The “Big Three” — Ford, General Motors, and Stellantis — have had a tough go of things lately. The recently concluded strikes by their employees were perhaps the most visible indication that all is not roses in U.S. Autoland, but there is a larger problem. That problem is summarized by the following headline from the Wall Street Journal: “Automakers Have Big Hopes for EVs; Buyers Aren’t Cooperating.”
The financial results of weak EV sales have been devastating for the Big Three. Ford reported a third-quarter operating loss of $1.3 billion in its EV division. Since it sold 20,962 EVs in the third quarter, the per-unit loss on each of those vehicles is an eye-popping $62,016. Ouch!
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