Per WSJ
Ford expects 2023 EV unit losses to reach $3 billion
3/23/2023
Ford has disclosed a new financial reporting structure revealing it expects its EV unit to bring the company $3 billion in losses this year. The company's EV businesses are divided into two, Ford Blue and Ford Pro.
Ford Blue is the company's arm responsible for selling internal-combustion-engine vehicles. As for Ford Pro, this is the company's sizable commercial-vehicle division.
Combined, the two arms are expected to be responsible for the 119-year-old company's $3 billion loss this 2023. John Lawler, the finance chief of Ford, gave a statement about the company's EV business.
Lawler: “Startups lose money as they invest in capability, develop knowledge, build volume and gain share,”
Here are Ford's three EVs sold in North America.
- Ford F-150 Lightning - pickup truck
- Ford Mustang Mach-E - SUV
- Ford E-Transit - plug-in cargo van
The company expects its EV margins to reach breakeven by the end of 2023 as it plans to invest in infrastructure and its EV lineup. Analysts expect a pretax loss of $2 billion to $3 billion.
Wells Fargo automotive analyst Colin Langan gave a statement sharing how it was unclear how Ford would accomplish an 8% margin for its EV division. The company targeted 2026 as the year it would achieve that margin.
Langan: “This implies [battery-electric vehicles] are currently losing money on each model sold, rather than covering any fixed costs,”
In mid-February, Ford temporarily stopped the production and shipments of its F-150 Lightning electric pickup truck. A company spokesperson said that they are "not aware of any incidents of this issue in the field."
The company decided to resume its production on March 13, per CNBC. This happened a month after a battery issue caused a vehicle to catch fire.
Earlier in March, JPMorgan said electric flying vehicles would become a $1 trillion market.
See flow at unusualwhales.com/flow.
Other News:
- Ford, F, has temporarily halted production and stopped shipments of its F-150 Lightning electric pickup truck
- JPMorgan, JPM, says electric flying vehicles will be a $1 trillion market
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