Ford will invest $30 billion in EVs, a massive infusion which will likely not result in profits for years, paid for by cutting its internal combustion business to the bone to squeeze as much profit as possible.
What was left unstated in Tavares’s comments are the disastrous conditions which have driven absences from work, above all, the explosive spread of COVID-19 and the Omicron variant.
In an indication of the unstable and even illusory character of the economic recovery in the auto industry, both Ford and GM sold fewer cars in 2021 than they did in 2020.