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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.

Why, believe it or not, the Lincoln Nautilus is one of 'America's hottest brands'

  Adidas Sambas, Sol de Janeiro skin care products, Nvidia AI chips, and... the Lincoln Nautilus? In what bizarro world is the Lincoln Nautilus (F) — a nameplate only an Uber driver or your grandfather could love — in the same sentence as those hot brands?  The answer: It made it to Ad AgeÂ’s “AmericaÂ’s hottest brands” list for 2024. In fact, the Nautilus, a midsize crossover, is actually drawing interest from younger buyers. Take that, Boomer.  According to Ad Age, the annual hottest brands list highlights companies and brands that are currently enjoying some kind of buzz or mainstream awareness — no matter how fleeting that may be. Reporters and editors at Ad Age whittled down 60 or so hottish brands to the eventual 20 that made the big cut.  They also try to avoid repeat winners.  But if you're looking for sales or other financial metrics in these rankings, forget about it. The list is more focused on chatter and online buzz.  Back to the Nautilus.  This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The SUV was redesigned for 2024 with a fresh, tech-laden interior, highlighted by a wrap-around digital dashboard. Such features, apparently, helped. Sales of the latest Nautilus jumped 42% in the first half of 2024 compared to the year-earlier period.  And if you're wondering, kids, the Nautilus comes in a hybrid version as well — a powertrain that has been doing quite well for Lincoln and parent company Ford. Ad Age believes the techy interior look, along with that hybrid powertrain, is responsible for the brand's newfound buzziness.  It also helps that the NautilusÂ’ ad and marketing game plan is as modern as the latest version of the vehicle. For example, it has a relatively new celebrity backer in tennis legend Serena Williams, who will be featured in a new ad campaign later this year.  A hit song of sorts in its ads doesn't hurt either. Called “Kaleidoscope Bliss (The Nautilus Song),” the song was big on social media, of course. LincolnÂ’s creative agency even had the band behind the song, Heavy Duty Projects, release an extended version of the song for fans who were clamoring for more.  “WhatÂ’s really good is that they're recognizing it as the song from the commercial,” Megan McKenzie, Lincoln's U.S. marketing head, said to Ad Age. The new Serena Williams ad will feature the song as well.

Autoblog Podcast #403

Episode #403 of the Autoblog Podcast is here, and this week, Dan Roth, Michael Harley, and Ronnie Fung of Autoblog Canada talk about the $5 billion investment Ford is making in Lincoln, the McLaren 650S, and the best apps for drivers. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening!
Autoblog Podcast #403:
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