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Ford’s Electric Vehicle Business Lost $2.1 Billion In 2022

Ford Motor Co. (F) has reported that its electric vehicle business lost $2.1 billion U.S. in 2022 as the automaker ramps up production on several new fully electric models.

However, the electric vehicle loss was more than offset by $10 billion U.S. in operating profit from its internal combustion and fleet business units.

The Detroit-based automotive giant said it expects further losses on its electric vehicle business this year, forecasting an adjusted loss of $3 billion U.S. for its EV unit.

The new financials are the first detailed look at unit profitability as Ford unveils a new reporting structure that aims to give investors and analysts a better understanding of how its electric vehicle business is growing and evolving.

The new reporting method comes after Ford restructured into five business units:

1. Ford Blue: The traditional internal combustion engine business
2. Ford Model e: The new electric vehicle unit
3. Ford Pro: Its commercial and government fleet business
4. Ford Next: Nonautomotive mobility solutions and other technologies
5. Ford Credit: A financial services subsidiary

Ford’s electric vehicle losses more than doubled in 2022 from a year earlier as the company continues to ramp up production in the U.S. The company is investing more than $50 billion U.S. in its electric vehicle transition.

Ford reiterated that it expects to build two million electric vehicles per year by the end of 2026. It hopes to achieve a 10% profit margin on its electric vehicles by that time.

The automaker is scheduled to report its first-quarter financial results on May 2 of this year. Ford’s stock has decreased 31% over the last 12 months to trade at $11.48 U.S. per share.