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

New York
CNN
—
Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales. And the results it reported Wednesday show another sign of the profit pressures on the EV business at Ford and other automakers.

The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier. And its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry. That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit.

The losses go far beyond the cost of building and selling those 10,000 cars, according to Ford. Instead the losses include hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away from paying off.

And that means this is not the end of the losses in the unit - Ford said it expects Model e will have EBIT losses of $5 billion for the full year.

The company said it is its “intention” to be have EV pricing cover the actual costs of building each EV, rather than covering all the research and development costs, within the next 12 months. But a price war among EVs for about a year and a half has made even that measure of profitability very difficult said Ford CFO John Lawler. He said while Ford has removed about $5,000 in cost on each Mustang Mach-E, “revenue is dropping faster than we can take out the cost.”

In 2023, Ford Model e reported a full-year EBIT loss of $4.7 billion on sales of 116,000 EVs, or an average of $40,525 per vehicle, just more than a third of the first quarter loss.

Model e doesn’t handle all of the company’s electric vehicle sales. Some are also sold in its Ford Pro unit, which handles fleet sales to businesses and government buyers. And Ford said it had strong demands for electric vehicle sales in that unit, including an order for 9,250 E-Transit vans from the US Postal Service, which are to be delivered through the end of this year, and an order for more than 1,000 of its F-150 Lightning pickups and Mustang Mach-E SUVs from Ecolab, a global sustainability company.

Despite the EV losses, Ford CEO Jim Farley said in a call with investors the company is making changes in its EV business, and that the company’s planned next generation of EVs will allow it to be profitable on that business in the near future.

Ford Pro, which primarily sells traditional internal combustion vehicles, was the primary profit driver for Ford in the quarter, posting EBIT of $3 billion, or more than double what it made a year ago, as revenue from the unit rose 36% to $18 billion. The number of vehicles sold by Ford Pro was up 21% to 409,000.

But Ford Blue, which handles sales of gasoline-powered cars to consumers, reported that sales fell 11% to 626,000, and revenue dropped 13% to $21 billion. That resulted in EBIT in those traditional sales falling by nearly two-thirds to $905 million.

Together Ford Blue and Ford Pro produced roughly the same level of profits as a year earlier, but the increased losses at the Model e unit meant that Ford’s overall net income fell 20% to $1.3 billion, while its adjusted earnings per share fell to 49 cents, down 21% from a year earlier, but slightly better than analyst forecasts of 44 cents a share.

Ford rival General Motors reported earlier this week that it remains on track to have its North American EV business turn profitable in the second half of this year, while Stellantis, which makes cars and trucks in North America under the Jeep, Ram, Dodge and Chrysler brands, said its European EV business was already profitable last year.

On Tuesday Tesla, the world’s largest EV maker, reported that its adjusted earnings plunged 48% in the first quarter as revenue fell 9%, after it reported the first year-over-year drop in sales since the pandemic.

https://www.cnn.com/2024/04/24/business/ford-earnings-ev-losses/index.html

Not at all, Haslem just playing both ends against the middle right now, as he should.


Cleveland Browns huddle with state lawmakers to show off Brook Park stadium plans
Though the team is still negotiating with the City of Cleveland about renovating the lakefront Browns Stadium, it pitched lawmakers on a domed stadium and entertainment development near the airport.

by Nick Castele and Mark Naymik
April 29, 2024

The Cleveland Browns took another step last week toward winning support for an alternative to renovating the team’s current lakefront home.

Representatives of the Cleveland Browns last Wednesday showed state lawmakers the team’s proposal for a new multipurpose stadium in Brook Park near Cleveland Hopkins International Airport. The plans included a major entertainment and redevelopment of the area, according to people familiar with the proposal.

The team sat down with a bipartisan gaggle of lawmakers, which was organized by state Reps. Bride Rose Sweeney and Tom Patton.

It’s not hard to imagine why the Browns would want Columbus on their side. The team, which is owned by Dee and Jimmy Haslam, will need help from the state – plus others – to build a domed stadium costing multiple billions of dollars.

Sweeney told Signal Cleveland she had to leave the meeting before the conversation turned to the numbers. But it was “clear Brook Park would be substantial,” she said – meaning substantially expensive.

Cleveland may not be out of the game just yet. Earlier this month, Sweeney and other lawmakers got the lowdown on Mayor Justin Bibb’s lakefront offer to the Browns. Sweeney said City Hall had what it believed was a competitive proposal that still protected Cleveland’s budget.

So what do the Brook Park plans look like? The public may find out soon. The team is expected to start circulating the plans more widely in the near future, sources told Signal Cleveland. Drawings shown to lawmakers depicted a multipurpose stadium that appeared built deep into the ground and with room for development around it, people knowledgeable about the pitch said.

The project was sold as an unprecedented economic development effort that includes a domed stadium and entertainment and lifestyle district that would be mostly privately funded – but would likely cost taxpayers significantly, too. The public portion of the stadium was pitched as drawing on revenue generated by the project. (The renovation of Rocket Mortgage FieldHouse, for instance, relied in part on admission and sales tax from the arena.)

Sweeney indicated that she is reserving judgment on the plans for now. A new Browns deal will cost a lot of taxpayer money, and those expenses need to be justified, she said.

“Sometimes that gets lost in the discussion,” she said.

For one example of stadium sticker prices these days, look to Chicago. The Bears recently unveiled plans for a multipurpose stadium replacing their longtime Soldier Field home. The stadium is expected to cost $3.2 billion, plus another $1.5 billion in infrastructure. The Bears ownership said it will contribute $2 billion toward the project.

https://signalcleveland.org/clevela...rs-to-show-off-brook-park-stadium-plans/

When looking at those two extremes I agree with you. But there is a lot of gray area in between those two extremes. I don't think the court is only trying to look at the two extremes. I think they are also trying to look at the gray area in between and try to figure out exactly where the line is drawn. As I said before, trump has crossed the boundaries on so many things people never thought would be tested to this extent and I believe the objective is to answer the question of exactly where it's determined to be an official act and where it no longer becomes an official act moving forward.

I'm certainly not an attorney and maybe 05 can answer this part of it better than I can. But from what I gather they want to set the parameters of where that line is drawn. That makes the question somewhat more complicated than isolating it to the election.

Soooo.... this is happening?

This tweet kinda makes it seem like we've flipped a switch and are serious. Did I miss something?

I agree. I think that SCOTUS is gearing up to have the lower courts institute some type of a test. I could see what you are saying being somehow weighed into the test, ie how much of the decision is aimed at the benefit of the state vs the benefit of the personal interests.

Just renewed my Season Ticket. Heads up, they have a deal for returning subscribers that runs through May 16th. $249, a $100 discount from the normal cost. Get it while you can.

Sounds painful. Hopefully, this week will be better and you can have less pain. Meanwhile, sending more Vitamin P (prayers) your way.

It’s not difficult to understand the difference between an official act tha does not have the element of personal gain associated with it and one that does. Taking out bin Ladin does not. Stealing an election does.

Remember bro, both you from the military side and me, from the civil service side, actually have to follow the rules. The political higher-ups don't.

No amount of evidence will ever persuade an idiot.

I think that's probably missing the point - from Trump's perspective at least.

It's not about what's obvious to your eyes. You don't count because you would never vote for Trump. What this legal defense and process of appeals and outcries on social media is about is to create plausible deniability for Trump Supporter and Possible Trump Supporter. It's about Trump being a victim. It's about delay, deflect and make a lot of noise so people stop paying attention. It's about giving the right wing biased part of the mdeia circus the opportunity to create alternate realities and spin, spin, spin. And any legal delay, process, appeal - whatever ... it will all get used to exhaustion.

Not to mention an arm that is black, purple, blue, and gray.

Not many can cross so easily.

Versatile to any sound. Love the guy.

Having a conversation with a friend years ago, and the subject of envy came up. I remember telling her "I don't really envy people with lots of money. I have enough money to live the way I want. I don't really envy people who wield power. That was never a bug that bit me. I do envy two well-known people: Yo-Yo Ma and Sting. And the reason I envy those two is because both of them can simply pick up a phone, call any fantastic musician from any style they might want to play with, and hear the word 'yes' automatic."

Wiki the personnel on 'Nothing Like the Sun,' the album which featured EINY. It will blow your mind.

Mark Meadows asked the Supreme Court to recognize his 'just following orders' defense. A right-wing justice wasn't buying it.

https://www.yahoo.com/news/mark-meadows-asked-supreme-court-110001090.html

Reading the article ticked me off. So he isn’t even denying that what he did was criminal. He’s just a subordinate…..

If the best defense I had was “just following orders” in a criminal trial in the Army, I’d be locked up in Fort Leavenworth the same day.

Bob Marley is legend. Loved by many all over the world.

Hard to say what people think of Roy Orbison.

I thought he was great. His songs were just good songs.

I like Bowie. I am a fan.

He was terrific.

I'm still not sure why they even heard that case. But what makes it worse is all this bantering about what is official and what is not.

For me it's pretty simple. Obama order the killing of Bin Laden... That's gotta be official right? Trump ordered the killing of Bagdaddy (sp) and that's official right?

But if the President instigates a riot at the capital in an effort to change the outcome of an election, that's gotta NOT be an official act... RIGHT?

I watched this unfold on J6...I know what I witnessed with my own eyes.. All the spin in the world will NOT change it.

All the attempts by Republicans to spin this after having said that Trump did indeed do it, seem like amateur hour.. FOX News looks like the Hacks they are.

Oh gees and all the attempts to get people to believe it was ANTIFA or BLM, that's a joke right? The thousand or so people convicted, all BLM right?

These men and women in Blue were under fire from these domestic terrorists and now these people that are protecting Trump seem not to care about that at all... Party of law and order my ass.

Again, there isn't a reason for them to even have taken this up.

I do not think it should have gotten that far.

Guardians lost the series but I was very impressed by them.

I live in Atl. so I watch all their games. I have been a fan of the Braves since they were in Milwaukee.

But I also have been a Cleveland fan.

The Guardians grind out their at bats. They work the count. They don't strike out. They show patience at the plate.

They have good pitching. IMO they will win the Central.

Fun team to watch. I am expecting a good season. When they bring up Manzardo. He will add some power. Hopefully at the trade deadline they add some pieces.

Too many big mistakes late.

Guardians run themselves over into a loss