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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.

Mustang parts under the new Lincoln Aviator mean good things for Ford

NEW YORK — As we mentioned last night, underneath the new Lincoln Aviator "concept" there appears to be an independent rear suspension lifted right from the Ford Mustang parts bin. And while it's pretty cool on its face that Mustang rear-drive platform bits are being reused in the broader Ford universe, what this means for the next Explorer could be really cool. A quick caveat: The Aviator here in New York is very close to the production version, but it's not technically a production car. It looks hand-built, with temporary exhaust and some show-car touches. The suspension underneath looks exactly like a Mustang's, but the actual production Aviator will almost certainly use beefier components with the same basic design and geometry, since the Aviator will be much heavier than the smaller Mustang. That being said, we're fairly confident that even at this early stage, the Mustang-derived suspension seen in New York is a preview of what'll be under the production Aviator. Furthermore, Ford won't say it, but based on what we're seeing on Aviator, it's a safe bet that Ford will utilize the Aviator platform for the next Explorer. That would enable the economies of scale necessary to produce a brand new rear-drive-based SUV platform in the first place. It also means that the Explorer should be available without AWD — and given the stable of powerful EcoBoost engines, and the competent 10-speed automatic in the parts bin, a rear-drive Explorer has a shot at being a decent driver. Aviator wouldn't go rear-drive-based if driving dynamics weren't important; Explorer should inherit these priorities. More evidence: The Explorer spy shots we saw back in February sure share the Aviator's general proportions. Even back then, before Aviator was revealed, we were hypothesizing that an EcoBoost 3.5-liter-powered version could boast as much as 400 horsepower, if the Expedition's tune were adopted. Suddenly, the Explorer seems very interesting. So, an EcoBoost, rear-drive Explorer sure sounds like something Ford Performance would be interested in, right? We knew an Explorer ST is coming, but with 365-400 horsepower potential and a chassis designed with dynamics in mind, it doesn't seem like as much of a stretch as the Edge ST. And a performance-oriented AWD system is a possibility, too. That's an area where Ford has been gathering experience at a rapid pace. What do we not expect from a new Explorer? A V8.

The Lincoln Blackwood was the original luxury pickup. It was also weird.

As the 20th century drew to a close, Lincoln's mainstay product, the venerable Town Car, was well on its way to livery-car limbo and the brand's sales were sinking. The surprise-hit Navigator, introduced for 1998, indicated a possible way forward: luxury trucks. The following year, Lincoln rolled out a concept (pictured at bottom) that was essentially a dolled-up F-150 pickup: the Blackwood. Reaction was sufficiently enthusiastic that the Blackwood appeared in showrooms, essentially unchanged, for 2002. Luxo-trucks are now all the rage, but Lincoln's attempts to make the Blackwood truly special tripped up this pioneering pickup, which was canceled after just one year. That means this 2002 Blackwood for sale right now on Cars and Bids presents a rare opportunity. Lincoln grafted a Navigator nose onto an F-150 body, and if they had stopped there, the Blackwood might have fared better. But Lincoln went further. Motivation was provided by a 5.4-liter InTech V8 with 300 horsepower driving the rear wheels. Four-wheel drive wasn't offered, because Lincoln didn't want to raise the ride height. Air springs supplemented the rear leaf springs. The interior was stuffed with all manner of Navigator-spec luxury gear, with leather, heated and cooled seats, power-adjustable pedals, and even an early navigation system — which was the only option. Seating was strictly for four thanks to the rear captain's chairs. As if adorning it with faux African wedgewood and aluminum inlays wasn't distinctive enough, the cargo bed became a cargo trunk thanks to the standard, power-operated hard tonneau cover. Inside, the floor was carpeted, the sides were brushed aluminum, and the space was illuminated by LED accent lighting. Rather than a drop-down tailgate, access was via a pair of Dutch doors. To align with the nameplate, the only color offered was Gunslinger Black with a black interior. To maintain exclusivity, Lincoln planned to cap sales at 10,000 units. That provided wholly unnecessary, as sales only reached 3,356. Lincoln pulled the plug after one year. The 2020 asking price was $52,500 (roughly $77,000 today). The truck for sale on Cars and Bids is sure to go for less, although bidding is pretty strong out of the gate. It currently sits at $8989 with six days to go in the auction.