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Friday 26 April 2024
Ford promises more affordable EVs as it loses money on them
In its quarterly earnings call this week, Ford reported significant losses on EVs—but still promised lower-priced models.
As reported by CNN, Ford said its EV unit lost $1.3 billion in the first quarter, or $132,000 for each of the roughly 10,000 EVs sold by the automaker during that period. Sales were down 20% from a year earlier, but revenue was down 84%, something Ford attributed to industry-wide EV price cuts.
Ford CEO Jim Farley predicted an EV price war in 2022, although it doesn't seem like the automaker was able to prepare for it.
Read the whole story on greencarreports.com