Ford’s Electric Vehicle Gamble: $1.3 Billion Q3 Loss Amidst Slowing Demand
EV Challenges Pose Serious Threat
In the third quarter, Ford Motor Company faced a significant challenge in its electric vehicle (EV) endeavors, as evidenced by a staggering $1.3 billion operating loss. This loss, however, wasn’t merely an isolated event; it marked a worrisome trend resulting from slowing demand and the fierce EV price competition ignited by Tesla earlier in the year.
The Road to Q3: During Q3, Ford managed to sell 20,962 electric vehicles, slightly outperforming General Motors, largely due to a boost in Mustang Mach-E production. Mustang Mach-E sales saw a remarkable 42.5 percent increase during the quarter, with 14,824 units sold, and an impressive 5,872 units sold in September alone. These numbers translated to a 44 percent growth in EV deliveries, ultimately contributing to a 26 percent year-over-year revenue growth for Ford’s Model e EV unit, totaling $1.8 billion.