Major Automaker Reports Massive Loss From Electric Vehicles

The head of one of the nation's leading car-making companies discussed the potential reasons electric vehicles (EVs) might not immediately resonate with buyers.

"We’re going into the mass consumers who have a lot of charging anxiety," mentioned Ford CEO Jim Farley, elaborating on the increased emphasis on EVs.

Farley was a guest on "Special Report" on Tuesday, addressing the topic of EVs at a time when their popularity hasn't fully skyrocketed.

"They [consumers] don’t have range anxiety, they have charging anxiety," Farley reiterated.

The CEO of Ford implied that customers are "not willing to pay a premium" for electric vehicles, even though there's a greater selection available now than before.

"Some customers who have the right duty cycle are really interested, but the price premium that we see a year ago is not there today," he continued.

Ford Motor Company has revealed an anticipated loss of $4.5 billion this year from its electric vehicle segment, even with a rise in overall revenue.

The American car manufacturer's EV branch, named "Ford Model e," has already reported a loss of $1.8 billion this year, as stated by Fortune.

"We’re going to offer customers a choice. We’re going to have a growth story for all three of our businesses, including our pro-business, and we’ll have the customer choose," Farley said in a segment with Fox News’ Bret Baier.

"The F-150 Lightning is the best-selling electric pickup in the U.S. and for those customers, it works great, but it’s not for everyone," he continued.

Last year, President Biden hosted leaders from the country's top car manufacturers at the White House to converse about his visionary plans for EVs.

This year, in April, the White House unveiled its strategy for the EV Acceleration Challenge, aligning with the president's aim to achieve 50% of all new vehicle sales as electric by 2030. By 2024, Ford anticipates manufacturing 600,000 electric vehicles annually.

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