Ford's reporting changes amount to the most detailed look yet by any legacy automaker into the finances behind the EV business.
"The EV business could report much deeper losses than investors expect, which could make Ford's target for 8% EV EBIT margin by 2026 particularly difficult to achieve," Rosner said Monday in an investor note., no major automakers are expected to generate meaningful profits from electric vehicles for at least several years, as the industry works to increase EV output and manufacturing scale.
Morgan Stanley's Jonas said Ford's new reporting structure should "confirm our view that the ICE business is highly cash flow generative and currently funding the capital consuming EV business."2023 Ford Super Duty F-350 LimitedFord's plan is to cut at least $3 billion in structural costs largely out of the traditional business by mid-decade to boost margins.
Ford has long been a significant player in the commercial fleet markets in North America and Europe with its deep expertise in pickups and its huge-selling line of Transit vans. More recently, it has looked to increase the profitability of its fleet operations with software and services that draw on its decades of experience serving fleet operators – and that take advantage of the connectivity and new technologies built into its latest vehicles.
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