Ford Reports $1.3 Billion Loss in EV Sales, Despite Overall Revenue Growth

Ford's Q1 2024 earnings reveal a significant loss in its electric vehicle segment, overshadowing gains in other areas.

Ford's electric vehicle division, Model e, reported a $1.3 billion loss for Q1 2024, with each EV sold incurring a substantial loss.
Despite challenges in the EV market, Ford's overall revenue increased by 3% in the first quarter, driven by strong performance in its Ford Pro and traditional vehicle segments.
Ford Pro, focusing on commercial vehicles, saw a 36% revenue increase, significantly contributing to the company's earnings.
The company announced plans to cut costs and improve profitability in its EV segment, including new battery technologies and a focus on smaller, more affordable EV models.
Ford maintains its full-year financial outlook, expecting significant improvements in free cash flow and profitability.