Breaking into the electric car business is hard these days. Even big companies like Ford are having a tough time. They lost a lot of money on their electric cars in the first part of 2024. Reports say they lost over $100,000 for each electric car they sold.
Because of these big losses, Ford is changing its plans for electric cars. They’re cutting back on how many batteries they’re ordering for future cars. This is part of Ford’s new plan to spend $12 billion less on electric cars. They’re also delaying some new electric cars and reducing prices.
Ford’s CEO, Jim Farley, said their electric car division, called Model E, is causing a lot of problems for the whole company. In the first three months of 2024, Ford lost twice as much money on each electric car compared to before.
These losses are huge. They might even cancel out all the money Ford makes from selling gas-powered cars this year. But Ford is trying to fix things. They say they’re working on making electric cars that are cheaper to make and can make a profit. It’s something to look forward to!
