Ford says EV unit losing billions, should be seen as startup

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The Ford F-150 Lightning is displayed at the M1 Concourse car club, Wednesday, Jan. 11, 2023, in Pontiac, Mich. The vehicle won the 2023 North American Truck of the Year during an awards ceremony Wednesday. (AP Photo/Carlos Osorio)

The Associated Press

DETROIT (AP) – Ford’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology.

The figures were released Thursday as Ford rolled out a new way of reporting its financial results.

The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units.

Company officials said the electric vehicle unit will be profitable before taxes by late 2026 with an 8% profit margin.

Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford.

Read the full story on AP News right here.

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3/23/2023 12:38:43 PM (GMT -5:00)

Categories: Regional and US News