{"id":48853,"date":"2023-05-04T00:03:24","date_gmt":"2023-05-04T04:03:24","guid":{"rendered":"http:\/\/autosector.com\/?p=48853"},"modified":"2023-05-04T00:03:24","modified_gmt":"2023-05-04T04:03:24","slug":"ford-model-e-ev-unit-posts-722-million-loss-q1-2023","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=48853","title":{"rendered":"Ford Model e Electric Vehicle Unit Posts $722M Loss In Q1 2023"},"content":{"rendered":"

Ford Motor Company released its first-quarter earnings on May 2, posting a net income of $1.8 billion to reverse a $3.1 billion loss a year earlier.<\/p>\n

First-quarter revenue was $41.5 billion, up 20 percent from the same period a year ago, on shipments approaching 1.1 million vehicles \u2013 a 9-percent increase \u2013 as well as a more favorable sales mix and higher net pricing. Ford ended the quarter with margins of 8.1 percent, up 1.4 percentage points.<\/p>\n

CEO Jim Farley noted that the first quarter of organizing around and running the company on behalf of distinct customer groups \u2013 Ford Blue, Ford Model e, and Ford Pro<\/a> \u2013 produced “solid operating results and a glimpse of the promise of its Ford+ growth plan.”<\/p>\n

However, not all of Ford’s new divisions were in the black in Q1 2023. The Model e EV business unit, which Ford says it operates like a startup, posted a loss of $722 million. The Ford Blue gasoline-powered business posted a $2.6 billion profit, while the Ford Pro commercial vehicle unit made $1.36 billion.<\/p>\n

Ford reaffirmed its full-year guidance as it recovers from global supply chain shortages, noting that it expects losses from the Model e EV business to rise nearly 50 percent to $3 billion this year<\/a>.<\/p>\n

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8<\/span> Photos<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

Ford previously said it is investing heavily in Model e to develop innovative electric vehicles along with breakthrough digital capabilities for deployment across the company\u2019s entire product line.<\/p>\n

Production interruptions of the Mustang Mach-E<\/a> and F-150 Lightning<\/a> also contributed to the Q1 2023 loss for Model e. Ford had to make industrial changes at the plant in Mexico that will nearly double Mach-E manufacturing capacity and had to isolate and address a battery issue for the Lightning before it became a problem for customers.<\/p>\n

Besides boosting capacity for the Mustang Mach-E and F-150 Lightning, Ford Model e will also build its next-generation electric pickup at the BlueOval City complex<\/a> now under construction in Stanton, Tennessee.\u00a0<\/p>\n

The company is also transforming an existing operation in Oakville, Ontario to produce batteries and next-generation EVs<\/a>, and constructing and staffing an LFP battery plant in Marshall, Michigan.<\/p>\n

Ford plans to achieve a global production run rate of 600,000 electric vehicles by the end of 2023<\/a> and more than two million by the end of 2026.\u00a0The all-electric Explorer crossover unveiled in March that will be built and sold in Europe will contribute to that.<\/p>\n

Ford no longer breaks down results by regions but by its new business units, and Model e includes Ford EVs from all global markets.<\/p>\n

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Ford Motor Company released its first-quarter earnings on May 2, posting a net income of $1.8 billion to reverse a $3.1 billion loss a year earlier. First-quarter revenue was $41.5 billion, up 20 percent from the same period a year ago, on shipments approaching 1.1 million vehicles \u2013 a 9-percent increase \u2013 as well as […]<\/p>\n","protected":false},"author":1,"featured_media":48854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-48853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48853"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/48854"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48853"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}