Explore the latest developments concerning Ford’s New EV.
Ford’s New EV Plan Already Doomed
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The Wall Street Journal asked Hyundai Motor CEO José Muñoz if American car companies can make EVs to compete with Chinese ones. “It is impossible, unless they are subsidized by the government,” he said. The chances that the US government will do that are zero. It would have to hand out billions of dollars like it was candy. A new Wall Street Journal profile of Ford’s semi-secret EV project shows that Muñoz is absolutely correct.
The Ford (NYSE: F) plan is yet another blunder by CEO Jim Farley, who has led Ford through failed EV projects since his company said in 2021 that the No. 2 car company would invest $20 billion by the end of 2025. The goal was to reach 40% of Ford's sales from EVs by 2030. Farlay said when the plan was announced, “This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands."
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