Ford Motor Company recorded a $1.2 billion loss on electric vehicles (EV) in the third quarter of 2024, as announced in a press release Monday. The automaker’s net income also dropped to $0.9 billion, down by $300 million from the same period last year, primarily due to a $1 billion EV-related charge.
Ford’s full-year earnings before interest and taxes (EBIT) are expected to reach about $9 billion from its Ford Pro commercial vehicle division, while its EV segment, Model e, is projected to close the year with a $5 billion loss.
“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” said Ford President and CEO Jim Farley. “We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles. Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.”
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Despite ongoing challenges in the EV market, Ford has been working to boost EV sales, offering incentives such as free EV chargers and home installations. Ford’s total EV losses for 2023 have reached $4.7 billion.
The automaker previously reported a $1.3 billion loss in Q1 and canceled plans for three-row electric SUVs in August.
Business Segment Highlights:
- Ford Pro: Continued strong performance with $1.8 billion in EBIT and a margin of 11.6%. Growth driven by robust demand for commercial vehicles and increasing adoption of digital services.
- Ford Blue: Revenue increased 3% to $26.2 billion, driven by strong truck and SUV sales in North America.
- Ford Model e: Reported an EBIT loss of $1.2 billion, impacted by industry-wide electric vehicle pricing pressure. However, the segment continues to improve its cost efficiency.
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