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It Will Be Years Before EVs Are As Affordable As Gas-Powered Vehicles, Auto Exec Says

by The Daily Caller
June 1, 2023 at 1:10 pm
in News, Wire
235 17
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Automaker Won’t Build Electric Vehicles in US Because Workers Make More Flipping Burgers at McDonald’s

PARIS, FRANCE - OCTOBER 17: An electric plug in station for Peugeot 408 electric vehicle is on display during the "Mondial de l'Automobile" at the Parc des Expositions on October 17, 2022 in Paris, France. After a long four-year break due to the covid health crisis, the 89th Paris Motor Show 2022 opens its doors this Monday, against a backdrop of the automotive crisis and the electrification of the European sector, without most of the manufacturers Germans. (Chesnot/Getty Images)

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Ford CEO Jim Farley told investors on Wednesday that electric vehicles would likely continue to be more expensive than their gas-powered counterparts until after 2030 at the earliest, Reuters reported.

While some industry analysts have predicted costs could come down as soon as 2025, Farley has taken a more conservative approach and estimates that at least two more generations of EV technology — likely to enter production late in the current decade — for labor and production costs to decline far enough for EVs and gas-powered cars to reach price parity, according to Reuters. Ford lost just over $60,000 on each electric vehicle it sold in the first three months of 2023, in part due to the high fixed costs of vehicle production.

Farley also noted that the company could monetize electric vehicles in other ways, including by offering insurance, and save costs by selling cars online, according to Reuters. The company’s chief financial officer, John Lawler, previously told the outlet that it expects to start turning a profit on its electric vehicle division by the end of next year.

The Ford chief also said he believed that “collaboration is essential” between EV makers, particularly for smaller firms that lacked the resources to construct their own independent EV charging networks and other large-scale tech systems, Reuters reported. He cited his company’s announcement last week that its electric vehicles would gain access to 12,000 Superchargers in Tesla’s charging network, and that all future Ford EVs would be compatible with Tesla’s North American Charging Standard power plugs, as an example of the “acceleration of cooperation” occuring in the EV market.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tags: DCNFelectric-vehiclesU.S. News
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