GOT WOKE, GOING BROKE: Ford Says It Will Lose $3 Billion on EVs This Year as It Touts Startup Mentality.
Ford disclosed the figure Thursday while outlining a new financial-reporting structure intended to give investors better insight into the performance of its three business units: Model e, its EV business; Ford Blue, the traditional part of the company that sells internal-combustion-engine vehicles; and Ford Pro, its sizable commercial-vehicle division.
Ford finance chief John Lawler described the EV division as a startup inside the 119-year-old company, and said it is normal for a fledgling business to rack up losses. Ford today sells three electric vehicles in North America, its largest market: the F-150 Lightning pickup truck, the Mustang Mach-E SUV and a plug-in cargo van.
What is the marketplace for an electric pickup? I’ve seen exactly one, a Rivian R1T with its silly headlights, in northern Texas.