No one said the electric transition would be easy or inexpensive. Ford’s first-quarter results for 2024 show significant losses at its Model e electric division.
All told, Ford still reports a net profit of $1.3 billion for the first three months of 2024. That profit comes largely thanks to the Ford Pro division, which brought in $3.0 billion. The Ford Blue division made a profit of $1.0 billion. As the company sold some 10,000 electric vehicles in the first three months of the year, the math is simple. Ford currently loses $130,000 USD per EV sold, when all costs are tallied. This is before taking into account any interest or taxes that may enter into the calculation.
For the Model e division, sales were announced at around $100 million in Q1 2024, which is down by 84 percent compared to the same period last year . Once again, price pressure is partly to blame.