Ford is investing billions into electric vehicles, but much like many other carmakers doing the same, it’s discovered that building EVs and not losing staggering amounts of money isn’t easy.
Financial information released by Ford for the second quarter reveals the Ford Model e electric car division lost $1.1 billion. During this period, it sold 23,957 EVs in the U.S., meaning it lost the equivalent of $47,600 per EV sold. Factoring in a poor Q1, Ford E has lost $2.5 billion this year and is on track to lose between $5 billion and $5.5 billion by year’s end.
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