Ford takes new risk after company suffers billions in losses: 'The most radical redesign of how we manufacture cars'
"We tore up the moving assembly line that you see here today and we came up with a brand-new concept," Ford CEO Jim Farley said at a plant in Louisville, Kentucky, per the Times. "This is the most radical redesign of how we manufacture cars since the Model T."
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In 2021, the year after Farley took over as CEO, Ford came out of the gates fast with an ambitious plan to expand its EV lineup, releasing all-electric versions of its popular Mustang sports car and F-150 pickup. At the time, the company appeared poised to challenge Tesla for EV dominance in the U.S. market.
However, in the years since, Ford's EV wing has suffered massive losses while Tesla has managed to significantly drop the price of its vehicles, making it more difficult for Ford to compete. According to the Times, Ford's EV division has lost an eyewatering $12 billion, including $2.2 billion in the first six months of 2025.
Despite these losses, the U.S. electric vehicle market has demonstrated signs of consistent growth in recent years. For the first three months of 2025, EV sales in the U.S. increased by 11.4% compared to the previous year, with nearly 300,000 EVs sold, according to Cox Automotive.
After previously announcing cutbacks to its EV program, Ford said it will be shifting to lower-cost materials, which should lower vehicle prices and help Ford better compete with new EVs coming out of China.
"I'd say this puts them within spitting distance of the Chinese," Sandy Munro, an auto consultant and engineer, said of Ford's cost-saving moves, per the Times.
Despite the billions of dollars at stake, Farley sought to manage expectations.
"We are doing so many new things I can't tell you with 100 percent certainty that it will all go just right," Farley said, per the Times.
If all goes well, having more affordable EVs on the market would be a win for consumers and the planet. In addition to their environmental benefits, electric vehicles can help consumers save significant amounts of money on gas.
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Driving an EV can save people up to $2,200 every year on fuel costs, according to the Department of Energy.
Installing solar panels allows drivers to take the cost savings of an EV even further. Charging off home solar is cheaper than off-grid or at a public charging station, and it comes with the added benefit of knowing that the vehicle is powered by cleaner, renewable energy from the sun.
EnergySage offers free tools that make it easy to compare quotes among vetted local installers, while also identifying available tax credits and other incentives, saving customers up to $10,000.
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
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