The electric vehicle push by Ford and General Motors cut into both companies' profit margins which has the automakers revising some of their EV plans to rein in costs.
The electric vehicle push at Ford and General Motors hit a speed bump that’s cutting into the automakers’ profits and causing them to reevaluate their electric vehicle plans amid a price war and supply chain challenges. 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.
5 billion because of higher costs and the impact of selling more EVs – though it doesn’t break out losses from its EV unit in the same way Ford does. GM CFO Paul Jacobson said that it would abandon an interim goal of building 400,000 EVs from 2022 through mid-2024, instead focusing on a goal of "getting to 1 million EVs of production by the end of 2025 alongside hitting our margin targets.
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