November 22, 2023

Biden EV Plans Take Major Hit

Joe Biden’s big plan to have nothing but electric vehicles on the road in about a decade took a major hit this week.

While Biden has been enthusiastic about EVs, the American people have not.

To that point, Ford has decided to scale back its plans because of horrible EV sales numbers.

Sorry, Joe

On Tuesday, Ford announced that the Marshall, MI, EV battery plant will resume construction, but the plans for the factory have dramatically changed.

The scope of the project has been reduced by about 40%, and the jobs that were supposed to come along with the project have also been cut, down about 30% from the original numbers.

Ford stated, "While we remain bullish on our long-term strategy for electric vehicles, we are re-timing and resizing some investments.

"As stated previously, we have been evaluating BlueOval Battery Park Michigan in Marshall.

"We are pleased to confirm we are moving ahead with the Marshall project, consistent with the Ford+ plan for growth and value creation. However, we are right-sizing as we balance investment, growth, and profitability. The facility will now create more than 1,700 good-paying American jobs to produce a planned capacity of approximately 20 GWh."

When the plant was first announced, it was projected to have a capacity of 35 gigawatt-hours and 2,500 jobs, with Governor Whitmer taking a victory lap.

At the time, she stated, "Today’s generational investment by an iconic American company will uplift local families, small businesses, and the entire community and help our state continue leading the future of mobility and electrification.

“Let’s continue bringing the supply chain of electric vehicles, chips, and batteries home while creating thousands of good-paying jobs and revitalizing every region of our state."

Ford initially pledged $3.5 billion in investment in the factory, but that funding is coming from the government, not Ford’s profits.

Ford received a $9.2 billion loan under Biden’s Energy Loan Programs Office (LPO) in June specifically for this factory.

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