New cars, once part of the American Dream, now out of reach for many
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- Have To ‘Make Over $100,000 To Afford A New Car’ – Former Ford CEO Says, While Talking Tesla’s Price Cuts, Demand Issues
- A former Ford Motor Company CEO is speaking out on the rising costs of vehicles, weakened demand and how a union strike could impact automotive companies moving forward.
- What Happened: Leading electric vehicle company Tesla Inc recently announced price cuts to its popular Tesla Model X and Tesla Model S in the U.S.
- “They’re ramping up production and obviously have a demand issue, so are reducing prices in the U.S.” former Ford CEO Mark Fields said on CNBC’s “Closing Bell Overtime” Friday.
- Fields added that one reason for demand issues and the price cuts could be the affordability of new vehicles.
- The former Ford CEO said that a consumer has to “make over $100,000 to afford a new car.” As a result, the price of vehicles is starting to come down, which is leading to an inventory correction.
- “Vehicles are getting older, they need to be replaced.”
- Fields served as the CEO of Ford from 2014 to 2017 and has frequently expressed optimism about Tesla’s leadership in the electric vehicle market.
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