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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.

How the Ford Shelby Mustang came to be

Even as rumors swirl that the next-generation of high-performance Ford Mustang will drop the Shelby name, Ford has released a short video telling how the legend of the Shelby Mustang came to be. In its latest installment of its video series entitled Mustang Countdown, Ford dug up some footage from Carroll Shelby to give a little insight into how this automotive icon was created.
While it's definitely interesting to hear the late legend tell the story in his own words (including numerous references to the 1964 Mustang as a "secretary's car"), it's also pretty funny learning exactly how the Shelby GT350 got its name in the first place - a name allegedly making a comeback as the replacement for the current Shelby GT500. As development work continues on the 2015 Ford Mustang, the Shelby video posted below shows that the automaker is always looking at its past - even as it looks ahead to the future.

Ford Mondeo Hybrid could beat unloved diesels in Europe

Predicting changes in the European auto market isn't easy, and Ford is hedging its bets there with the introduction of the Mondeo Hybrid. The Blue Oval has no expectation of the electrified version of the sedan being a rollicking sales success, but the model is a fuel-efficient alternative in case the recent backlash against diesel turns into an outright ban somewhere. This is the first time Ford is selling a hybrid version of the Mondeo (a cousin to the Fusion in the US) in Europe. The vehicle pairs a 2.0-liter Atkinson cycle four-cylinder with a 1.4-kWh battery pack to make a total of 185 horsepower and emit 99 grams per kilometer of CO2. The Blue Oval expects to sell around 100,000 units of all versions of the sedan annually there, according to Automotive News Europe. However, fewer than 5,000 of those are predicted to be the gas-electric model. "Legislation around Europe is so different it's very difficult to predict," Roelant de Waard, Ford of Europe sales boss, said to ANE. "If you're betting only on one horse you might be lucky, but you also may be very unlucky." Ford is probably smart to have alternatives ready, and it also already offers the Focus Electric and hybrid C-Max there. Governments in Europe are rapidly turning against diesel, especially in France. The country considered offering buyers 10,000 euros ($11,300) if they trade in an old oil-burner on a new electric vehicle, and the prime minister calls backing the fuel for so long a mistake. The UK's Labour Party is making similar declarations. News Source: Automotive News Europe - sub. req.Image Credit: Ford Government/Legal Green Ford Emissions Green Driving Diesel Vehicles Hybrid Sedan