Wheely Tough: Ford’s $1B EV wipeout Highlights Rough road for Legacy carmakers

By Douglas McIntyre  •  October 29, 2024

Ford’s recent quarterly earnings report reveals a 25% dip in year-over-year in profits following a previously expected $1 billion charge for canceling its all-electric three-row SUV program — another signal that traditional carmakers face steep hurdles in the EV market. The challenge was further highlighted by Volkswagen’s decision to lay off tens of thousands and close several factories. Meanwhile, Chinese EV-makers, bolstered by strong domestic support and market dominance, have sidelined U.S. and European automakers, with tariffs being the only barrier preventing Chinese EVs from flooding Western markets.

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