Ford is delaying about $12 billion in planned investments on EVs, including construction of a second battery plant with joint venture partner SK On due to softening demand for higher priced premium electric vehicles. CFO John Lawler emphasized Thursday during the company's third-quarter earnings call that the company wasn't backing away from its next-generation EV vehicles. However, he along with CEO Jim Farley acknowledged that while EV sales have grown, consumers aren't willing to pay a premium for an EV over a gas or hybrid vehicle. That price pressure has squeezed profits, and in the case of Ford's EV business caused losses to grow. While, overall, Ford is still wildly profitable, those earnings are coming from its commercial product and services business known as Ford Pro and sales of its iconic gas and hybrid vehicles, which falls under its Ford Blue unit. The company's Model e unit ' the business dedicated to EVs ' is another story. Ford reported a $1.3 billion loss in the...
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