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Ford will lose $3 billion on electric vehicles in 2023, it says

Accepted submission by Freeman at 2023-03-23 15:02:14 from the money money money dept.
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There's no doubt that Ford is embracing electrification. It was first to market with an electric pickup truck [] for the US market, and a darn good one at that. It has a solid midsize electric crossover [] that's becoming more and more common on the road, even if it does still upset the occasional Mustangophile. And there's an electric Transit van for the trades. But its electric vehicle division will lose $3 billion this year as it continues to build new factories and buy raw materials.

The news came in a peek into Ford's financials released this morning. As we reported last year [], Ford has split its passenger vehicle operations into two divisions. Electric vehicles fall under Ford Model e, with internal combustion engine-powered Fords (including hybrids and plug-in hybrids) falling under Ford Blue. The move was in large part to placate investors and analysts, no doubt starry-eyed during a time when any EV-related stock was booming.

Tesla Exceeded Revenue Estimates in Q4 2021 by More than $1 Billion [] (20220127)
Tesla Burns More Cash, Fails to Meet Production Targets [] (20171102)
Ford Investing $4.5 Billion to Bring Electrification to 40% of Its Vehicles by 2020 [] (20151214)

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