.Ford expects its electric vehicle business to lose roughly $3 billion in 2023, an obstacle it said will not prevent it from reaching its profit goals for 2026. Ford has been attempting to provide more transparency into the finances of its EV business.
The estimate comes as Ford seeks to provide more transparency into the finances of its EV business compared to traditional gas-powered vehicles, as well as its fleet of commercial vehicles.Ford also unveiled a new financial reporting format, which it will begin using on May 2, when it releases its first quarter earnings report.
Lawler attributed the losses to its new EV investments, including battery cell factories in two U.S. states. “Startups lose money as they invest in capability, develop knowledge, build volume, and gain share,” Lawler told reporters.
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