(Remember when they spun off the EV unit as a separate company because they knew they couldn’t take these losses on the main books? Let me do the math for you: They lost $130,000 on every unit sold. -nvp)
CNN – Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion. The EV unit sold 10,000 vehicles in the first three months of the year. That number was down 20% from the amount of electric vehicles it sold a year earlier.
Ford, like many other automakers, has announced plans to shift from traditional gas-powered vehicles to electric vehicles in the coming years.
Ford is the only traditional automaker to break out results of its EV sales.
Ford’s CEO said the company is making changes in its electric vehicle business that will allow it to be profitable in the near future.
Meanwhile, Tesla reported that its adjusted earnings fell 48% in the first quarter as revenue dropped 9%.
https://www.azfamily.com/2024/04/25/ford-electric-vehicle-unit-reports-loss-every-vehicle-sold/
“Back in the day” people used to say “Ford” meant “Fix Or Repair Daily” or “Found On Road Dead”
Their new EV fiasco seems to imply the latter acronym..