Ford Motor Company reported a whopping $132,000 loss on each electric vehicle (EV) sold during the first three months of 2024, amassing a $1.3 billion loss.<\/p>\n\n\n\n
The auto manufacturer\u2019s electric vehicle unit revealed Thursday that they experienced a 20 percent decrease in sales volume and were forced to slash prices due to low consumer demand, CNN reported<\/a>.<\/p>\n\n\n\n The revenue for Ford\u2019s EV car, the Model e, plunged by 84 percent to about $100 million, which the company blamed on EV price cuts across the auto industry.<\/p>\n\n\n\n \u201cThat resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit,\u201d the publication noted.\u200b<\/p>\n\n\n\n The recent figures are part of a trend of loss for Ford, with their Model e reporting a full-year EBIT loss of $4.7 billion on the sale of 116,000 units. This is an average loss of $40,525 per vehicle \u2014 and even that is just a third of the per-vehicle loss seen in the first three months of 2024.<\/p>\n\n\n\n Now, company officials are estimating that their EV division will lose a grand total of $5 billion this year, up from $4.7 billion last year. <\/p>\n\n\n\n \u201cAmericans don\u2019t want EVs at levels Biden\u2019s climate hysteria require,\u201d author and businessman Andy Puzder wrote on X. \u201cFord\u2019s EV Q1 losses soared to $1.3 billion \u2014 a ridiculous $132,000 per EV sold. All Ford\u2019s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.\u201d<\/p>\n\n\n\n \u201cThis does not appear to be \u201csustainable,\u201d said environmentalist Patrick Moore.<\/p>\n\n\n\n To View TweetEnable Social Cookies<\/p>\n\n\n\n View on Twitter<\/a><\/p>\n\n\n\n Energy and environmental science expert Steve Milloy called Ford\u2019s loss a \u201cmassive EV disaster.\u201d<\/p>\n\n\n\n To View TweetEnable Social Cookies<\/p>\n\n\n\n View on Twitter<\/a><\/p>\n\n\n\n Ford announced earlier this month that the company will delay producing two new electric models, opting for hybrid vehicles instead. <\/p>\n\n\n\n \u201cMany companies rushed in too fast with E.V.s that were too expensive and there was not as much of a market for them as they thought,\u201d Sam Abuelsamid, transportation and mobility analyst at research firm Guidehouse Insights, told<\/a> the New York Times<\/em>. \u201cThat\u2019s made it a lot tougher to sell those vehicles.\u201d<\/p>\n\n\n\n