Ford reports $1.3B loss in EV sales in first quarter

Ford’s electric vehicle (EV) unit faced a setback in the first quarter, with losses skyrocketing to $1.3 billion, amounting to $132,000 per unit sold, impacting overall earnings, the automaker reported yesterday.

Despite plans to transition to EVs, Ford’s Model e unit revealed a 20% decrease in sales, selling 10,000 vehicles. The auto giant attributed an 84% drop in revenue to the industry-wide EV price cuts.

CFO John Lawler acknowledged the difficulty in profitability amid cost reductions.

However, Ford’s traditional vehicle sales businesses thrived, with Ford Pro posting a remarkable $3 billion profit, doubling from last year.