CHICAGO, March 24 — Ford Motor Co is expecting its loss on electric vehicle business to grow to US$3 billion in 2023,The Dearborn-based company lost US$900 million in EV business in 2021 and US$2.1 billion in 2022.
Meanwhile, Ford is moving to scale up EV production to an annual run rate of 600,000 units by the end of this year and further to 2 million units by the end of 2026. The automaker hopes to reserve the losses in the coming years as the volumes of EVs grow and hit an 8-per cent operating profit margin for the EV business by the end of 2026.
Ford is projecting US$7 billion in operating profit for the gas and hybrid business and roughly US$6 billion for commercial business this year.
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