blazer."
Posted on 11/1/23 at 8:35 am to member12
quote:
Looks like the government's battle against internal combustion cars will pretty much only help Tesla
This has got give Biden heartburn. As much as he hates Tesla/Musk. When you have an EV car maker summit and leave the most successful EV maker off the list shows it's a bigger agenda and not about EV cars.
Posted on 11/1/23 at 8:43 am to Puffoluffagus
Is there an EV that I can use to pull a 23’ center console, drive to Colorado or west Texas without stopping while hauling a bunch of crap? Can I drive it around the deer lease without getting stuck? Will said remote locales have charging stations (no)?
You’re damn right I don’t want an EV.
I kinda like my V8 diesel twin turbo.
You’re damn right I don’t want an EV.
I kinda like my V8 diesel twin turbo.
Posted on 11/1/23 at 8:45 am to member12
Why do EV's have a vid screen across entire dashboard and non-EV's don't? Some people like them, some think they're ugly.
Posted on 11/1/23 at 8:50 am to The Mick
It takes less than five minutes to fuel up my truck and go for close to 500 miles before I will need to stop again. Until a EV can do that, I’m not interested.
Posted on 11/1/23 at 8:57 am to Puffoluffagus
quote:Consumers definitely want EVs. Like you said, EV sales are growing every year.
I dunno. It's too easy of an excuse to say ...well consumers just don't want EVs.
Year over year EV sales continue to grow.
There's just zero point in buying some new EV from a legacy automaker when you can get an EV that is better in just about every way from an established EV company.
Posted on 11/1/23 at 8:59 am to member12
Biden’s gonna find some way to force demand.
Posted on 11/1/23 at 9:03 am to member12
All these companies just switching overnight from ICE to EV's is the weirdest thing ever.
Posted on 11/1/23 at 9:04 am to Darth_Vader
quote:
It takes less than five minutes to fuel up my truck and go for close to 500 miles before I will need to stop again. Until a EV can do that, I’m not interested.
Same. Gas isn't really a big expense for us either. I really have zero motivation or desire to buy an EV.
Posted on 11/1/23 at 9:05 am to Darth_Vader
quote:
It takes less than five minutes to fuel up my truck and go for close to 500 miles before I will need to stop again. Until a EV can do that, I’m not interested.
This is essentially the deal breaker for me. There are a line of reasons I don't want an EV, but this is the top of that list. There are so many down sides and inconveniences with EV's that it flat will never work.
Posted on 11/1/23 at 9:06 am to Havoc
quote:
Biden’s gonna find some way to force demand.
I’m sure he will try. One of the characteristics of Marxists is their dedication to repeatedly trying to artificially control supply and demand and the economy as a whole. That is one of the cornerstones of socialism after all. Every time it’s been tried, it’s failed. But that doesn’t stop them from trying again.
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