Ford electric vehicle unit reports loss on every vehicle sold

(CNN) – Ford’s electric vehicle unit reported Wednesday 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%.

The report comes after the company reported the first year-over-year drop in sales since the pandemic.

Copyright 2024 CNN Newsource. All rights reserved.