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Ford reports devastating losses thanks to a game with electric vehicles – wat with that?

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Essays by Eric Warrall

h / t Dr. Willie Fast; Who would have guessed that focusing investment on useless electric cars, hardly anyone needs, would lead to “devastating” financial losses?

Ford reports devastating losses thanks to the Electric Vehicle Gamble

on Star News staff | May 3, 2022
Thomas Katenachi

Major US automaker Ford has blamed its significant investment in Rivian’s electric vehicle (EV) for a sharp drop in revenue in the first quarter of 2022.

Ford reported $ 34.5 billion in revenue from January to March, down 5% from the same period in 2021 and a net loss of $ 3.1 billion. according to to the company’s earnings report released on Wednesday. The Detroit automaker said its large investment in Rivian was a loss of $ 5.4 billion in the first quarter.

Rivian reported significant losses in its own profits and the value of its shares fell sharply almost 70% in the last six months. The cost of the Ford is approx 102 million Since November, shares of Rivian have fallen from about $ 17.5 billion to $ 3.2 billion.

However, Rivian CEO RJ Scaringe recently suggested that the battery supply chain for EVs is still far behind where it should be to achieve the many goals set by Western governments, the WSJ reported.

Read more: https://thestarnewsnetwork.com/2022/05/03/ford-reports-devastating-losses-thanks-to-electric-vehicle-gamble/

Ford’s official statement about their financial losses is there available here.

Hopefully the US Secretary of Transportation Pete Butizig has completely completed his maternity leave, so he can fix these problems with the supply chain of Rivian EV batteries.

Of course, Butigig may be needed magic is much more lithiumbut I’m sure Butygy and Biden have a plan to address the lithium deficiency, right?