Ford’s electric vehicle and software business lost $5.1 billion in 2024, up from $4.7 billion lost in 2023. And the automaker doesn’t anticipate any relief this year, when it predicts it will lose as much as $5.5 billion on its EV business.
Ford reported its fourth quarter and full-year earnings on Wednesday, beating Wall Street expectations, according to CNBC. But the prediction of a tougher year ahead — Ford calls it “headwinds related to market factors” — underscores how far the company still needs to go before it can right-size its EV business. Ford also reported $1.4 billion in “cost improvements” from its Model e division.
To be sure, Ford’s gas cars are still doing great, continuing to bring in enough revenue for the company to end the year in the black. The company reported a full-year net income of $5.9 billion and an adjusted earnings of $10.2 billion.
But the company warned its earnings may drop $2 billion or more in 2025 thanks to costly new vehicle launches and falling car prices.
The company has said it isn’t factoring in cost increases associated with President Donald Trump’s threat to impose 25 percent tariffs on imports from Mexico and Canada. (Trump recently paused tariffs for one month.) Nor is it taking into account the likely elimination of Biden-era EV incentives, like tax credits and manufacturing credits.
On the earnings call, Ford CEO Jim Farley said a few weeks of tariffs would be “manageable,” but protracted tariffs would have “a huge impact on our industry, with billions of dollars of industry profits wiped out and adverse effect on the U.S. jobs, as well as the entire value system in our industry.” He predicted “higher prices for customers” if Trump’s tariffs remain in place.
Ford is struggling to keep up with its rivals in the EV market. While General Motors released several new models last year, including new Chevy and Cadillac vehicles, Ford only has three battery-electric vehicles for sale. GM’s EV business is showing signs of profitability, while Ford’s continues to struggle. And Ford previously canceled plans to introduce an electric three-row SUV in the hopes that its Silicon Valley-based skunkworks team will enable it to roll out cheaper models in the near future.
Farley said the automaker would introduce a range of powertrains, including battery-electric, plug-in hybrid, and extended range EVs, that use small gas engines to recharge the battery for up to “700 miles of range.” These include “flexible body-on-frame and unit-body platforms that will be designed for these multi-energy powertrains,” he said."
President Donald Trump’s administration halted the $5 billion Biden electric vehicle charging program, which has been criticized for its poor production of charging stations.
Emily Biondi, the associate administrator for the Office of Planning, Environment, and Realty, in a letter to the state Department of Transportation directors on Thursday, said the administration has suspended the National Electric Vehicle Infrastructure (NEVI) program.
“The new leadership of the Department of Transportation (U.S. DOT) has decided to review the policies underlying the implementation of the NEVI Formula Program. Accordingly, the current NEVI Formula Program Guidance dated June 11, 2024, and all prior versions of this guidance are rescinded,” Biondi wrote.
“As result of the rescission of the NEVI Formula Program Guidance, FHWA is also immediately suspending the approval of all State Electric Vehicle Infrastructure Deployment plans for all fiscal years. Therefore, effective immediately, no new obligations may occur under the NEVI Formula Program until the updated final NEVI Formula Program Guidance is issued and new State plans are submitted and approved,” the official continued.
Lawmakers included the $5 billion program in the $1.2 trillion so-called infrastructure bill, more formally known as the Infrastructure Investment and Jobs Act.
The program had aimed to create more than 6,000 charging stations and has served as an embarrassment for then-Transportation Secretary Pete Buttigieg.
In September 2023, Buttigieg admitted he had trouble finding an electric charging station while he was traveling on the road.
In August 2024, then-President Joe Biden claimed the administration had built 500,000 charging stations across the country, where, in reality, they had built only eight stations as of May 2024.
In May, Buttigieg was asked by CBS News’s Face the Nation to explain why only eight of the promised EV stations had been built:
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