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Ford Cuts Battery Orders as EV Losses Top $100,000 Per Car [BNN Bloomberg (Canada)]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
Ford continues to maintain partnerships with its battery suppliers, which include South Korea's SK On Co. and LG Energy Solution Ltd., as well as China's Contemporary Amperex Technology Co. Ltd., said the people, who asked not to be identified revealing internal decisions. The move is part a retrenchment of Ford's EV strategy, which includes reducing spending by $12 billion on battery-powered models, delaying new EVs, cutting prices, and postponing and shrinking planned battery plants. Ford has forecast EV losses of up to $5.5 billion this year and Chief Executive Officer Jim Farley recently said its EV unit, Model e, “is the main drag on the whole company right now.” A spokesman for Ford said the company typically doesn't comment on relationships or terms with suppliers. CATL said its “cooperation with Ford is moving forward as normal” without elaborating. SK On and LG said their contracts with Ford remain in effect but didn't immediately address the prospect of order changes.
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