Ford Motors, once an icon of American industry, has found itself grappling with staggering financial losses in its pursuit of electric vehicle (EV) dominance. As reported by Bloomberg, the automotive giant has been forced to scale back orders from its battery suppliers amidst a cooling market for electric cars. This strategic pivot, while potentially beneficial in the long term, comes at a hefty price: Ford is reportedly hemorrhaging over $100,000 for each electric vehicle sold in the first quarter of 2024, doubling its losses from the previous year.
The enthusiasm for EVs seems to be waning nationwide. The Associated Press highlighted a dramatic slowdown in the sector, with electric vehicle sales growing a meager 3.3 percent in the first quarter of 2024, a steep decline from the 47 percent surge experienced last year. Furthermore, EVs’ market share in total U.S. auto sales has also dipped slightly from 7.6 percent to 7.15 percent year over year.
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In a bid to curtail these financial bleedings, Ford has announced a drastic reduction in its investment in electric vehicles. According to Bloomberg, the company plans to slash its EV budget by $12 billion. Despite these cuts, Ford anticipates losses could reach up to $5.5 billion from its electric division in 2024 alone.
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