Electric vehicles can’t keep being money losers in perpetuity, but for the time being, that’s exactly what they are.
In a wide-ranging interview, Ford CEO Jim Farley touched on the difficulties facing the electric vehicle market. Originally touted as the next big thing in the auto industry, new models have struggled to gain market share beyond early adopters. As a result, sales have languished. That’s left automakers, like Ford, to figure out how to invest in an emerging technology that will prove critical to the future, despite it currently being unprofitable. It is “undeniable” that Ford’s electric vehicles will have to eventually become a money-making enterprise, the CEO said.
