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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.

Car subscription services: A slow, expensive start — but the potential is huge

Americans are used to paying for subscriptions — to magazines and cable television, for instance — but experience shows they'll cancel when the price of admission gets too high, or there are more tempting alternatives. Cord cutters ditched nearly 1.5 million pay-TV subscriptions in 2017, according to a survey by Leichtman Research Group. Cable TV started out cheap with basic offerings, and then got expensive. The auto industry's subscription offerings are new, but they're starting out costly, and not price-competitive with traditional leasing. The upside is that they take the hassle out of car ownership for busy people by letting the service take care of maintenance, insurance, licensing and taxes. And they give consumers choice, often allowing relatively painless switches between different cars in the automakers' lineup. Subscription services also point the way toward an ownership-free auto experience, and offer an easy transition to a potential world where ride- and car-sharing will be dominant. Subscriptions are here to stay, but consumers may take a while to "get" them. Lincoln's subscription service for lightly used 2015 to 2017 models, offered through the Ford-owned Canvas beginning this year, got off to a slow start. Many early subscribers canceled. Last month, Cadillac announced it would " temporarily pause" its $1,800-per-month Book subscription service for "adjustments" as of December 1. According to the Wall Street Journal, "Snags with the back-end technology used to support the service made some customer-service functions tedious and time-consuming, adding costs for the company." The challenge for automakers is to come up with a strategy that offers consumers a compelling, affordable option to regular ownership, and one that can also make a profit. I think they'll find that sweet spot, but they're not there yet. Jack Nerad, former executive editorial director at Kelley Blue Book and author of " The Complete Idiot's Guide to Buying or Leasing a Car," points out that "A lot of people expected that subscriptions would be very valuable for people who wanted inexpensive transportation, but the reality is quite the opposite. Subscriptions are offering more choices for the wealthy.

Coach Door Everything! This low-volume Lincoln Continental needs to inspire future Lincolns

One of the stranger vehicles that came through the press fleets last year was the 2020 Lincoln Continental Coach Door Edition. And it was strange for a wide array of reasons. It’s an extremely limited-production model; Lincoln only built 150 examples, plus another 80 of the 2019 80th Anniversary Edition that first featured the same rear-hinged doors. ItÂ’s also obsolete, since Lincoln ended production of the base Continental last year. And even if Lincoln kept building Continentals, the model was effectively obsolete in a world dominated by crossovers and SUVs. Plus, as weÂ’ll touch on in a bit, its driving dynamics were rather old-school for better and worse. But after spending some time with this odd car, it became clear that Lincoln managed to make something special, and the coach doors shouldnÂ’t die with the Continental. Before we dig deep into what the car is like and the lesson Lincoln should learn from it, hereÂ’s a quick refresher. The rear-hinged Continental started with the 2019 80th Anniversary Edition as a run of 80 cars, followed by the 2020 Coach Door Edition. To give it the fancy doors, as well as the extra length they required, Lincoln partnered with Cabot Coach Builders in Massachusetts. They took a Black Label model with the twin-turbocharged 3.0-liter V6, made the body modifications, and also added a few custom interior touches. Besides those changes, itÂ’s just like any other Continental Black Label. Well that, and it costs nearly $40,000 more. LincolnContinentalCoachDoors_03_HR View 36 Photos Since nothing really changes mechanically, thereÂ’s nothing about the Coach Door EditionÂ’s driving experience that sets it apart from a similarly equipped Black Label. The 400-horsepower twin-turbo V6 pulls hard all through the rev band and with no waiting. ItÂ’s a bit coarse for a luxury car engine, but the performance makes up for it. The relatively old six-speed automatic is quite smooth, though shifts are slow. Ride and handling change quite a bit depending on whether youÂ’re in the normal comfort mode or sport mode. Comfort mode does a great impression of the floaty, bobbing land yachts of the past, which is accompanied by quite a bit of body roll. Pop it into sport mode, and the body roll is significantly reduced, the steering weights up, and control is massively improved. It almost feels nimble. But the ride becomes stiff and bumpy, not something befitting a mini limo. So itÂ’s a mixed bag.