Ford reports loss on every EV sold in first quarter
Ford lost $1.3 billion in its electric vehicle department during the first quarter of 2024, which is about $132,000 per vehicle it sold.
The loss is due to the car maker lowering the price of its electric models while also appropriating funds for further research. Electric vehicle revenue brought in $100 million, which is an 84% drop from last year.
It is expected that Ford will continue to lose money on its EV models, as the company predicts a total loss of $5 billion this year. Last year, the company lost $4.7 billion in its electric division, which was about $40,525 per vehicle it sold.
Meanwhile the Ford Pro department, which primarily sells internal combustion models, reported a profit of $3 billion. Its Ford Blue department made a revenue of $21 billion, but this was actually a 13% decrease. So, when totaled altogether, Ford’s overall profit was $1.3 billion — one-fifth less than the previous year.
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Across the United States, consumers bought 352,390 plug-in vehicles during the first quarter. Ford accounted for 10,000 of those car sales.
Toyota seems to dominate the market after having sold 50% of EVs purchased in March. Some 36.6% of total sales for its first quarter were made up of EV models, which was a 74% increase.
