Ford cuts investment in electric car production after massive 3rd quarter loss

Ford’s much heralded electric Mustang Mach-E SUV is due in showrooms
shortly, the blue ovals second electric vehicle to hit our market. However, in news
out of Detroit Ford has cut planned investment in electric car production after its
electric car division lost 2 billion Australian dollars in the last quarter. According
to Ford it lost $57,000 Australian on each of the 20,962 electric cars it sold across
the three-month period – this despite the fact that sales of its new Mustang Mach-
E SUV increased by 42 per cent in the period to 14,842. Ford also claims new car
buyers do not want to pay more for battery powered models compared to
traditional petrol- and diesel-powered vehicles. The Ford Mustang Mach-E SUV
will be sold here in three models – the entry Select with 470km range starting at
$79,990 with the top spec GT running to $107,665.
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