Ford and General Motors Withdraw Forecasts as Customers Resist Paying Premium for EVs

📆 10/29/2023 11:49 PM
📰 SkyNewsAust

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Ford and General Motors have withdrawn their full-year results forecasts due to uncertainty over their tentative deals with the United Auto Workers and the pressure on electric vehicles as customers hesitate to pay a premium for EVs. Both automakers are facing challenges in the evolving EV market and competition from China.

On Thursday, Ford withdrew its full-year results forecast, citing"uncertainty" over its tentative deal with the United Auto Workers and warned of continued pressure on electric vehicles as customers balk at paying a premium for EVs over other models.

"A great product is not enough in the EV business anymore," Farley continued."We have to be totally competitive on cost."General Motors CEO Mary Barra "We are reducing our fixed costs by $2 billion net of depreciation and amortization as we exit 2024," Barra wrote in a letter to shareholders.

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