Ford says its EV business is losing billions, but should be seen as startup

Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology.

The Ford F-150 Lightning displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia.

“As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build volume and gain share,” he said. Model e had pretax losses of $900 million in 2021 and $2.1 billion last year, and it is expected to lose $3 billion this year. In the past two years Ford has announced it would build four new battery factories and a new vehicle assembly plant as well as spending heavily to acquire raw materials to build electric vehicles.

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