RickMachE

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KEY POINTS
  • Ford Motor said Thursday its electric vehicle business lost $2.1 billion in 2022 on an operating basis.
  • That loss was more than offset by $10 billion in operating profit between its internal combustion and fleet businesses.
  • The financials are the first detailed look at EV profitability as Ford unveils a new financial reporting structure.
https://www.cnbc.com/2023/03/23/ford-2022-unit-financials.html
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SWO

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Oof
 

randomvoice

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Is it accounting for the money spent in standing up their EV factories (Blue Oval City) or whatever they call it? I am guessing scaling up quickly has a cost. There is a reason why Ford has EVs out there faster than the competition (barring Teslas of course). They know they'll be left behind in the next decade if they don't invest now.
 


4sallypat

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It took Tesla 17 years to make a profit.

I don't think it is surprising that a totally new business category is losing money.
Agreed - it's a great tax deduction in the meantime.

I am sure Ford will become profitable as the initial startup costs have to be paid out early....
 

ThatGuyLando

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It's a shame, Ford was well on their way to be a $20/share stock a little over a year ago. Now they're worth half that :(
 

SpaceEVDriver

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It wasn't money lost. It was money invested. What an inane article.
 

Logal727

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It took Tesla 17 years to make a profit.

I don't think it is surprising that a totally new business category is losing money.
Yep, this is the proper take. It costs money to start a new unit, they are losing money more than Tesla did at this stage, but Tesla only had one plant. Ford has two plants cranking out EVs and is opening up more lines. And the stock is up 2% this morning on the news.
 

SpaceEVDriver

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dbsb3233

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And that's with huge EV buyer subsidies from taxpayers. Thank goodness for ICE and hybrid.

I sure wouldn't want to be an EV-only startup. Tesla somehow managed to break through, with the benefit of tax credits and $billions in selling emissions credits to other mfgrs to avoid huge govt fines being a big part of that. Basically we all subsidized Tesla.
 

roamtheworld

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Ford is really ahead of everyone in making EVs except Tesla because they acted quickly.
Now the next few years as they continue to ramp up and introduce new models will be hard but it's nice to finally see the real numbers.
Quality is still the REAL killer for Ford!
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