Sunday, March 26, 2023

Ford says it will burn $3 billion on EVs this year, in a bleak signal for the cars that underpin its future

 from the Insider


Ford said Thursday it's still losing billions of dollars on electric vehicles and it won't turn a profit on those cars for at least another three years.

Ford gave a peek into the financials for its electric vehicle business, known as Model e, for the first time Thursday. The Model e segment expects to report a full-year loss of $3 billion in 2023 alone, a stark sign that the company still has a long way to go before it makes money on the cars it says will lead its future.

Ford Chief Financial Officer John Lawler rationalized the expected losses on a call with reporters by explaining that Ford Model e exists as an "EV startup within Ford."

"As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build volume, and gain share," Lawler said on the call.

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1 comment:

  1. WallaceMarch 27, 2023 2:32 PM

    One shipping company refusing to take any on board after a fire from one which destroyed a whole deck of bran new vehicles whilst in the Atlantic. Several USA states banning sales of them , so with the high cost in materials to build them and disposal where are we really heading when media seldom tell the real truth .

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