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Ford Cuts EV Investment After Losing $36,000 On Every EV Sold In Q3

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Despite a 44 percent increase in EV deliveries, Ford's EV losses continued to rise in the Q3, with the company posting an operating loss of $1.3 billion.

Ford Motor Company's third-quarter earnings revealed rising EV losses caused mainly by slowing demand and the EV price war initiated by Tesla at the start of the year. Ford managed to sell 20,962 electric vehicles in Q3, beating General Motors by a slight margin thanks largely to increased Mustang Mach-E production – Mach-E sales rose 42.5 percent in Q3 with 14,824 units sold, 5,872 of which in September alone.

Ford Model e Q3 2023 corporate earnings slide As a consequence of 'appropriately balancing the pace of EV investment with the pace of customer demand,' the company said it is scaling back about $12 billion in planned EV investments. Ford is cutting some Mustang Mach-E production and delaying one of two battery plants it plans to open in Kentucky with partner SK On. The company did not say how long it would delay its EV investments or battery plant.

 

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