The company forecasts increased profits from its internal-combustion and commercial business, while losses from EV sales continue to grow.
full-size electric pickup truck grow and the company invests further in increased production.
The forecast came in a Thursday morning call with reporters where Ford outlined a new financial-reporting structure. The company announced a new reporting structure broken into Ford Blue , Ford Model e , and Ford Pro ."We've essentially 'refounded' Ford, with business segments that provide new degrees of strategic clarity, insight and accountability to the Ford+ plan for growth and value," CFO John Lawler said.
Losses from the EV division will be covered by an expected increase in profits for the other two Ford divisions, with Lawler projecting $7 billion in earnings before interest and taxes this year for Ford Blue, and roughly $6 billion for Ford Pro. Speaking to reporters, Lawler explained the reasoning behind the expected losses for the Model e arm of the business."Ford Model e is an EV startup within Ford," he said.
Those mounting losses will come as Ford continues to invest in ramping up EV production numbers. The company is planning the construction of two new battery-cell factories in Kentucky and a third in Tennessee, along with the $3.5 billion lithium-iron-phosphate battery plant it will build in Marshall, Michigan.Jack Fitzgerald’s love for cars stems from his as yet unshakable addiction to Formula 1.
After a brief stint as a detailer for a local dealership group in college, he knew he needed a more permanent way to drive all the new cars he couldn’t afford and decided to pursue a career in auto writing. By hounding his college professors at the University of Wisconsin-Milwaukee, he was able to travel Wisconsin seeking out stories in the auto world before landing his dream job atWatch Next
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