Ford Loses Another $5.1B On EVs; A Question Of Power In Russian; and I’ll Be Speaking At ARC In London On The 18th

A handful of short items, including more bad news for offshore wind, and a county-level map of the November election

Detail from Ford Motor Company’s latest earnings presentation. Credit: Ford

Ford’s massive losses on its electric vehicles have become commonplace. But the latest numbers are still gobsmacking. This week, Ford Motor Company reported that it lost $5.1 billion on its EV business in 2024. During the fourth quarter, it incurred $1.4 billion in operating losses on its EV segment. That was a slightly better result than the fourth quarter of 2023, when the company lost $1.6 billion on EVs. The company also reported that its volume and revenue dropped due to “pricing pressure and competitive market dynamics.”

Kelley Blue Book reported that Ford’s EV sales were 30,176 for the fourth quarter and 97,865 for the entire year. Therefore, Ford lost $46,394 for each EV it sold in the fourth quarter and $52,113 for each EV it sold in 2024.

For the full year, Ford reported net income of about $5.9 billion. Thus, Ford’s operating losses on EVs were nearly equal to its total profits. Even more stunning: Ford expects to lose another $5 billion on EVs in 2025. So here’s the tally: In 2023, Ford lost $4.7 billion on EVs. In 2022, it lost $2.2 billion. Thus, by the end of this year, Ford’s losses on its EV business will likely total some $17 billion. Despite these stunning losses, CEO Jim Farley claimed this week that “Ford is becoming a fundamentally stronger company.”

Right. Up is down. Consumers can’t wait to buy EVs. And losing billions every year makes Ford stronger. Someday soon, business historians will look back in amazement at the catastrophic mismanagement at one of America’s most storied companies.