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>Ford’s massive losses on its electric vehicles have become commonplace. But the latest numbers are still gobsmacking. This week, Ford Motor Company reported that it lost $5.1 billion on its EV business in 2024. During the fourth quarter, it incurred $1.4 billion in operating losses on its EV segment. That was a slightly better result than the fourth quarter of 2023, when the company lost $1.6 billion on EVs. The company also reported that its volume and revenue dropped due to “pricing pressure and competitive market dynamics.”
>Kelley Blue Book reported that Ford’s EV sales were 30,176 for the fourth quarter and 97,865 for the entire year. Therefore, Ford lost $46,394 for each EV it sold in the fourth quarter and $52,113 for each EV it sold in 2024.
>For the full year, Ford reported net income of about $5.9 billion. Thus, Ford’s operating losses on EVs were nearly equal to its total profits. Even more stunning: Ford expects to lose another $5 billion on EVs in 2025. So here’s the tally: In 2023, Ford lost $4.7 billion on EVs. In 2022, it lost $2.2 billion. Thus, by the end of this year, Ford’s losses on its EV business will likely total some $17 billion. Despite these stunning losses, CEO Jim Farley claimed this week that “Ford is becoming a fundamentally stronger company.”
