Wednesday, May 22, 2024

Ford loses 1 million kroner on each and every electric car

This does not apply to Ford's electric cars. In the course of the first quarter of this year alone, the brand has lost almost one million on every single electric car the brand has sold.

Ford's electric car division is not a good business. This is revealed by the latest quarterly accounts, which have just been presented.

CNN writes that.

In the course of the first three months of 2024, Ford has sold 10,000 electric cars. But it has cost the car brand hideous sums. In fact, it has turned into a loss of a whopping 1.3 billion dollars.

This corresponds to each car being a business with a loss of 132,000 dollars, corresponding to 917,000 Danish kroner.

READ ALSO: English police seize 214,000 cars a year

The department, which Ford calls Model e, can note with the 10,000 cars sold that sales have fallen 20 percent compared to the same period last year.

The American car brand also reveals that revenue in the Model e division has plummeted by as much as 84 percent. Still, it does not move Ford's goal of only building electric cars.

How it is related to the fact that director Jim Farley recently promised that Ford will forever stick with the V8-engined sports car Mustang, there is no answer to in the accounts.

However, Ford does not expect the bad times to be over. In fact, it is expected in the boardrooms that the business will have lost as much as 5 billion dollars on electric cars before the end of the year.

The loss on electric cars is also significantly larger than what Ford told about in the third quarter of 2023. Here it was assumed that one could manage with a loss of a quarter of a million kroner per electric car. Read more about it here . It is now screwed up hugely.

Conversely, it is also not because the rest of Ford's business is doing extremely well. Ford Blue, which builds and sells cars with internal combustion engines, has lost sales worth $905 million.

However, there is one bright spot. The commercial vehicle division, Ford Pro, can post sales that have increased by 21 percent during the first quarter of 2024. This corresponds to 409,000 cars.

Read more exciting news from and about the world of cars right here!


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