But the company expects its first generation of EVs, including the F150 Lightning and Mustang Mach E, to be profitable on a pretax basis by the end of 2024.
Ford expects its first generation of EVs, including the F150 Lightning and Mustang Mach E, above, to be profitable on a pretax basis by the end of 2024.Chief Financial Officer John Lawler said Ford no longer will break out financial results by region, only by business unit, because “that’s how we’re running the company now.
Last year, Ford had a pretax loss of $600 million in China, broke even in Europe and posted a modest $400 million profit in South America, with most of its earnings before interest and taxes — $9.2 billion — coming from North America. The company expects its Ford Pro commercial vehicle business to nearly double pretax profit this year to $6 billion, while the traditional Ford Blue business should see a modest increase to $7 billion.He said the automaker will have the global capacity to build 600,000 electric vehicles by the end of 2023 and 2 million by late 2026 — “and we intend to fully use that capacity.”
Ford no longer will break out financial results by region, only by business unit. Above, the F150 Lightning.Lawler said continued improvements in the cost of Ford’s future EVs could be offset by pricing pressure from competitors.by producing more of the components itself and by introducing new chemistries in addition to iron phosphate and nickel cobalt.
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