Ford's electric vehicle unit faced significant losses in the first quarter, with a reported $1.3 billion loss, equating to $132,000 per vehicle sold. This contributed to a decline in the company's overall earnings. The company, along with other automakers, is transitioning towards electric vehicles (EVs) in the upcoming years. Ford is the only traditional automaker to disclose retail EV sales results, shedding light on the challenges faced by the EV business.
The EV unit, known as Model e, sold 10,000 vehicles in the quarter, a 20% decrease from the previous year. Revenue plummeted by 84% to approximately $100 million, primarily due to industry-wide EV price reductions. This led to a substantial loss of $1.3 billion before interest and taxes, resulting in a significant per-vehicle loss within the Model e unit.
