Ford pinning hopes on EV breakthroughs and smaller cars to fend off financial trouble

However, for the first 10,000 Ford-badged EVs sold in the first quarter of 2024, the company lost nearly AU$2 billion – equivalent to around $200,000 on each EV delivered.

Ford’s Model E division, responsible for the brand's electrification efforts, reported a $153 million revenue figure for the period – an 84% drop from the same time last year.

Sales figures also dropped by 20%, compared to the first quarter of 2023. Ford pointed to “pricing pressure” and “slower growth”, as customers have lost their enthusiasm for EV vehicles.

To address its nosedive, the company plans to tighten the purse strings, spending around $12-13 billion rather than the current $15 billion figure planned.

Ford CEO Jim Farley commented “We’ll probably be on the low end of that range, and we’re being very consistent about our discipline on profitability.”

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This technology is being developed with China’s Contemporary Amperex Technology Co., Limited, with Ford planning to own and operate their own outright plant. Initial production is expected to commence in 2026.

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7.6 / 10 Score

The designers on team are working on smaller and more affordable EVs, which Ford feels will win over urban dwellers at a more efficient price point.