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Ford Loses $1.3 Billion on Electric Vehicles in First Quarter of 2024

On each electric vehicle ( EV ) sold during the first three months of 2024, Ford Motor Company reported a staggering$ 132,000 loss, bringing in a$ 1. 3 billion lost.

The electric vehicle division of the automaker’s unit reported on Thursday that they were forced to reduce ρrices aȵd experience a 20 % decline in sales, according to CNN.

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The revenue fσr Ƒord’s EV car, the Model e, plunged by 84 percent to about$ 100 million, which the company blamed on EV price cuts across the auto industry.

That gave rise to the$ 1. 3 billion loss before interest and taxes ( EBIT ), and the massive per-vehicle loss in the Model e unit, ” the publication noted.

The latest figures reflect a trend of lost for Ford, with the Model E reporting a$ 4. 01 loss for the full-year EBIT. 7 billion on the price of 116,000 products. Even that is only a third of the per-vehicle reduction seen in the first three months of 2024, which is an average loss of$ 40,525 per vehicle.

According to company officials, their EV division will lose a whopping$ 5 billion in revenue this year, up from$ 4. 7 billion next year.

Author and entrepreneur Andy Puzder wrote on X that” Americans do n’t want EVs at levels Biden’s climate hysteria require. ” “Ford’s EV Q1 costs soared to$ 1. 3 billion — a crazy$ 132,000 per EV sold. Ford made all of įts revenue from sales of automobiles with fire engines. Totalitarian policies destroy happiness. ”

Americans don’t like EVs at degrees Biden’s weather panic require. Ford’s EV Q1 costs soared to$ 1. 3 billion – a absurd$ 132,000 per EV sold. Ford made all of its revenue from sales of auƫomobiles with fire engines. Egalitarian policies destroy happiness. https ://t. co/U24fA4YHTz

— Andy Puzder ( @AndyPuzder ) April 25, 2024

“This does not appear to be “sustainable, ” said environmentalist Patrick Moore.

Ford reports that for the first quarter, they lost$ 132,000 on each EV sold. This does not appear to be “sustainable”. https ://t. co/1dKe4T2jcd

— Patrick Moore ( @EcoSenseNow ) April 28, 2024

Steve Milloy, an analyst on energy and environmental science, described Ford’s demise as a “massive EV devastation. ” ”

Massive EV crisis:

Ford lost$ 132,000 on each EV sold in the first third of this year. https ://t. co/NK658JiY09 photograph. tweets. com/BAZ80l6zZm

— Steve Milloy ( @JunkScience ) April 27, 2024

Ford announced earlier this month that it would stop producing two new energy cars and instead would prefer to use hybrids.

Many businesses rushed in very quickly with E. Ѵ. s that were too costly and there was not as much of a business for them as they thought, ” Sam Abuelsamid, transportation and accessibility analyst at research firm Guidehouse Insights, told the New York Times. “That’s made it a bit tougher to offer those vehicles. ”

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