Earlier this year, Ford's electric car division, known as Model E, suffered significant financial losses.
According to Bloomberg, these losses were comparable to the total profit of the automobile concern for the same period. Each sold electric car cost the company more than 100 thousand dollars in losses, which exceeded even the cost of the cars themselves. For the first quarter of 2024, the company sold 20 thousand electric cars.
The situation with the Mustang Mach-E, F150 Lightning and E-Transit models is also alarming due to falling demand, which has led to production cuts and a revised electrification strategy. Some projects, such as the three-row crossover, have been delayed for two years.
Losses from the electric car division are projected to reach $5.5 billion by the end of 2024. In response, Ford plans to significantly reduce spending on electric vehicles and cut prices on existing models to stimulate demand.
At the same time, the company is reviewing plans for electrification in Europe and may continue to produce cars with internal combustion engines as part of hybrid drives.
Earlier it became known what happens with unsold cars in dealerships. Also in Hyundai cars will appear paid subscription to some features.