Monday, October 28, 2024

Ford Motor loses $1.22 billion on electric vehicles in 3Q

 Ford’s “Model e” electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.

Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.

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