Important Takeaways:
- EV Fiasco: Ford Lost $5.1 Billion on Electric Vehicles in 2024
- The Verge reports that on Wednesday, Ford Motor Company announced its fourth quarter and full-year earnings for 2024, surpassing Wall Street expectations. However, the automaker also reported substantial losses in its electric vehicle (EV) and software division, known as Model e. The company lost $5.1 billion in this segment in 2024, a significant increase from the $4.7 billion lost in the previous year. Furthermore, Ford predicts that losses will continue to mount, potentially reaching $5.5 billion in 2025.
- Despite these setbacks in the EV business, Ford’s traditional gas-powered vehicles continue to perform well, generating sufficient revenue to keep the company profitable overall. The automaker reported a full-year net income of $5.9 billion and adjusted earnings of $10.2 billion.
- To address these challenges, Ford plans to introduce a range of powertrains, including battery-electric, plug-in hybrid, and extended-range EVs that use small gas engines to recharge the battery, offering up to 700 miles of range. Farley mentioned that these new models will be built on flexible body-on-frame and unit-body platforms designed specifically for multi-energy powertrains.
Read the original article by clicking here.
