Ford CEO Warns US Zero-Emission Vehicle Market Share Could Halve
Ford CEO Jim Farley has warned that the US market share of zero-emission vehicles could halve due to recent policy changes. This follows the cancellation of a $143 million US plant by South Korean battery materials maker Enchem, citing a downturn in the EV market and delayed supply deals.
President Trump's policies, including the removal of the EV tax credit, are anticipated to significantly reduce EV demand in the US. This shift has led Ford's EV business to incur losses totaling $12 billion, with $2.2 billion in the first half of 2025 alone.
Enchem's decision to scrap its Tennessee plant has prompted all companies involved in the local EV value chain with Ford to reassess their strategies. The affected companies have not been specified. Meanwhile, BlueOval SK, a joint venture between SK On Co. and Ford Motor Co., is predicted to have underutilized facilities due to these policy changes.
The US EV market faces uncertainty with the potential halving of zero-emission vehicle market share. Enchem's cancellation of its US plant and Ford's significant losses underscore the impact of policy changes on the stock market today. Companies are now reviewing their strategies to adapt to this shifting landscape.
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