Ford fails to turn a profit on any electric vehicle sold during company’s first quarter
DETROIT (CNN/CNN Newsource/WKRC) – Ford failed to turn a profit on a single electric vehicle it sold during the company’s first quarter.
Wednesday, Ford’s electric vehicle (EV) unit reported 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 EVs it sold a year earlier.
The American auto giant joined several competitors in announcing plans to shift from traditional gas-powered vehicles to all-electric vehicles in the coming years.
Ford is the only traditional automaker to break out results of its EV sales. CEO Jim Farley said the company is making necessary changes in its EV business that will allow it to be profitable in the near future.
Meanwhile, rival Tesla reported that its adjusted earnings fell 48% in the first quarter as revenue dropped 9%.
It comes after Tesla reported the first year-over-year drop in sales since the pandemic.
According to CNN, rival General Motors reported earlier in the week that it was on track to have its North American EV business turn profitable in the second half of the year.
