Rising costs put U.S. auto revamp in a jam
FILE PHOTO: The charging socket is seen on Ford Motor Co's electric Mustang Mach-E vehicle during a photo shoot at a studio in Warren, Michigan, U.S. October 29, 2019.
Source: REUTERS/Rebecca Cook/File Photo
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Prices of cars from makers like Ford and GM are up by 13% in a year. But higher costs have caused profits to stagnate. Revamping businesses away from combustion engines is expensive, and adds pressure. They have few levers to pull, and little cushion to fund change.
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