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Just like Fords “Edsel” model in the 1950s, Trump administration economist Steve Moore cautioned that electric vehicles (EVs) may be the auto market’s “next big flop.”

“Henry Ford’s son was named Edsel, and this was going to be the great car, all of the executives said, ‘This is the car everybody’s going to want to buy.’ Ford made 500,000 of these new sedan cars, but guess what?” Moore said on “Varney & Co.” Monday. “Nobody bothered to ask consumers whether they wanted the car.” 

“And of course, the Edsel was one of the great flops of all time,” the economist continued. “I’m here to tell you, if these trends continue, we’re going to see the EV market become the next big flop because car buyers don’t want them.”

Moores comments come as the EV push at Ford and General Motors hit a speed bump thats cutting into the automakers profits and causing them to reevaluate their electric plans amid a price war and supply chain challenges.

Ford noted in its earnings report released last week that its EV unit posted a quarterly loss before interest and taxes (EBIT) of $1.33 billion an acceleration after a loss of $1.08 billion in the prior quarter. It added that its cutting production of its Mustang Mach-E while scaling back about $12 billion in planned investments in the EV segment, including delaying its second battery plant in Kentucky.

General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs, though it doesnt break out losses from its EV unit in the same way Ford does.

GM CFO Paul Jacobson said that it would abandon an interim goal of building 400,000 EVs from 2022 through mid-2024, instead focusing on a goal of “getting to 1 million EVs of production by the end of 2025 alongside hitting our margin targets.”

“Given the huge losses that these companies like Ford are suffering because of the EV mania, I saw a statistic this morning that Ford is losing something like between $40,000 and $60,000 per car,” Moore reacted. “It’s been a bad bet.”

The economist further argued that auto industry-wide bailouts may be likely amid companies EV losses.

“The federal government is also already offering all of these sweeteners to get people to buy electric vehicles. You get a $7,500, basically, check from the government every time you buy an EV. Let’s not forget that we’re subsidizing the battery companies, all of these things,” Moore noted.

“The taxpayers are paying for these things,” he added. “And yet the most amazing thing is, even with all these sweeteners, Americans are still saying, I don’t want them.”

Speaking to car dealers around the country, Moore reported that their lots “are full of EVs” and only 10% of clients purchase EVs off the lot today.

“I think the car companies would be smart going to hybrids where you can have gas and an electric battery,” the economist and adviser suggested. “But the car companies aren’t making those cars. And the reason they aren’t making them is because the government has increasingly mandate[d] that all cars be EVs.”

FOX Business Eric Revell contributed to this report.

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Politics

Zelenskyy says he is ‘truly thankful’ to US after Trump row – as he arrives in UK for summit

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Zelenskyy says he is 'truly thankful' to US after Trump row - as he arrives in UK for summit

Volodymyr Zelenskyy has said the Ukrainian people “are truly thankful” for US support, hours after talks with Donald Trump descended into a row at the White House.

During a disastrous meeting with Mr Trump, the Ukrainian president was asked by vice president JD Vance, “have you said thank you once?”

In a lengthy social media post, Mr Zelenskyy said: “I always begin with words of gratitude from our nation to the American nation”.

The Ukrainian president insisted the US-Ukraine relationship “is more than just two leaders” but it was “crucial” for his country to have Mr Trump’s support.

He added: “American people helped save our people. Humans and human rights come first. We’re truly thankful. We want only strong relations with America, and I really hope we will have them.”

Ukraine latest: Zelenskyy says Ukraine should be ‘not forgotten’

Mr Zelenskyy will meet Sir Keir Starmer in Downing Street on Saturday afternoon after his plane landed at Stansted Airport.

It comes ahead of a major summit hosted by the UK prime minister on Sunday, where more than a dozen European and EU leaders including Mr Zelenskyy will meet to discuss the Ukraine war and security.

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Zelenskyy’s plane lands in UK

The Ukrainian president had travelled to Washington DC to attempt to secure a ceasefire agreement after three years of war with Russia and a possible mineral deal with the US.

The meeting descended into a shouting match in front of cameras and journalists.

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Watch Trump and Zelenskyy clash

Mr Vance told Mr Zelenskyy: “I think it’s disrespectful for you to come to the Oval Office to try to litigate this in front of the American media.

“You should be thanking the President [Trump] for trying to bring an end to this conflict.”

The US and Ukrainian leaders find themselves further apart than ever.
Pic: Reuters/Brian Snyder
The US and Ukrainian presidents had a fiery row at the White House - in front of the world's media.
Pic: Reuters/Brian Snyder
Image:
Mr Zelenskyy and Mr Trump clash. Pics: Reuters

‘You’re gambling with World War Three’

The Ukrainian president tried to object but Mr Trump spoke over him and told him: “You’re gambling with the lives of millions of people.

“You’re gambling with World War Three, and what you’re doing is very disrespectful to the country, this country that’s backed you far more than a lot of people say they should have.”

Mr Zelenskyy defended himself and his country, openly challenging Mr Trump on his softer approach to Vladimir Putin and urging him to make “no compromises with a killer”.

More from Sky News:
How Starmer secured wins at the White House
Inside the Oval Office with Trump and Starmer

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Trump and Zelenskyy’s body language analysed

European leaders express support for Zelenskyy

After the row, Mr Trump told his Ukrainian counterpart to leave the White House, according to a US official, leaving the minerals deal in limbo.

European leaders expressed their support for Mr Zelenskyy ahead of the UK summit on Sunday.

France’s Emmanuel Macron, Germany’s Olaf Scholz, and Poland’s Donald Tusk all shared social media posts expressing their support.

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Sports

Auburn’s Freeze diagnosed with prostate cancer

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Auburn's Freeze diagnosed with prostate cancer

Auburn football coach Hugh Freeze was recently diagnosed with prostate cancer and is expected to make a full recovery after doctors detected the disease in its early stages, the school announced Friday.

Freeze, 55, will continue coaching the Tigers while receiving treatment, Auburn officials said in a statement.

“Recently, Coach Freeze was diagnosed with an early form of prostate cancer,” the statement said. “Thankfully, it was detected early and his doctors have advised that it is very treatable and curable. He will continue his normal coaching duties and responsibilities, and with forthcoming proper treatment, is expected to make a full recovery.

“Coach Freeze is incredibly appreciative of our medical professionals and has asked that we use his experience as a reminder of the importance of prioritizing and scheduling annual health screenings.”

The Tigers are scheduled to start spring practice March 25.

Freeze’s teams went 11-14 (5-11 SEC) in his first two seasons, including a 5-7 campaign in 2024. With the additions of transfer quarterback Jackson Arnold (Oklahoma), wide receivers Eric Singleton Jr. (Georgia Tech) and Horatio Fields (Wake Forest), offensive tackle Xavier Chaplin (Virginia Tech), and others, the Tigers are expected to be much improved this coming season.

At Liberty, Freeze coached from a hospital bed set up in the coaches’ box during the Flames’ 24-0 loss to Syracuse in his debut on Aug. 31, 2019. Freeze was recovering from surgery for a herniated disk in his back and a staph infection.

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UNC GM confirms talks amid ‘Hard Knocks’ link

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UNC GM confirms talks amid 'Hard Knocks' link

North Carolina football general manager Michael Lombardi acknowledged that the program, under new coach Bill Belichick, is considering a behind-the-scenes look at the team amid a report that the Tar Heels could be the focus of HBO’s “Hard Knocks: Offseason.”

“There’s a lot of conversations going on right now about that,” Lombardi said on “The Pat McAfee Show” on Friday. “We’ve had a lot of offers from people all over to come in and look at our program and kind of do the behind-the-scenes things, but I don’t think anything’s yet been official or signed.”

Lombardi was asked about a Front Office Sports report that North Carolina would be featured on the show that debuted last year with the New York Giants and is an offshoot of long-running HBO series “Hard Knocks.” He said it would be a university decision but added that “Hard Knocks” does an “incredible job.”

Belichick was hired as North Carolina coach in December for his first foray into the college ranks, and he brought on Lombardi to serve as the team’s general manager.

Lombardi said the possibility of getting a look at how Belichick runs the team would be compelling.

“There’s not many times you can have the greatest coach of all time take you into a meeting,” Lombardi said.

Belichick never took part in “Hard Knocks” during his NFL coaching career, as the New England Patriots were never selected for the program, which debuted in 2001.

According to Front Office Sports, North Carolina was chosen, in part, due to reluctance from NFL teams to participate in the offseason version of the show after the Giants drew scrutiny due largely to revelations related to their decision not to re-sign running back Saquon Barkley.

“If you’re doing ‘Hard Knocks,’ you’ve gotta really be able to teach a class … on how this all happens,” Lombardi said.

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