Part 7/10:
As the cost of raw materials soared and customer demand dulled, Ford responded to the pressure by slashing prices on its electric trucks. This move only compounded its losses, culminating in a staggering $1.3 billion loss reported by the EV unit in the first quarter of 2024—translating to about $130,000 lost for each electric vehicle produced.
Further, by 2024, the EV sector forecasted losses of $5 billion, prompting Ford to cut production and spending on electric vehicles. This adjustment starkly contradicted the industry's previous consensus that EVs were the future, exposing a rapidly cooling market for electric models.