Ford's expects its electric vehicle division to post a $3 billion loss in 2023 as it ramps up production while its conventional vehicle operations are expected to turn a profit.
"As everyone knows, EV startups lose money while they invest in capabilities, develop knowledge, build volume and gain share."Model e lost $2.1 billion in 2022 and its cumulative 2021 through 2023 loss is projected at $6 billion.
The Ford Blue division, which is focused on internal combustion engine and hybrid vehicles, is projected to earn $7 billion this year, up from $6.8 in 2022, while the Ford Pro commercial services division is targeting to nearly double its growth from $3.2 billion to $6 billion.The company said that "Ford Blue and Ford Pro are both solidly profitable and well-positioned for growth," and that its margin target for overall operations is 10% in 2026, with Model e at 8%.
In early March, Ford said it was boosting production of six key models as supply chain issues ease up, including the Maverick compact pickup, Bronco Sport SUV, Transit vans along with the electric Mustang Mach-E and F-150 Lightning.
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