Ford announced last year it would shift focus from EVs toward plug-in hybrids, mirroring Toyota’s approach. The abrupt pivot drew mockery from those who doubted the strategy, but reports now indicate the automaker is losing substantial money on each electric vehicle it sells.
Heavy losses on EVs help explain the strategic rethink. The figures illustrate the financial challenges automakers face in the electric transition, lending weight to Ford’s decision to recalibrate its electrification plans.