Making a business of electric vehicles is hard.
From Car&Driver, April 26:
The Blue Oval reported an 84 percent drop in revenue in its Model e electric division.
- Ford's Model e EV division reported a net revenue of around $100,000,000 in the first quarter.
- Adding in expenses, though, the Blue Oval's EV arm lost $1.3 billion for the quarter.
- Ford largely blames margin-cutting price cuts for the massive drop in revenue compared to Q1 2023.
Ford reported a net income of $1.3 billion for the first quarter of 2024, a figure largely bolstered by the success of the company's Ford Pro fleet division and the $3 billion it brought in—more than three times that of the internal-combustion-engine-focused Ford Blue arm. The Blue Oval's battery-electric–oriented Model e division, however, remained a drain on company funds, losing $1.3 billion for the quarter—around twice what it lost during the same period in 2023. The company blamed "industry-wide pricing pressure" in its first-quarter earnings presentation....
....MUCH MORE
The article goes on to point out it is a damn good thing the rest of Ford's business is profitable.
