Ford (NYSE: F) said it will not produce electric powered heavy trucks anytime in the near future. It has already begun to follow GM (NYSE: GM) and Nissan into the business of producing small electric cars. Ford says the cost of larger electic engines is too high to make them economically practical. Ford may secretly have another reason.
The sales of electric vehicles have been awful. The Chevy Volt sold well below GM’s estimates last year. Fires in the batteries of the car pressed demand even lower. And, consumers fear that the overall cost to buy an electric car and run it may not be much better than a gas one. People like the idea of helping the enviroment until it costs them.
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