Ford Motor Company announced it is projected to lose a whopping $4.5 billion from electric vehicles (EVs) this year, up from the previous projected loss of $3 billion.
The company released its second-quarter financial results on Thursday. The U.S.-based automaker’s EV division, called “Ford Model e,” has lost $1.8 billion so far this year, according to Fortune.
The projected $4.5 billion loss is over twice as much as Model e’s $2.1 billion loss in 2022. The company recently announced that the price of its electric F-150 Lightning pickup trucks will be reduced due to cheaper raw battery materials.
The company touted that its low EV prices “establish[es] leadership ahead of industry’s next-generation EVs” and that the Ford Model e’s revenue is up 39%. Ford is also expected to produce 600,000 EVs per year by 2024.
“The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford,” Ford CEO Farley said in a press release. “EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”
The company still generates a massive amount of revenue in other parts of the company. Ford’s second-quarter revenue was $45 billion, with a net income of $1.9 billion.
“Ford Model e is an EV startup within Ford,” Ford CFO John Lawler previously told reporters in March. “As everyone knows, EV startups lose money while they invest in capabilities, develop knowledge, build volume and gain share.”
Ford’s third-quarter 2023 financial results are expected to be announced on October 26.
AND CHEVROLET BETTER WATCH OUT. THEIR CORVETTE SHOULD NOT BE MADE IN ELECTRIC. BEING AN OLD CORVETTE GUY, I HAVE OWNED 7 OF THEM, YOU COULDN’T GIVE ME AN ELECTRIC ONE,,,,AND YOUR NEW CORVETTE STYLES LOOK “HIDEOUS /UNGODLY /UGLY”. WHAT YOU NEED TO DO, IS TO GIVE US AN UPDATED VERSION OF THE 1967 MODEL, WHICH I CONSIDER THE BEST EVER. I HAVE OWNED 70 MUSCLE CARS THROUGHOUT THE YEARS, AND I THINK I DO KNOW WHAT I’M TALKING ABOUT. I’LL BET THE SALES OF THE CORVETTE ARE NOT DOING SO WELL, RIGHT, CHEVROLET?
Here’s something for you to think about Ford Go Woke Go Broke look what happened to bud lite? Your in way over your head EV’s are a mess and not what Americans want we want a car, suv, truck that can go the distance in any condition weather wise and not a one fits the bill their over prices and not worth that kind of money the pay loads are not up to snuff maybe in 20-30 years with the proper technology and better performance you might have something we the people want to get from point A to point B without having to stop a quarter of the way to find a charging station which are practically extinct I have no idea even if we have them in my town that’s another major problem why should my tax dollars go for these ev’s without charging stations and the batteries and maintenance cost more than a down payment on a house no thank you I’ll stick with a regular gas driven car where I know I’m going to be able to get from point A to point B without it catching fire or running out of juice! If you go by what biden says then You will lose that money! Don’t force the people to buy something that’s over priced and under performs to begin with to begin with! Ev’s Are not practical or worth the money so Go Woke or Go Broke it’s your loss! I had my Ford Ranger 15 yrs it was a great Truck! Biden is wrong about these EV’S they are harder on the roads but then look how he’s destroyed the economy for us working Americans!