Ford Motor Company ‘s electric vehicle unit has lost nearly $3 Billion is past two years and is due to lose some what same amount this year thanks to new technology investment. Although the company is confident that their EV Unit – “Model E” will turn profitable soon.
Ford released their figures earlier and announced new business structure. Ford’s new business structure separates internal combustion vehicles, commercial vehicles and electric vehicles into three units. Ford currently offers three electric vehicles for sale in the US – Transit electric commercial van, F-150 Lightning pickup and Mustang Mach E SUV.
Recently Ford introduced Explorer EV exclusively for the European market. In the past two years Ford had announced that they would be building four new battery vehicles, new vehicle assembly plants as well as heavily expanding into production of electric vehicles.
“As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share,” said John Lawler, Chief Financial Officer. Further he also said, ““After 120 years, we’ve essentially re-founded Ford.” We’re embracing technology and competitive disruption in our industry, fundamentally changing how we’re thinking, how we’re making decisions, and how we’re running the company.”
It remains to be seen as to how automotive giants like Ford and others would transition into electric vehicle technology with minimum friction and while balancing their existing ICE vehicle portfolio.
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