Ford Still Believes In EVs Even After Burning Through Billions

Photo: Ford
Photo: Ford

Ford is holding firm to the idea that EVs are its future by going ahead with an ambitious growth plan despite losing money on every single electric vehicle it has made so far, and Lincoln may completely rethink its EV strategy. According to Automotive News, The Blue Oval recently warned that it would lose about $4.5 billion more than expected this year because of its EV business unit, called Model e.

However, it still plans to reach an annual build rate of 400,000 EVs, but not as soon as expected. The outlet reports that it will now happen sometime in 2024, rather than this year. We’ve previously reported that the automaker is delaying its plans to hit 2 million EVs per year indefinitely. Ford was initially supposed to hit that number in 2026.

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Just because these new EVs are coming, does not mean Ford is kicking the current ones – the F-150 Lightning, Mustang Mach-E and E-Transit – to the curb. The outlet says they’re still supposed to play key roles, and Ford reportedly insists that demand remains strong even as inventories rise along with production.

“As we’ve demonstrated over the last several years, we will continue to be laser-focused on disciplined capital allocation and ultimately delivering a leading and profitable EV footprint that provides us with the flexibility to scale based on customer demand,” Farley reportedly said during the call.

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