Ford Expects $3 Billion Loss on Electric Car Business in 2023
It’s the first time the automaker is breaking out separate results for its EV line
Ford’s electric vehicle business lost $2.1 billion in 2022 and has projected $3 billion in losses for 2023, according to a new financial reporting structure unveiled Thursday morning.
It was the first financial report in which the automaker broke out its electric vehicle business from its broader business. Ford has been investing in hybrid and electric vehicles, including the Mustang Mach-E and an all-electric F-150 pickup truck, and announced last year that it would boost electric vehicle spending to $50 billion through 2026.
The results show how the company’s legacy vehicles, including gas-powered options like the F-150, are seeing profits offset by the cost-intensive work of building out the electric vehicle unit, known as "Ford Model e."
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