Ford Motor Company revealed this week that it lost more than a hundred thousand dollars for every electric vehicle it lost during the first quarter.
Ford’s electric vehicle unit reported a loss of $1.3 billion, equivalent to a loss of $132,000 per share. electric vehicle sold during the first three months of the year, CNN reported.
The company experienced a 20% drop in sales volume, and due to low demand for EVs across the industry, it was forced to cut the prices of its EVs.
Ford said it expects its electric vehicle division to lose $5 billion this year, up $300 million from the $4.7 billion loss it suffered last year.
“Americans don’t want EVs at levels Biden’s climate hysteria demands,” wrote businessman Andrew Puzder on X. “Ford’s EV Q1 loss soared to $1.3 billion — a ridiculous $132,000 per EV sold. All of Ford’s profits came from vehicle sales with internal combustion engines. Collectivist policies destroy prosperity.”
The company announced earlier this month that it is delaying production of two new electric cars and will instead focus on making more hybrids as consumer demand for electric cars continues to decline.
“A lot of companies rushed in too quickly with EVs that were too expensive and there wasn’t as much of a market for them as they thought,” Sam Abuelsamid, principal analyst for transportation and mobility at research firm Guidehouse Insights, told The New York Times. “It has made it much more difficult to sell these vehicles.”
Several companies have been forced to scrap plans to build electric cars, cancel plans to go all-electric, or in some cases just struggle to stay in business.
Consumers have regularly complained about the high prices of electric vehicles, their quality and reliability, the lack of charging stations, the time it takes to charge them, how inconvenient they can be, and their significantly reduced performance in cold weather conditions.
Related: WATCH: Buttigieg mocks people who don’t want electric vehicles
