Ford's Electric Vehicle Division Losses

SOURCE www.breitbart.com
Ford's EV division faced significant losses in the first quarter of 2024, with $1.3 billion lost and a further expected loss of $5 billion on the Model e by the end of the year. Sales plunged by 20%, revenue dropped by 84%, and research and development costs added to the losses. The company aims to make EV pricing cover production costs within the next 12 months.

Key Points

  • Ford's EV division lost $1.3 billion in the first quarter of 2024
  • Sales of Ford EVs dropped by 20% compared to the previous year
  • Ford expects losses on its Model e to reach $5 billion by the end of the year
  • The company is working towards making EV pricing cover production costs within the next 12 months

Cons

  • Significant financial losses incurred by Ford's EV division
  • Sales plunged by 20% compared to the previous year
  • Expected further losses of $5 billion on the Model e by the end of the year
  • Challenges in making EV pricing cover production costs due to price cuts and research and development expenses