Ford and General Motors are continuing to invest billions in next-generation internal combustion engine vehicles, particularly trucks, which generate huge profits for the brands.
"In Ford Blue, the team is focused on capitalizing on our red-hot product lineup," Ford CEO Jim Farley said during the company’s first-quarter earnings call, referring to top-selling models like the gas and diesel-powered versions of its best-selling F-Series truck lineup.
Ford CEO Jim Farley said electric pickups aren't suited for all customers, which is why it will continue to build gas and diesel trucks. "ICE vehicles have several advantages to consumers, but to automakers their biggest advantage is that they are highly profitable, particularly for trucks and SUVs. Models that are already in market, that are built at existing plants and with existing technology, are helping to fund R&D into EVs, which have the opposite business profile. EVs are mostly new models and platforms built in new plants because the technology of batteries is new in the automotive world.
"SUVs were far more profitable than sedans. At some point, it becomes profitable only for a small handful of automakers to continue offering something. Consumers can still find compact and midsize sedans today, but the choices are far more limited than they were a decade ago. In the same way, internal combustion vehicles will be around for many more years to come, but choices will start to dry up.
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