Last week, we reported that Ford was canceling its plans for a three-row electric crossover as part of an adjustment to its electric strategy because of cooling demand for EVs. Now we are getting a better look at just how much that strategy is changing and what it’ll end up costing The Blue Oval. Chiefly, Ford is expected to take on $1.9 billion in related charges and write-downs.
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Ford said its EV business is on track to lose an eye-watering $5 billion this year alone. In the three-month period ending in June, the automaker lost about $44,000 on every electric vehicle it sold. That is not sustainable.
The automaker said it would take a special, non-cash charge of $400 million to write down expenses related to the cancelation of the electric three-row. The move may result in additional expenses of $1.5 billion. It would be reflected as special items in future quarters.
jalopnik.com/ford-loses-44-000-on-every-ev-sells-as-it-switches-to-1851631232