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Ford Motor said it will lose $3 billion on its sales of electric vehicles (EV) to consumers this year, but it still expects to hit the profit targets it set for this year of between $9 billion and $11 billion, according to CNN published on Thursday.
The $3 billion loss equals EVs lost on that basis the last two years combined, as it lost $900 million in 2021 and $2.1 billion in 2022. It’s the first time it gave a breakout of the results from its EV operations.
The company aims that EVs will start making money soon, going from a 40 percent operating loss margin last year, when it sold about 96,000 EVs, bringing in $5.3 billion in revenue, to about an 8 percent profit margin by the end of 2026.
