Ford Motor Company reported a whopping $132,000 loss on each electric vehicle (EV) sold during the first three months of 2024, amassing a $1.3 billion loss.
The auto manufacturer’s electric vehicle unit revealed Thursday that they experienced a 20 percent decrease in sales volume and were forced to slash prices due to low consumer demand, CNN reported.
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The revenue for Ford’s EV car, the Model e, plunged by 84 percent to about $100 million, which the company blamed on EV price cuts across the auto industry.
“That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit,” the publication noted.
The recent figures are part of a trend of loss for Ford, with their Model e reporting a full-year…
