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Tesla, General Motors, and Ford have reportedly all hit the brakes on electric vehicle production, citing concerns of economic uncertainties fears of a slowdown in EV demand.
TOPSHOT – US President Joe Biden drives the new electric Ford F-150 Lightning at the Ford Dearborn Development Center in Dearborn, Michigan on May 18, 2021. The company’s vehicle deliveries also faced a downturn. Tesla reported delivering 435,059 vehicles during the period, marking it as the second-highest total ever, but it was a step down from the previous quarter and didn’t meet analyst expectations.
The company’s EV division, called “Ford Model e,” has already lost about $1.8 billion so far this year. The projected loss of $4.5 billion reportedly stems from slower-than-expected adoption of the new battery-powered vehicles.
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