Ford reports massive loss from electric car gambling – Big boost from that?

Essay by Eric Worrall

h/t Dr. Willie Soon; Ford claims supply chain issues are preventing it from meeting market demand for electric vehicles.

Ford reports serious losses thanks to electric car gambling game

via Star News Staff | May 3, 2022
by Thomas Catenacci

Major US carmaker Ford has blamed its massive investment in electric vehicle (EV) company Rivian for the company’s massive drop in revenue in the first quarter of 2022.

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

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Rivian posted its own massive profit and loss, and its share price has decline nearly 70% in the past six months. Ford’s value is about 102 million won Shares of Rivian have fallen from about $17.5 billion to $3.2 billion since November.

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However, Rivian CEO RJ Scaringe recently suggested that the supply chain for EV batteries is still far behind what needs to be achieved to achieve many of the goals promoted by Western governments, the WSJ. report.

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

Ford’s official statement of their financial loss is available here.

Let’s hope US Secretary of Transportation Pete Buttigieg completed his full maternity leave, so he could fix those Rivian EV battery supply chain problems.

Of course, Buttigieg might need much more magical than Lithiumbut I’m sure Buttigieg and Biden have a plan to address the Lithium shortage, right?

Correction (EW): Fixed first paragraph, an older draft was accidentally published, incorrectly indicating the problem was low demand for electric vehicles.