With all of the claims about the need to replace fossil fuels with other power sources, a recent article published by The Blaze outlining the $3 billion loss Ford took with its investing in an electric car company is one other reminder it won’t come any time soon. However, it looks like the push to manufacture electric cars is being done without considering the scientific evidence and their economic impact. From The Blaze:
Despite selling its own cars and trucks at a successful clip, major U.S. automaker Ford reported significant revenue losses this week thanks to a risky investment into an electric vehicle company: Rivian.
In a press release issued this week, Ford reported $34.5 billion in revenue for the first quarter of 2022, marking a 5% decline relative to the same period last year and a net loss of $3.1 billion.
But had it not been for an ill-fated early investment in Rivian, a once-promising electric adventure vehicle” startup, the Detroit automaker said its earnings from January to March of 2022 would have been $2.3 billion.
Ford also disclosed in their press release that they took [a] net loss of $3.1 billion was primarily attributable to a mark-to-market loss of $5.4 billion on the company’s investment in Rivian. Worst of all, according to Ford’s press release, the company doubled down on its commitment to manufacturing electric vehicles:
The company has committed to reaching worldwide EV manufacturing capacity of at least 600,000 by the end of 2023, for which it’s ramping up battery supplies, on the way to making more than two million EVs annually by the end of 2026.
Last year, a study was done where scientists at U.C. Davis concluded that 1 in 5 electric car owners ended up going back to gas-powered vehicles. Not only are electric cars inconvenient, the life of the lithium used to make electric car batteries is very short and child labor is still used to mine the mineral in Congo that has abundant supplies of lithium.
In theory electric cars make sense. But they cannot be manufactured to handle the needs of people who want to own and operate their own motor vehicles, nor can they cut down on carbon emissions.