Ford Announces Billions of Dollars in Losses on Electric Vehicle Range—Worse Than Expected

There is more bad news for electric vehicle manufacturers. After declaring its annual results a success, Ford has revealed that it incurred a loss of $4.7 billion on its electric vehicle range, more than the $4.5 billion the company predicted in the middle of last year.

The company's annual summary states: Ford Model e’s wholesales and revenue were both up at double-digit full-year rates. The startup segment incurred a full-year EBIT loss of $4.7 billion, reflecting an extremely competitive pricing environment, along with strategic investments in the development of clean-sheet, nextgeneration EVs.

Sales volumes of the F-150 Lightning pickup and Mustang Mach-E SUV both were up yearover-year and respectively the top-selling electric pickup and No. 3 most popular EV of any typein the U.S. for 2023.

Such failures have become a common occurrence for many electric vehicle companies, despite the Biden administration providing billions in government subsidies and favorable industry regulations. Ford's biggest rival, General Motors (GM), incurred losses of approximately $1.7 billion in its electric vehicle division during the final quarter of 2023 alone.

All this is not to say that all-electric vehicles are a busted flush. Companies such as Elon Musk's Tesla continue to thrive despite the challenging environment.

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Kerry Now Facing Oversight Investigation, Lawsuit Over Secretive Office, Meetings With Climate Activists

Climate czar John Kerry is leaving his job with the Biden administration, as we reported. He’s exiting that job to work for Joe Biden’s reelection campaign. But hopefully, they will both get tossed out of their “jobs” with the vote in November.

But there's news that's not good for Kerry, and I wonder if it may have anything to do with him heading for the exits.

The House Oversight Committee has launched an investigation into Special Envoy for Climate Kerry for frequently meeting with climate and environmental activists. Comer demanded unreacted documents and communication related to Kerry's "collusion with leftist environmental groups," as well as information about Kerry's secretive office, known as SPEC, and the payroll. He's looking for everything since Kerry came in three years ago and demanding that they turn it over by Feb. 21.

Comer said he was concerned about all the "off the record" discussions with these groups.

Comer said that the SPEC Office hasn't released any information related to ethical or financial disclosures in regard to anyone they may have hired for the past three years. The SPEC has a huge annual budget of about $13.9 million, and Kerry can hire 45 staffers. Yet there appears to have been no compliance with any oversight measures, which raises a lot of questions about potential conflicts of interest or influence peddling.

Not only is the House Oversight Committee investigating SPEC, an energy watchdog group has filed a FOIA lawsuit against the Biden administration.

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