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Ford just reported a massive loss on every electric vehicle it sold

·1 min

Ford’s electric vehicle unit reported increased losses in the first quarter. The company sold 10,000 vehicles during that period, resulting in a loss of $1.3 billion. This translates to a loss of $132,000 per vehicle sold. The decline in revenue was mainly due to industry-wide price cuts for electric vehicles (EVs). Ford cited a price war among EVs that has made profitability challenging. Despite the losses, Ford CEO Jim Farley expressed confidence in the company’s future profitability in the EV business. The Ford Pro unit, which handles fleet sales, performed well, but Ford Blue, which handles consumer sales, saw a decline in sales and revenue.