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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.

2020 Ford Explorer safer than old model; crash test ratings short of Top Safety Pick

The 2020 Ford Explorer three-row crossover has improved on the outgoing model in many ways. According to the IIHS, it has also improved in a number of safety categories, but not enough to earn a Top Safety Pick award. The culprit is not the headlight performance for once. The Explorer's headlights were given an "Acceptable" rating, which would be sufficient for Top Safety Pick, if not Top Safety Pick +. Where the Ford falls short is in the front small overlap driver-side crash test, in which it got the second highest "Acceptable" rating. The IIHS requires a "Good" rating in this category, whereas an "Acceptable" rating on the passenger side would be, well, acceptable for Top Safety Pick. According to IIHS, Ford will be reviewing the results to figure out what the issue is, and it will likely make revisions to future Explorers to improve the result. Other than the one test, the Explorer performed admirably. It received a "Good" rating in all other crash categories except the passenger-side small overlap that was not tested. Both its standard and optional forward collision prevention systems had the highest "Superior" ratings, with the standard one preventing a collision with a car at speeds of up to 25 mph, and the optional one avoiding a collision at 12 mph, and "nearly" preventing one at 25 mph. Headlights are rated as "Acceptable" and so is access to child seat LATCH anchors. Also worth noting is that the Explorer's crash test ratings apply to its luxurious twin the 2020 Lincoln Aviator, meaning it also doesn't get a Top Safety Pick rating. The forward collision system performed the same as in the Ford, and the only difference between the two was in headlight performance. The Lincoln's standard headlights, included on the base, Reserve and Grand Touring trims, have the second-lowest "Marginal" rating, but the optional headlights for those trims, and the standard ones on the Black Label trim, received the "Good" rating. Among three-row Explorer competitors, the Honda Pilot, Hyundai Santa Fe XL, Kia Telluride, Nissan Pathfinder and Toyota Highlander all have a Top Safety Pick. The Hyundai Palisade, Mazda CX-9, Subaru Ascent, and the slightly smaller Kia Sorento and Volkswagen Tiguan all have a Top Safety Pick +. As for Lincoln Aviator competitors, the Cadillac XT6, Infiniti QX60, Lexus RX and Volvo XC90 get a Top Safety Pick. The Mercedes-Benz GLE-Class and two-row-only BMW X5 get the Top Safety Pick + rating. Related Video:      

Living Life Large: Driving $2 million worth of cars in one week

Monterey Car Week has quickly become one of my favorite events of the year. There's something for everyone – classic car shows, modern concepts and new vehicle debuts, auctions, racing, and so much more. From a media perspective, there's also a chance to drive a ton of cars. Many automakers bring their latest wares out to Monterey for us to test during our limited free time, and it's a great opportunity to experience fantastic metal against a gorgeous backdrop. That's exactly what I did this year. Instead of flying into Monterey and being driven around, my journey started in Los Angeles and ended in Napa, and I managed to get behind the wheel of some $2 million worth of new cars. Some were old favorites, and many were new experiences. But looking back, this was one of the best weeks of driving I've had in years. Rather than try to come up with some common arc to tie these cars together, here are my notes on all the cars I tested in California earlier this month, presented in the order in which they were driven. 2016 Mazda CX-3 The CX-3 pictured here isn't the exact one I drove in California, but it's close. The only difference was color – my delivered-to-LAX tester wore Mazda's awesome new Ceramic hue (pictured below on the MX-5 Miata). I used the CX-3 to slum through crummy Los Angeles traffic for two hours on the way out to Santa Barbara, with a quick stop at In-N-Out Burger on the way for good measure. A lot nicer inside than I remember. Everyone praises Mazda for its excellence in engineering and design, but there's a lot to be said for the improvements in overall interior refinement. Quiet, comfortable, and well-equipped; the CX-3 made sitting on the 405 freeway a lot more pleasant. Not all that functional. I had a hard time fitting a week's worth of luggage for two people inside. The cargo area and rear passenger compartment were filled, with only enough room on top to see out the back window. A Honda HR-V would've swallowed all that luggage with plenty of room for more. So good to drive. Not surprising, since this wasn't my first time in the CX-3. I knew this CUV would be good on twisty roads, but on the highway it's really exceptional. Road and wind noise are minimal and the overall ride quality is a comfortable sort of sporty. This is definitely something I could drive every day – it's enjoyable during commuting and entertaining on more interesting roads.