Sales of electric vehicles, although they have increased, remain low
Ford earned net income of $1.3 billion in the first quarter of 2024, but its electric vehicle division remains unprofitable.
The Model e division, which includes all Ford electric vehicles, suffered about the same losses. As a result, Ford is now losing $100,000 on every electric vehicle it sells, according to Bloomberg.
At the same time, sales of Ford electric vehicles grew by as much as 86% in the first three months of the year. At the same time, only 20,223 Mach-E, F-150 Lightning and E-Transit were sold.
For comparison, almost every combustion-powered Ford individually outsold the entire Model e line. Only the Mustang, Ranger, E-Series and Transit Connect scored lower. Mustang Mach-E — Ford's best-selling electric car — During this period, 9,589 people bought. And sales of F-series pickups amounted to 152,943 units.
Ford Pro — commercial division of the company — more than made up for the losses from the Model e. Thanks to strong sales of Super Duty pickups, the company posted a $3 billion profit in the first quarter of the year. Ford Blue, a retail group for internal combustion and hybrid models, also posted positive revenue of $900 million.
Ford has already slowed production of electric models in response to declining demand for electric vehicles. Bloomberg reports that the company is cutting orders to battery suppliers and is looking for other ways to offset the financial losses of its Model e group.