Ford said it will lose $3 billion on its sales of electric vehicles to consumers this year, but it still expects to hit the profit targets it set for this year of between $9 billion and $11 billion
Ford\n \n said it will lose $3 billion on its sales of electric vehicles to consumers this year, but it still expects to hit the profit targets it set for this year of between $9 billion and $11 billion. Ford said those EV losses and the overall profit both come before expenses from interest and taxes. The $3 billion loss is roughly equal to what it lost on EVs on that basis the last two years combined. It said it lost about $900 million in 2021 and $2.1 billion in 2022.
While both the Mach E and the F-150 Lightning EV pickup have a long list of waiting customers, Ford CEO Jim Farley said during an earnings call earlier this year that Ford encountered numerous problems with their production, making the ramp up of EVs much more expensive than it had anticipated. “We didn’t know that our wiring harness for Mach-E was 1.6 kilometers longer than it needed to be.
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