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.
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.
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.”
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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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0:28
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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10:47
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.”
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”.
Tonight’s BRIT Awards are shaping up to be a big night for female British artists, including Charli XCX and Dua Lipa.
The ceremony, which is taking place at London’s O2 Arena, will see artists who are currently dominating the charts come together to celebrate the best in popular music.
Leading nominations with five nods is Charli XCX, whose sixth album Brat was a viral hit last year.
Dua Lipa closely follows with four nominations – along with 2024 rising star winners The Last Dinner Party, and 2023 Mercury Prize winners Ezra Collective.
It will be his first time at the helm in four years, but fifth in total, after taking on the role for four consecutive years from 2018 to 2021.
Image: Host Jack Whitehall. Pic: John Marshall/JMEnternational
There are 16 categories for awards this year, including the big one – album of the year.
In the running for this is Charli XCX – BRAT, The Cure – Songs Of A Lost World, Dua Lipa – Radical Optimism, Ezra Collective – Dance, No One’s Watching and The Last Dinner Party – Prelude to Ecstasy.
Other awards up for grabs include: Artist of the year, group of the year, best new artist, song of the year, international artist of the year, international group of the year, international song of the year, alternative rock act, hip-hop/grime/rap act, dance act, pop act and R&B act.
Last year’s ceremony saw singer-songwriter Raye dominating, with a record number of six wins including a clean sweep of the big three; best artist, best song and best album.
This year, the trophy that winners will pick up on the night has been designed by artist Gabriel Moses.
Image: This year’s Brit Award trophy designed by Gabriel Moses. Pic: Brit Awards
Who is nominated?
Before the awards have even begun, Charli XCX has been announced as the winner of this year’s songwriter of the year award.
Also recognised is her longtime collaborator AG Cook, winning BRITs producer of the year, reflecting the combined impact he and Charli XCX have had on music over the last 12 months.
The singer – whose real name is Charlotte Aitchison – could still pick up another five awards tonight including: pop act, dance act, song of the year, artist of the year and album of the year.
Behind Charli XCX, this year also sees The Beatles pick up a nomination for the song Now And Then.
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1:01
The Brits go brat: 2025 nominations revealed
The Cure are also back with three nominations – following the release of their 14th album, Songs Of A Lost World, in 2024.
International artists such as Beyonce, Billie Eilish, Taylor Swift, Benson Boone, Chappell Roan and Kendrick Lamar have also all got nods, as well as homegrown talent such as Central Cee, Fred again.., Sam Fender and former Little Mix star JADE.
Image: Dua Lipa is nominated for four awards. Pic: Oscar Douglas
Sabrina Carpenter will become the first international artist to receive the global success award after breaking records in the UK charts.
The pop star held the top spot on the Official UK Charts for a combined 21 weeks in 2024, the first artist to do so in 71 years.
Image: Sabrina Carpenter at the Grammys. Pic: AP/Chris Pizzello
Her mega-hits Taste, Please Please Please and Espresso held the top three spots simultaneously, making her the first female artist to do so.
Already named as this year’s rising star is British singer-songwriter Myles Smith, whose single Stargazing became one of the UK’s biggest hits of 2024.
You can read the full list of nominations ahead of tonight, right here.
Image: The Cure. Pic: Andy Vella
Who is performing?
Taking to the stage at this year’s ceremony is a mix of UK and US artists including Sam Fender, JADE, Teddy Swims and Myles Smith.
Off the back of winning the award for global success, Sabrina Carpenter, will also treat audiences to a performance.
It comes after Carpenter’s slapstick comedy mashup performance at the Grammy’s was dubbed “iconic” by fans.
Image: The Last Dinner Party will take to the stage to perform. Pic: Brit Awards
It is the first year American artists Shaboozey, known for A Bar Song (Tipsy) and Teddy Swims, known for Lose Control, will also perform at the awards.
“I’m beyond grateful and humbled to not only be nominated for a BRIT Award but to take the stage,” Shaboozey said.
“This past year has been huge for me with my records getting love from all over the world and now I can celebrate with my friends and fans in London.”
Image: Myles Smith is this year’s Brit Awards rising star winner. Pic: JM Enternational
Meanwhile, JADE, whose real name is Jade Thirlwall, said she “manifested” performing at the BRITs every day since the release of her debut solo single Angel Of My Dreams last year.
The singer already has three BRIT Awards to her name, winning best British single for Shout Out To My Ex, video of the year for Woman Like Me and best British group with Little Mix, but is nominated this year as a solo artist in the song of the year and pop act categories.
Image: Former Little Mix star JADE. Pic: Flore Barbay
Also performing on the night are Lola Young – who is nominated for best pop act – and The Last Dinner Party, who won the BRITs rising star award last year.
How to watch
Live coverage of the BRITs will start on ITV and ITVX from 8.15pm tonight.
You can also follow along with all the latest from the red carpet and ceremony on Sky News and our dedicated live blog.
For those outside the UK, the show is available to watch internationally on the BRITs YouTube channel.