Ford electric vehicle: Ford Motor announced its Q2 financial figures, showing a stunning earnings increase. The automaker earned $1.9 billion from April to June, up from $667 million the year before. Gasoline-powered trucks and SUVs outsold their electric rivals, enabling this financial feat. Ford made more last quarter. Revenue rose 12% to $45 billion. The company sold 1.1 million cars worldwide. That’s 8 percent more than before.
Even though Ford’s electric vehicle division did really well, they still ended up losing $1.1 billion before interest and taxes. The fight to be the best electric vehicle got even more intense, so the
company had to make their electric F-150 Lightning truck and Mustang Mach-E crossover cheaper.
Ford predicted a $4.5 billion loss before interest and taxes for battery-powered cars and trucks in 2023. A significant increase from their $3 billion loss projection.
In a significant conference call, Ford CFO John Lawler candidly addressed the developments. He admitted that the transition to electric vehicles was starting, but said early majority customers may
not switch as quickly as expected.
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Mr. Lawler recognized that Ford’s electric vehicle division struggled due to a general price fall and the company’s inability to ramp up manufacturing quickly. This forced them to slow their electric vehicle deployment. Ford now expects to produce 600,000 electrified vehicles and trucks annually by 2024, instead of by year-end.
Even though electric cars aren’t doing very well, Ford is still doing well because they make money from normal cars that run on gas. Before interest and taxes, Ford’s gasoline and hybrid businesses made $2.3 billion in the second quarter. The thing-making company made $2.4 billion.
Ford expects to make between $11 billion and $12 billion in 2023 after debt, taxes, and other costs. From $9 billion to $11 billion, the project’s cost estimate has increased. This shows how driven and good at making plans the car company is.
Our Reader’s Queries
Does Ford have any fully electric cars?
Ford Motor Company is leading the way in automotive innovation by combining cutting-edge technology with the solid foundation of their rich history. They offer a range of all-electric vehicles, including the Ford Mustang Mach-E SUV, Ford F-150 Lightning, and Ford E-Transit van. With more exciting developments on the horizon, Ford is paving the way for a greener, more sustainable future.
Why is the Mach-E so expensive?
The Mach-E’s advanced electric drivetrain technology is a key factor in its high cost. Electric vehicles (EVs) generally have higher upfront costs than gasoline-powered cars due to the pricey battery packs and electric motors they need.
What is the cheapest electric car to buy?
Looking for an affordable electric car? Look no further than the Citroen Ami, which is currently the cheapest new electric car available. But if you’re looking for something with a bit more space and features, the MG4 is a great value option. It’s even been named the best value electric car on the market, taking the crown from the MG ZS EV. Other affordable options include the Fiat 500 Electric, Nissan Leaf, Renault Zoe, BYD Dolphin, MG ZS EV, and MG5 EV.
Is Ford losing money on EVs?
Ford’s electric vehicle unit suffered a loss of approximately $36,000 per EV sold in the quarter, exceeding the estimated loss of $32,350 per EV in the previous quarter. The carmaker anticipates a full-year loss of $4.5 billion for its EV unit. The reason behind this significant loss remains unclear.