The company (Ford) lost $4.7 billion on EVs in 2023, a greater loss than the $4.5 billion the company expected it would lose in 2023 at mid-year, according to a summary of the company’s annual earnings. The company pointed to “an extremely competitive pricing environment” as a key reason for the losses.Ford sold 72,608 EVs in 2023, meaning that the company lost nearly $65,000 on each EV that it sold. The company is expecting to lose between $5 billion and $5.5 billion on its EV products in 2024, according to the earnings document.
....General Motors(GM), one of Ford’s main competitors, lost about $1.7 billion on its EV product lines in the fourth quarter of 2023 alone. The company announced in October 2023 that it has dropped a goal to produce 400,000 EVs by the middle of 2024, citing profitability and demand concerns.
