Just a few short years ago, General Motors and Ford were all in on electric vehicles (EVs), spending billions on those efforts. Now the two biggest American automakers are hardly talking about EVs with their investors.
TechCrunch teamed up with Hudson Labs to analyze the last seven years of GM and Ford quarterly earnings calls and found that both companies are discussing EVs at a lower rate than before the pandemic. Both have altered, delayed or abandoned plans for new EV models, prompting layoffs and scaled-back factory plans.
Jim Cain, a spokesperson for GM, said that 'quality counts more than quantity.' GM still sells EVs and has new models in its pipeline but its focus has shifted towards growth opportunities like software and services, autonomous technology, trade and regulatory policy impacts, operating performance, capital allocation, regional performance, headwinds and tailwinds.
Ford spokesperson David Tovar pointed to the company’s planned launch of its new ‘Universal Electric Vehicle’ platform next year but also mentioned that Ford has started backing away from some of its largest contemporary EV investments in favor of a skunkworks project.
