Ford set to loses $4.5 billion on EVs

Ford Motor Company announced it is projected to lose a staggering $4.5 billion from electric vehicles (EVs) this year, up from the previous projected loss of $3 billion.

The company released its second-quarter financial results. The U.S.-based automaker’s EV division, called “Ford Model e,” has lost $1.8 billion so far this year.

The projected $4.5 billion loss is over twice as much as Model e’s $2.1 billion loss in 2022. The company recently announced that the price of its electric F-150 Lightning pickup trucks will be reduced due to cheaper raw battery materials. Ford is also expected to produce 600,000 EVs per year by 2024.