At Extreme Investor Network, we pride ourselves on providing the latest and most valuable information in the business world. Today, we have some exciting news to share about Ford Motor Company and their recent decision to end their controversial electric vehicle dealership program.
Initially, Ford’s “EV-certified” program required store owners to invest over $1 million to sell electric vehicles. This program was announced in September 2022 by Ford CEO Jim Farley during a time of high demand for EVs. However, the industry’s optimism for all-electric cars and trucks has not resulted in the rapid growth that was expected.
Due to the slower-than-expected pace of EV sales, Ford has decided to sunset the Model E Dealership Program, which included about half of Ford’s U.S. dealers. This decision comes as the market experiences changing conditions and after facing lawsuits from dealers over the program.
In an effort to boost sales of their all-electric vehicles, Ford will now open up EV sales to all of its dealers. This move is expected to help grow their sales by allowing more dealers to participate in the EV market.
While dealers will still need to make investments for charging, training, and other EV-related expenses, it will not be as costly as the previous program. Initial estimates of investments between $500,000 and $1.2 million were deemed to be high, with dealers who participated in the full program averaging around $600,000 in investments.
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