Ford Motor Co. may be losing money on every electric vehicle it sells, and its Lincoln luxury brand may be rethinking its EV strategy, but the automaker is still forging ahead with ambitious growth plans.
Ford recently warned that it will lose about $4.5 billion more than expected this year on its EV business unit, called Model e. The company still plans to reach an annual build rate of 400,000 EVs, but that timeline is now delayed.
It will happen some time in 2024 instead of this year, Ford now says. Also on indefinite delay is its 2 million EV production goal beyond 2026.
Crucially, though, Ford says it still expects to make 8 percent margins on EVs in 2026. Key to that goal is a second-generation EV platform that will underpin a full-size pickup built at Blue Oval City in Tennessee and a three-row crossover built in Canada.