Ford Motor Company lost another $1.2 billion on electric vehicles (EV) in the third quarter, according to a Monday press release.
The company’s net income also fell to $0.9 billion, down $0.3 billion from the third quarter of 2023, according to the press release. The loss was largely due to a $1 billion charge related to EVs, according to the release.
Ford’s earnings before interest and taxes (EBIT) for the full year is expected to be around $9 billion for Ford Pro, while Model e, the company’s EV division, is expected to have a loss of about $5 billion for the whole year, according to the release.
“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” Ford President and CEO Jim Farley said in the release. “We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles. Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.”
The American automaker has been trying to incentivize buyers to purchase EVs amid a struggling market, and announced in September that it would offer free EV chargers and home installations for customers.
Ford lost $4.7 billion on EVs in 2023. The automaker previously reported a $1.3 billion loss for the first quarter of the year, and announced in August that it was scrapping plans to build three-row electric SUVs.
BRISTOL, UNITED KINGDOM – MARCH 05: The logo of the Ford Motor Company is displayed on the front grille of an electric Ford Transit being charged in a dealership on March 5, 2023 in Bristol, England. Founded by Henry Ford and incorporated in 1903 the Ford Motor Company is an American multinational automobile manufacturer that has been in continuous family control for over 100 years. (Photo by Matt Cardy/Getty Images)
The Biden-Harris administration has pushed for greater domestic manufacturing of EVs as part of its clean energy agenda. President Joe Biden previously set a goal of installing half a million public EV chargers across the U.S., but the plan has been met with various delays. (RELATED: US Auto Sales Remain Stuck Below Pre-Pandemic Levels)
Ford and other U.S. automakers have faced fierce competition from China as it continues to dominate the EV market. Farley recently admitted to driving an EV manufactured in China despite his company previously receiving billions for domestic EV production.
Ford pointed the Daily Caller News Foundation to a company earnings call from Monday when asked for comment.
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