Startup Mode: Ford Expects $3B Loss at Its EV Division This Year
Ford (F) anticipates that the EV sales to customers will result in a $3 billion loss in 2023. Yet it still projects that it will achieve its annual profit target of $9 to $11 billion. According to the company, the total profit and the electric vehicle losses are both before deducting expenses and interest-related costs. On the same basis, it lost money on electric vehicles over the course of the previous two years, which is nearly equal to the lost $3 billion. The company claims that it lost roughly $900 million and $2.1 billion in 2021 and 2022, respectively.
Though it sold around 96,000 electric vehicles last year, earning revenue of $5.3 billion, Ford continues with the expectation that…
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