Jason⬜ Beck on LinkedIn: Ford pushes back EV target, warns of wider losses due to… (2024)

Jason⬜ Beck

Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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Ford Motor Company lost a billion on EV vehicles based on their earnings report this week. Whereas they made $2B+ off ICE vehicles. They point adoption challenges and thus pushing back their EV target goals. It's interesting because Tesla Model Y has been the best selling car of the year so far even beating the legendary Toyota Motor Corporation Corolla in the US. Analysts have stated they expect Ford Motor Company to adjust their EV strategy. The product itself has been rated really well but in a study before the public launch, 57% of their owners have stated they have no interest in the EV version. #ev #ford #tesla

Ford pushes back EV target, warns of wider losses due to slower-than-expected adoption cnbc.com

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Tractor Supply Company is among the top 40 retailers in America regardless of focus and sources volume from a wide array of retailers such as Petco and Dollar General . This is topic to watch, especially in an election year. I’ve never seen such wide array of headlines on this pullback OR shift in priorities depending on who you ask…. I’m sure there is more behind the scenes but its a question of are you driven by your purpose or the circ*mstances esp when the majority of your core consumers lean strongly one way. However we know humans can justify anything with words, esp press releases.“In addition, it will no longer sponsor “nonbusiness” activities such as pride festivals and voting campaigns and return its focus to “rural America priorities,” such as education, animal welfare, veteran causes and “being a good neighbor.” And land and water conservation efforts are now a priority, as it withdraws previous carbon emission goals. The company’s DEI and ESG goals were codified in September 2021.Tractor Supply reacted post-haste after Robby Starbuck, with some 500,000 followers on Twitter/X, launched a campaign on June 6 calling for a boycott of Tractor Supply. He and his team determined the company’s existing DEI and ESG policies didn’t align with the priorities of the company’s more conservative customer base.”#retail #DEI #ESG

    Tractor Supply’s Retreat on Diversity Has Black Farmers Fuming bloomberg.com

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Thoughts? I especially love it when a brand just changes one tiny element then writes a 100 page essay to glorify the vital need to make that tiny tweak. This one is a bit more than that though."Verizon is a strong, trusted brand that plays a critical role in people's lives, but most of what we do is often invisible and behind the scenes. We want to make the invisible, visible," Verizon Chief Marketing Officer Leslie Berland said in a press release. "The new logo, design system and creative approach pulls inspiration from the company's heritage while infusing the energy, vibrancy, and experience of life powered by everything Verizon offers." #logos #branding

    • Jason⬜ Beck on LinkedIn: Ford pushes back EV target, warns of wider losses due to… (8)

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Bandit Running : Fantastic commentary by my close friend Jordan Rogers on the brand you haven't heard of but possibly spoke the loudest recently at Olympic Trials.... He posts lots of great content and I will reduce my fee of introducing you to him if interested. He works with many college and pro brands but even better human imo. (I only pick the best)

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Why the inventor of the most popular toy in China last summer hardly made any money. (via Fortune <2mins)

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Dell Technologies this surprised me to be honest. #returntooffice

    Almost half of U.S. Dell employees would rather work from home than get promoted fortune.com

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    DATE NIGHT: Netflix co founder Mark Randolph wrote the below as his definition of success and it has to deal with his wife not earnings report. He also founded 6 other companies. #datenight #worklifebalance

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Many consider USA's win over Pakistan bigger than the "Miracle on Ice" upset of USA Hockey over the Soviets. Yet OUR captain has a full-time job at Oracle ... Sunday they play the world's number 1 team, India.

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  • Jason⬜ Beck

    Fortune 100 CPG & Retail Marketer: PepsiCo, Walmart, Merck, and CPG startup

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    Costco Wholesale ... was a matter of when, not if. For context, Walmart made a little under $3B off of their network last year which is less than 1% of their total revenue.

    Costco is building out an ad business using its shoppers’ data marketingbrew.com

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Jason⬜ Beck on LinkedIn: Ford pushes back EV target, warns of wider losses due to… (29)

Jason⬜ Beck on LinkedIn: Ford pushes back EV target, warns of wider losses due to… (30)

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Jason⬜ Beck on LinkedIn: Ford pushes back EV target, warns of wider losses due to… (2024)

FAQs

Why is Ford cutting back on EVs? ›

Ford officials say they have cut thousands in costs from their EVs to try to make them profitable, but they've also had to slash prices to remain competitive against market leader Tesla Inc., which has aggressively discounted its models.

How much does Ford lose per EV? ›

The 2024 Ford F-150 Lightning Platinum electric pickup truck.

What are the financial losses of Ford? ›

Losses double

Earnings before interest and taxes (EBIT) for Ford Model e in the first quarter checked in with a $1.32 billion loss. A source told Bloomberg recently that Ford's losses per EV topped a staggering $100,000 during the first quarter, which was reportedly more than double the loss per EV last year.

What is Ford's EV strategy? ›

A key part of Ford's goal to drive the adoption of electric vehicles is to target the large market for fully electric commercial vans and pickups. Ford is planning to bring the benefits of electric vehicles to these customers with an accessible price point, improved productivity, and lower cost of ownership.

Why is no one buying EVs? ›

The most obvious reason for consumer disenchantment is the hassle of charging EVs. Few drivers are willing to plan their lives around finding a charging station and waiting around for their battery to top up. During the nation's recent Arctic blast, motorists found that getting a full charge took even longer.

Did Ford lose $130000 on every EV it sold in the first quarter? ›

Ford's electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

What is the downfall of owning an electric car? ›

Pros and cons of electric cars
Pros Of Electric CarsCons Of Electric Cars
Electric cars are energy efficientElectric cars can't travel as far
Electric cars reduce emissions"Fueling" takes longer
Electric cars require lower maintenanceElectric cars are sometimes more expensive

Why are electric cars losing money? ›

EV depreciation is also impacted by a volatile market. Reports of less-than-ideal residual values for EVs can impact market confidence, producing a negative feedback loop that further pushes average values down. For many potential EV buyers, there's also the question of how long the battery will last.

Is Ford struggling financially? ›

Ford Motor Co. said Tuesday it lost $526 million in the fourth quarter of 2023 on increased revenue of $46 billion because of changes to pensions and post-retirement benefits following the United Auto Workers' 41-day strike at the company.

Why is Ford declining? ›

The drop from 184,002 vehicles to 179,588 came from declines for F-Series trucks, Broncos and other SUVs. Auto prices are declining, and automakers, including Ford, said they are increasing incentives, but rising interest rates still have kept monthly payments high.

Is Ford in huge debt? ›

The Ford Motor Company reported total debt around 149.2 billion U.S. dollars in 2023. Total debt comprises automotive debt, credit debt, and other debt.

Is Ford abandoning electric vehicles? ›

Ford is not giving up on EVs — and has Elon Musk's 'affordable Tesla' in its sights.

Why is Ford losing money on EVs? ›

Ford blames the losses on the price cuts it made to its EVs in response to changing market conditions. With the battery-electric space continuing to grow, Ford may find itself in a position to need to cut prices again—something it appears that the automaker quite literally cannot afford to do.

What is Ford's best selling EV? ›

The Ford E-Transit was America's best-selling electric van with total first half sales of 6,301, more than double the amount sold during the first half of 2023. During Q2, E-Transit sales were up 96 percent. This represents E-Transit's best quarterly sales since its debut in 2022.

Why people are not switching to EVs? ›

The problem was that EVs were considerably more expensive than their conventional counterparts. There were savings in operation due to lower maintenance, and the electricity generally costing less than gas, but that usually was not enough to offset the higher purchase price.

Is Ford pulling out of electric vehicles? ›

Ford appears to be pinning its short-term hopes on hybrid electric vehicles, sales of which it expects to grow 40 percent in 2024. Despite all the electric doom and gloom, Ford said it's still committed to EVs, and that it expects the Model e business will grow in 2024, too.

Is Ford pulling out of EV shifts to hybrids? ›

Ford Motor is delaying production of an all-electric SUV and pickup truck. The automaker is instead focusing on offering hybrid options across its entire North American lineup by 2030.

Why is Ford discontinuing their cars? ›

EV Revolution

The global push toward electrification and the rapid rise of EVs played a pivotal role in Ford's shift away from cars. With the growing concern for climate change and the need for sustainable transportation solutions, automakers have embraced EVs as the future of mobility.

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