Before introducing its new financial reporting format Thursday, Ford Motor (F) revealed it expects its EV startup unit, Model E, to lose $3 billion this year as it scales production.
Ford had a solid year selling over 61,000 EVs in the US in 2022 and climbing to become the second-largest EV maker behind only Tesla in the states.
After revealing the Mustang Mach-e in 2019 as one of the most highly anticipated EV releases, the American automaker expanded its lineup by converting another iconic name to electric with the Ford F-150 Lightning pickup.
The electric pickup generated an overwhelmingly positive response, racking up over 200,000 reservations (roughly three years of backlog) by December 2021.
Despite the surging demand, Ford’s CEO Jim Farley has acknowledged the automaker needs to cut costs and streamline production to remain competitive. The company revealed last Marchit would report in three distinct business divisions to maximize growth and visibility, including Ford Model e (EVs), Ford Pro (commercial and software), and Ford …