Ford looks to future EV breakthroughs — and smaller cars — to staunch the bleeding
Ford is the No. 2 seller of electric vehicles in the US. It’s very proud of that fact, but the amount of cash it had to burn to get there is enough to make you wonder whether it can keep that title.
The company reported its first quarter earnings last night, and woo boy, it’s rough. Ford said it lost $1.3 billion on the sale of 10,000 electric vehicles in the first three months of the year — a staggering figure that amounts to $130,000 lost for every EV sold.
Ford’s Model e division, which oversees some of the company’s EV sales as well as software, reported $100 million in revenue, an 84 percent drop from the same period last year. The number of...