Ford slows ambitious EV targets as losses mount, relies on gas vehicles for profits

Ford has pushed back goals to reach 600,000 annual EV production to 2024, citing slower-than-expected consumer adoption.
The automaker expects to lose up to $4.5 billion on EVs in 2023 due to high costs and competitive pricing.
Ford's gas-powered vehicles provided strong profits of $2.3 billion in Q2 2022 to offset EV losses.
Total Q2 revenue rose 12% on robust truck and SUV sales, leading Ford to raise its 2022 profit guidance.
Ford aims to eventually reach 2 million annual EV production but the timeline is now uncertain due to demand issues.