Ford's latest EV plan is a shocking letdown to its loyal workers
The automaker revealed a $1.2 billion loss at its EV division last quarter.
At some point of Ford’s 1/3-quarter 2024 earnings call on October 28, Ford (F) CEO Jim Farley noted that the current “slow uptake of EVs” is a giant challenge the automaker faces, but voiced his self assurance within the overall electric vehicle strategy.
Despite calling it an "area of strength" that he "wouldn't trade for any of our competitors," Ford's EV division, known internally as Ford Model e, lost $1.2 billion in EBIT throughout Q3 2024, and is expected to lose about $5 billion by the year's end.
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