Ford Motor Company lost $1.2 billion on electric vehicles (EV) in the third quarter.
The company’s net income was $0.9 billion, down $0.3 billion from the third quarter of 2023.
Overall, however, the company reported a revenue of $46 billion for the third quarter, a 5% increase from a year ago.
“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” Ford President and CEO Jim Farley said in a press release. “We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles. Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.”
Ford previously announced that it was pulling back on its electric SUV, citing profitability concerns. Instead of an all-electric SUV, the model will feature hybrid technology.
An April report from the company revealed that it loses more than $100,000 for each electric vehicle it sells.
Ford’s EV line lost $4.7 billion in 2023 and is expected to lose between $5-5.5 billion in 2024.
