Ford Motor Company revealed this week that it lost more than a hundred thousand dollars for every electric vehicle that it sold during the first quarter.
Ford’s electric vehicle unit reported a $1.3 billion loss, amounting to a $132,000 loss per electric vehicle sold during the first three months of the year, CNN reported.
The company saw a 20% decrease in sales volume and, because of low demand for electric vehicles across the industry, was forced to slash the prices of its electric vehicle offerings.
Ford said that it expects its electric vehicle division to lose $5 billion this year, an increase of $300 million from the $4.7 billion loss that it suffered last year.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andrew Puzder posted on X. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
The company announced earlier this month that it was delaying the production of two new electric vehicles and that it will instead focus on making more hybrid vehicles as consumer demand for electric vehicles continues to plummet.
“Many companies rushed in too fast with E.V.s that were too expensive and there was not as much of a market for them as they thought,” Sam Abuelsamid, principal analyst for transportation and mobility at the research firm Guidehouse Insights, told the The New York Times. “That’s made it a lot tougher to sell those vehicles.”
Numerous companies have been forced to scrap their plans to build electric cars, cancel their plans to go all electric, or in some cases are struggling just to stay in business.
Consumers regularly have complained about the high prices of electric vehicles, their quality and reliability, the lack of charging stations, the time it takes to charge them, how inconvenient they can be, and their significantly decreased performance during cold weather conditions.
Related: WATCH: Buttigieg Mocks People Who Don’t Want Electric Vehicles
