FORD: 1.3 BILLION LOSSES FOR MODEL e ELECTRIC DIVISION

By Anne Bourgoin

The American company announces 1.3 billion losses for its Model e electric division in the first quarter of 2024. This is double the amount announced for the first quarter of 2023. Price pressure in the industry is partly to blame, according to Ford.

The company sold 10,000 electric vehicles between January and March 2024, so it is losing US$130,000 per vehicle. Its combustion-engine models, on the other hand, brought in profits of US$1,400 per unit. So did the Ford Pro division’s models, which brought in a profit of US$7,300 per unit. However, sales of hybrid vehicles increased by 36%, with the Maverick being the best-selling hybrid vehicle in America in the first quarter of 2024.

Mercedes, General Motors and Jaguar Land Rover are also experiencing declines in sales of their electric models, and are rethinking their strategies.