The 3 key takeaways
- Ford reports $2 billion loss: Ford Motor Company announced a $2 billion loss in its EV division, attributing the setback to supply chain disruptions, battery shortages, and increasing competition in the electric vehicle market.
- Production delays and recalls: The automaker faced production delays for its popular F-150 Lightning electric pickup and had to recall thousands of Mustang Mach-E vehicles due to battery issues, which contributed to the financial loss.
- Future strategy: Despite the losses, Ford remains committed to its transition to electric vehicles and plans to invest $30 billion in EVs and related technology by 2025 to compete with industry leaders like Tesla and General Motors.
Source: https://www.cnn.com/2023/03/23/business/ford-ev-losses/index.html