trib logo

Ford lost $132,000 on each EV sold in first quarter of 2024

by WorldTribune Staff / 247 Real News April 28, 2024

Having sold just 10,000 electric vehicles (EVs) in the first quarter of 2024, Ford lost $132,000 for each EV it sold.

Ford announced on Wednesday losses on its Ford Model-e sector of $1.32 billion.

In the fourth quarter of 2023, the auto manufacturer sold 34,000 units in its Model-e business, which produced $1.57 billion in losses, or roughly a $46,176 loss on each EV sold.

Electric vehicles also remain relatively expensive. Dealers are wary of having to invest the $1 million or so needed to install DC fast-chargers and train staff as part of the company's certification programs when sales of the F-150 Lightning have tanked in recent months.

Around 1,550 dealerships - representing half the Ford dealers in the U.S. - have decided not to sell any electric vehicles in 2024.

“The company expects EV costs to improve going forward, but be offset by top-line pressure,” Ford said in a press release.

The company fared much better in its other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle business.

Overall, the company posted a net income of $1.3 billion in the first quarter, with revenues of $42.8 billion.

Your Choice

sorford by is licensed under Screen Grab

Get latest news delivered daily!

We will send you breaking news right to your inbox

This website uses essential cookies for site operation. We would also like to set optional cookies to help us improve our site and to analyze web traffic, as described in the Privacy Compliance. You may accept or reject the use of optional cookies by clicking the Accept or Reject button.