Ford Loses Over $5 Billion On EVs In 2024

Even though everyone was told for years that “electrification is the future” it seems for Ford the near future is all about internal combustion engines. Once again, the American automaker posted a huge loss for its EV division, called “Model e,” to the tune of $5.08 billion for all of 2024.

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Meanwhile, during 2024, the “Blue” or internal combustion engine division of Ford earned $5.28 billion. While that sounds great, especially compared to the EVs, it’s a drop of almost $2.2 billion compared to 2023. The Pro division, which handles fleet sales, earned over $9 billion.

Just during the fourth quarter of last year, Ford’s electric vehicles lost the company $1.39 billion. Total net income for the company during Q4 was $1.8 billion, per CNBC. Imagine what it could’ve been had the automaker shifted strategies.

A shift of sorts is coming, according to Ford management, but it’s still forecasting Model e losses of $5 billion to $5.5 billion for 2025. Some might be wondering if Ford has a plan to make its EV model lines profitable instead of tremendous money sucks.

The company is battening down the hatches for this year, saying it believes Blue will bring in just $3.5 billion to $4 billion and Pro will come in at $7.5 billion to $8 billion.

It seems the concern is “external factors” are a risk to profits for 2025, CEO Jim Farley told CNBC. While some might think that has to do with the tariffs situation arising with President Trump in office, management appears nonplussed about those threats. Instead, it’s concerned about “headwinds related to market factors.” You can interpret that as you will.

Last year, Ford suffered financial losses thanks to vehicle recalls and warranties mounting far above expectations. Farley has told investors he’s on a quest to correct quality issues moving forward.

Image via Ford