May 18, 2024
 
  • by:
  • Source: FreePressers
  • 04/30/2024
FPI / April 28, 2024

Having sold just 10,000 electric vehicles (EVs) in the first quarter of 2024, Ford lost $132,000 for each EV it sold.

Ford announced on Wednesday losses on its Ford Model-e sector of $1.32 billion.

In the fourth quarter of 2023, the auto manufacturer sold 34,000 units in its Model-e business, which produced $1.57 billion in losses, or roughly a $46,176 loss on each EV sold.

Electric vehicles also remain relatively expensive. Dealers are wary of having to invest the $1 million or so needed to install DC fast-chargers and train staff as part of the company's certification programs when sales of the F-150 Lightning have tanked in recent months.

Around 1,550 dealerships - representing half the Ford dealers in the U.S. - have decided not to sell any electric vehicles in 2024.

“The company expects EV costs to improve going forward, but be offset by top-line pressure,” Ford said in a press release.

The company fared much better in its other sectors, which includes its Ford Pro fleet business and Ford Blue gas-powered and hybrid vehicle business.

Overall, the company posted a net income of $1.3 billion in the first quarter, with revenues of $42.8 billion.

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