Ford's EV Bloodbath Continues
FoMoCo lost $47,585 for each EV sold in Q2, GE Vernova calls offshore turbine blade failure a “manufacturing deviation”
JUL 24, 2024
The losses keep coming. As I reported here in February, Ford Motor Co. lost $4.7 billion on its EV business in 2023, or about $64,731 for each EV it sold. Today, the company reported that over the first two quarters, it has lost nearly $2.5 billion on its Model e segment, meaning Ford’s EV losses are on track to total $5 billion in 2024. While the company’s per-vehicle losses declined somewhat during the second quarter, they are still stunning. Let’s take a quick drive through the results.
On July 3, the company published its second-quarter sales numbers. Its EV sales totaled 23,957 units, up 61% from the same period in 2023.
But the money numbers were published today, and they are sobering. Yes, the company sold 23,957 EVs during the quarter, but it lost $1.14 billion while doing so. Thus, Ford lost $47,585 for each EV it sold. In a press release, the company said it incurred the loss “amid ongoing industrywide pricing pressure on first-generation electric vehicles and lower wholesales. Those factors more than offset about $400 million in year-over-year cost reductions in the segment.”
https://robertbryce.substack.com/p/fords-ev-bloodbath-continues
