Top American automaker Ford hemorrhaged over a billion dollars on electric vehicles (EV) in the first quarter, leading to massive losses per vehicle.
Ford sold 10,000 vehicles in its EV Model e unit in the first three months of the year, losing $1.3 billion on the line altogether, equating to a loss of $130,000 per vehicle sold, according to data from the company’s first quarter earnings report. Despite the loss on EVs, Ford’s net income was $1.3 billion, selling over a million vehicles with $42.8 billion in revenue in the quarter. (RELATED: Boeing Posts Massive Loss Following Slew Of Safety Issues)
The Biden administration has sought to boost demand and production of EVs as part of the president’s sweeping environmental agenda, offering a $7,500 tax credit for some EVs in an attempt to ease high costs using funds from the $750 billion Inflation Reduction Act. Federal…
