Ford Motor Co. reported a massive loss of $132,000 per electric vehicle (EV) sold in the first three months of 2024, bringing its losses to $1.3 billion.
The automaker’s electric vehicle division said Thursday that sales have fallen 20% and weak consumer demand has forced it to cut prices. CNN report.
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Sales of Ford’s electric Model E vehicle fell 84% to about $100 million, and the company blamed the decline on EV prices across the auto industry.
“The result was a $1.3 billion before interest and tax (EBIT) loss, resulting in huge losses per vehicle for the Model E division,” the publication said.
The latest numbers are part of a trend toward losses for Ford, which reported a full-year EBIT loss of $4.7 billion on sales of 116,000 Model E vehicles. This equates to an average loss of $40,525 per vehicle, but even this is only a third of his loss per vehicle seen in the first three months of 2024. .
Now, company officials estimate that losses at the company’s EV division will total $5 billion this year, up from $4.7 billion last year.
“Americans don’t want the level of EVs that Biden’s climate hysteria demands,” author and businessman Andy Puzder wrote in X. “Ford’s first-quarter EV loss soared to $1.3 billion, a whopping $132,000 per EV sold. All of Ford’s profits came from sales of internal combustion engine vehicles. Collectivistic Policies destroy prosperity.”
Americans don’t want the level of EVs demanded by Biden’s climate change hysteria. Ford’s EV loss soared to his $1.3 billion in the first quarter. That’s his outrageous $132,000 per EV sold. All of Ford’s profits came from sales of internal combustion engine vehicles. Collectivist policies destroy prosperity. https://t.co/U24fA4YHTz
— Andy Puzder (@AndyPuzder) April 25, 2024
“I don’t think this is ‘sustainable’,” said environmental activist Patrick Moore.
Ford reported a loss of $132,000 for every EV sold in the first quarter. I don’t think this is “sustainable”.https://t.co/1dKe4T2jcd
— Patrick Moore (@EcoSenseNow) April 28, 2024
Energy and environmental science expert Steve Milloy called Ford’s loss an “EV disaster.”
Massive EV disaster:
Ford lost $132,000 on every EV sold in the first quarter of this year.https://t.co/NK658JiY09 pic.twitter.com/BAZ80l6zZm
— Steve Milloy (@JunkScience) April 27, 2024
Earlier this month, Ford announced it would delay production of two new electric models and instead opt for hybrid vehicles.
“The market for EVs wasn’t as big as we thought it was because a lot of companies rushed to introduce EVs that were too expensive,” said Sam Abuelsamid, transportation and mobility analyst at research firm Guidehouse Insights. Said of new york times. “That made it very difficult to sell these vehicles.”
