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Ford Model e losing billions as it says EV unit should be seen as startup

DETROIT — Ford Motor Co.'s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting financial results. The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units. Company officials said the electric vehicle unit, called “Ford Model e,” will be profitable before taxes by late 2026 with an 8% pretax profit margin. But they wouldn't say exactly when it's expected to start making money. Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford. “As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share,” he said. Model e, he said, is working on second- and even third-generation electric vehicles. It currently offers three EVs for sale in the U.S.: the Mustang Mach E SUV, the F-150 Lightning pickup and an electric Transit commercial van. The new corporate reporting system, Lawler said, is designed to give investors more transparency than the old system of reporting results by geographic regions. The automaker calculated earnings for each of the three units during the past two calendar years. Model e had pretax losses of $900 million in 2021 and $2.1 billion last year, and it is expected to lose $3 billion this year. In the past two years Ford has announced it would build four new battery factories and a new vehicle assembly plant as well as spending heavily to acquire raw materials to build electric vehicles. By the end of this year, the company based in Dearborn, Michigan, expects to be building electric vehicles at a rate of 600,000 per year, reaching a rate of 2 million per year by the end of 2026. Ford Blue, the unit that sells internal combustion and gas-electric hybrid vehicles, made just over $10 billion before taxes during the last two years. Ford Pro, the commercial vehicle unit, made $5.9 billion during those years, the company said. For this year, Ford expects Ford Blue to post a $7 billion pretax profit, modestly better than last year. Ford Pro is expected to earn $6 billion before taxes, nearly double its earnings last year, Lawler said. Ford was to present the new structure, announced last March, to analysts and investors on Thursday.

2024 Lincoln Navigator won't offer rear-wheel drive

Another Lincoln rear-wheel-drive trim bites the dust, following the course of the 2024 Lincoln Nautilus. When Cars Direct looked over an order guide for the 2024 Lincoln Navigator, the outlet discovered the omission of an RWD variant. The site inquired with Lincoln about the absence, anf the automaker responded, "24MY Navigator will be exclusively available as a 4x4." The relevant news for consumer wallets is that the change automatically raises the Navigator's base price by $3,000, the cost of adding four-wheel drive to the two trims that offer it, entry-level Premiere (currently called the Standard trim) and Reserve. The good news is that the order guide contained price data for the 2024 SUV, with Cars Direct saying the base Navigator MSRP is otherwise only going up $40. Early MSRP data for the 2024 model after the $1,895 destination charge, and the differences from 2023, shows: Premiere: $84,660 ($3,040) Reserve: $97,220 ($3,390)  Black Label: $112,646 ($1,495) Among the competitive set, the all-wheel drive 2024 Cadillac Escalade in base Luxury trim starts at $85,690, $1,030 more than the 2024 Navigator. The Cadillac's price gets pushed beyond the Navigator's by the $1,500 charge for three years of OnStar and Connected Services. Cadillac doesn't include this in the MSRP, instead listing the line in the Options section of the Summary page on the configurator; however, the "option" can't be removed. The 2023 Jeep Wagoneer Series III 4x4 — the top trim — starts at $77,200, the base trim of the 2023 Jeep Grand Wagoneer 4x4 starts at $92,945. The 2023 Mercedes-Benz GLS 450 starts at $82,950, the BMW X7 xDrive40i starts at $82,895.   According to Ford Authority, Lincoln's leaving the 2024 Navigator pretty much alone while the automaker prepares a refreshed 2025 model. For next year, Flight Blue returns to the color palette for the Standard and Reserve trims, displacing Ocean Blue. The most recent 2025 Navigator spy shots haven't revealed much of note, but it's clear it will carry design influences from the new Nautilus.

Lincoln MKC crossover adopts the Continental's grille

The last vestiges of the controversial split Lincoln grille are slowly being removed as the company revamps its lineup. It started with the MKZ and Continental, with the most recent rhinoplasty recipient being the Navigator. Now, based on spy shots, it looks like the MKC crossover will be the fourth to get the new corporate grille. Under the heavy vinyl coverings, we can clearly see the proud Continental-inspired grille. We can also see that it will feature the same chrome mesh with Lincoln badge-shaped openings found on other cars with the grille design. We can also assume that the headlights will receive a substantial refresh, but the lower bumper doesn't look particularly different. The rest of this prototype MKC looks the same as the existing model. The back is covered, which indicates that the taillights may be updated. We wouldn't expect a radically different look, since the MKC already has a full-width taillight treatment. We also noticed that the wheels appear to be inspired by the cool turbine wheels of the Navigator. Whatever the other changes are, we'll probably see them soon. This is clearly just a refresh, and so there's a good chance we'll see the production model revealed by the end of the year, or early next year at the latest. Related Video: