F - Should Ford Go Even Slower on EVs? This Analyst Thinks So.
2024-07-18 07:30:00 ET
Ford Motor Company (NYSE: F) sold nearly 450,000 internal combustion engine vehicles during the first quarter compared to a much more modest 59,000 electric vehicles (EVs) and hybrids.
Despite those figures heavily favoring combustion engine sales, the automaker actually lost more money on its Model e division than it made with its Ford Blue traditional combustion engine business. That's leading at least one analyst to call for a different strategy. Let's dig in.
During the first quarter, Ford's Model e unit lost $1.32 billion, compared to Ford Blue's profit of $905 million. It gets worse. Management noted its Model e losses could reach as high as $5.5 billion in 2024. A source told Bloomberg last month that Ford's losses per EV topped an unbelievable $100,000 during the first quarter, which was allegedly more than double the loss per EV last year.
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Should Ford Go Even Slower on EVs? This Analyst Thinks So.