Ford, GM, Mercedes come clean on EV demand weakness

Top executives of Ford, General Motors and Mercedes-Benz all addressed concerns over waning demand for electric vehicles this week, as the major automakers navigate losses and price wars amid an EV push that not enough consumers are buying.

On Thursday, Ford withdrew its full-year results forecast, citing "uncertainty" over its tentative deal with the United Auto Workers and warned of continued pressure on electric vehicles as customers balk at paying a premium for EVs over other models.

"It's been a challenging situation, for sure," Ford CEO Jim Farley said during the company's third-quarter earnings call after posting greater losses than expected on EVs. "Matter of fact, our business is never short of challenges, especially right now with the evolution of the EV market and new global competitors from China, as well as the technology disruptions."