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Ford (F) expects Model E EV division to lose $3 billion in 2023

Ford's EV division is expected to continue losing money throughout the year.
Donovan Erskine
Donovan Erskine
4

Ford is one of several legacy car manufacturers that has been ramping up its electric vehicle efforts in recent years. Model E was created as a division of the company that focuses on manufacturing electric vehicles and putting more resources into that field. In Ford’s Q1 2023 earnings report, the company shares an update on Model E, revealing that it expects the division to lose $3 billion by the end of 2023.

While Ford’s Q1 2023 earnings report primarily focused on its traditional business, there were some interesting details about Model E, its EV division. On page three, under its outlook section, Ford shares that it’s anticipating “ a full-year loss of about $3 billion for Ford Model E.” This is an increase in losses from 2022, when the company’s EV business lost $2.1 billion. As Q1 2023 comes to a close, Ford is already looking at a pretty sizeable loss for another year in a row.

Three different Ford EVs

Source: Ford

While Model E is expected to be a major financial loser for the company, Ford maintains that it’s a core aspect of its business. Specifically, Ford has outlined what Model E’s upcoming projects will be.

Ford’s EV business hit a major milestone with the rollout of the F-150 Lightning last year. Despite that, the company’s EV business still lost billions of dollars on the year, and will lose even more by the end of this year. It's also worth noting that Ford slashed prices on its electric Mustang Mach E following its financial news today. While Ford continues to build its EV division to compete with the likes of Tesla, stick with Shacknews for the latest updates.

News Editor
News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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