Ford CEO Jim Farley revealed during the Q4 2023 earnings call that a specialized team has been working on a new low-cost EV platform. The "skunkworks" team has developed a flexible platform that will underpin a wide range of Ford's next-generation EVs and become profitable from the get-go.
Ford reported the 2023 financial results, and while the ICE business returned hefty profits, the EV division Ford e was the black sheep of the earnings call. Since Ford is one of the few carmakers breaking down the financial results of its EV business, we know that Model e lost $4.7 billion in 2023, of which $1.6 billion only in Q4 2023. Put simply, Ford lost $47,000 per EV unit sold in Q4 2023. This contributed to the $526 million net loss Ford reported in the fourth quarter of last year.
Read Article