Moving forward with our discussions about electric vehicles and their manufacturers, it’s Ford that’s under the spotlight within this sector through its Ford Model e division. Regrettably, there wasn’t any positive news to share from Ford’s electric vehicle (EV) department. In fact, the division ended up costing the company a substantial $5.1 billion during its entire 2024 fiscal year as they continue to invest in future EV products.
This week, Ford disclosed the financial losses of its Model e division for the entire year of 2024 in their most recent earnings report and projections. On page 7 of the Business Segment Highlights section, Ford acknowledged the losses associated with Model e.
According to Ford’s declarations, the company appears committed to pouring resources into the electric vehicle market’s future, with a focus on creating products tailored to this sector. This dedication remains strong, even following the temporary halt of the Ford F-150 Lightning EV pickup truck production in October 2024, which was explained as an attempt to optimize “revenue expansion and profit margins” on the already produced units. It’s important to mention that, at the time of this announcement, Ford predicted a $5 billion loss for the division; however, the actual losses surpassed this estimate, reaching $5.1 billion.
Moving forward into 2025, it’ll be intriguing to observe how Ford adjusts its strategies to thrive in the electric vehicle sector. Keep an eye out for further developments, as we bring you the most recent tech and gaming company earnings reports, right here on Shacknews.
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2025-02-06 02:57