Ford Hemorrhages Another $1.2 Billion On EVs As Market Struggles Continue

Ford Motor Company lost another $1.2 billion on electric vehicles (EV) in the third quarter, according to a Monday press release.

The company’s net income also fell to $0.9 billion, down $0.3 billion from the third quarter of 2023, according to the press release. The loss was largely due to a $1 billion charge related to EVs, according to the release.

Ford’s earnings before interest and taxes (EBIT) for the full year is expected to be around $9 billion for Ford Pro, while Model e, the company’s EV division, is expected to have a loss of about $5 billion for the whole year, according to the release.

“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” Ford President and CEO Jim Farley said in the release. “We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles. Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.”

The American automaker has been trying to incentivize buyers to purchase EVs amid a struggling market, and announced in September that it would offer free EV chargers and home installations for customers.

Ford lost $4.7 billion on EVs in 2023. The automaker previously reported a $1.3 billion