Ford has shared its financial results for Q1 2024, and it’s a bit of a mixed bag, with varying performance across the automaker’s three divisions. While the Ford Pro and Ford Blue sectors raked in plenty of cash, the electric Model e division remains a financial black hole, with a staggering $1.3 billion loss between January and March. That's roughly double what the Blue Oval lost during the first quarter of 2023.
The Dearborn-based automaker chalks these losses up to the declining electric vehicle market, singling out "significant industry-wide pricing pressure" and plummeting wholesales. To remain competitive and lure customers into showrooms, Ford has had to reduce the pricing of the Mustang Mach-E and F-150 Lightning even further, shaving thousands of dollars off their list prices. As a result, Ford lost more than $130,000 on each EV it sold in the first quarter.
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