According to people familiar with the matter,$Ford Motor (F.US)$The company has begun cutting orders from battery suppliers to mitigate growing losses in the electric vehicle business. This move is part of Ford's strategic contraction of electric vehicle business. In addition to cutting battery orders, the company also plans to cut spending by 12 billion US dollars on battery-electric models, delay the release of new electric vehicles, lower the sales price of vehicles such as the F-150 Lightning, and delay and reduce the planned battery factory. One of the sources said that as electric vehicle prices plummeted and demand slowed, Ford lost more than 100,000 US dollars per electric vehicle in the first quarter, more than double that of last year.

Electric vehicle analyst Sawyer Merritt shared the news on the X platform.$Tesla (TSLA.US)$CEO Musk responded: “It's extremely difficult to make a great electric car at a great price.”

edit/emily