Ford Motor Company reported significant losses from electric vehicle sales in the first quarter of 2024, with their EV unit losing $1.3 billion overall.
Specifically, Ford lost an average of $132,000 per each electric vehicle sold during this period.
“That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit,” the report noted.
Americans don’t want EVs at levels Biden’s climate hysteria require. Ford’s EV Q1 losses soared to $1.3 billion – a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity. https://t.co/U24fA4YHTz
— Andy Puzder (@AndyPuzder) April 25, 2024
This was partly due to a 20% decrease in EV sales volume, forcing Ford to cut prices amid low consumer demand.
Revenue from Ford’s EV car, the Model e, plunged 84% to just $100 million.
Experts noted EVs remain too expensive for most buyers currently.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” businessman Andy Puzder wrote. “Ford’s EV Q1 losses soared to $1.3 billion — a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
Ford estimated its EV division will lose $5 billion for the full year 2024, up from $4.7 billion in 2023.
Critics argued the large losses show market-distorting green policies will undermine economic prosperity.
“This does not appear to be “sustainable,” environmentalist Patrick Moore stated.
“Many companies rushed in too fast with E.V.s that were too expensive and there was not as much of a market for them as they thought,” Guidehouse Insights transportation and mobility analyst Sam Abuelsamid said. “That’s made it a lot tougher to sell those vehicles.”
Ford also delayed two new EV models, choosing hybrids instead for the time being.
