Ford’s electric vehicle (EV) division lost $1.3 billion in the first quarter of 2024, which adds up to a $132,000 loss for each of the 10,000 EVs sold.
Sales of Ford EVs also plunged by 20 percent compared to last year, and “its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry.”
Ford expects losses on its Model e to hit $5 billion by the end of the year.
More:
The losses go far beyond the cost of building and selling those 10,000 cars, according to Ford. Instead the losses include hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away
Trending: House Republican introduces resolution to award Trump Congressional Gold Medal
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!