Ho, Hum: Another Year, Another $5 Billion EV Loss at Ford Motor Co.

Why does this man seem so stressed?

For the third straight year, Ford Motor Company had to admit it somehow managed to lose another whopping $5.5 billion during 2024 on its Model e electric vehicles division. For the year, Ford Model e managed to sell 97,865 EV units, which works out to a net loss of more than $56,000 per EV sold.

To be fair to Ford and CEO Jim Farley, that’s actually a significant improvement in per unit losses from 2023. So he’s got that going for him.

As I noted here early in 2024, Farley decided in the wake of his EV division’s huge 2023 losses to refocus the company’s efforts to emphasize more sensible hybrid models over its failing efforts to convince the public to buy battery electric versions of the F-150 pickup and Mustang sports car. That refocus had an impact, as the company sold double the number of hybrids than EVs during 2024.