FORD lost $536,000 an hour for the last year on EVs.

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There is more bad news for electric vehicle manufacturers.

After declaring its annual results a success, Ford has revealed that it incurred a loss of $4.7 billion on its electric vehicle range, more than the $4.5 billion the company predicted in the middle of last year.

The company’s annual summary states:

Ford Model e’s wholesales and revenue were both up at double-digit full-year rates. The startup segment incurred a full-year EBIT loss of $4.7 billion, reflecting an extremely competitive pricing environment, along with strategic investments in the development of clean-sheet, nextgeneration EVs.

Sales volumes of the F-150 Lightning pickup and Mustang Mach-E SUV both were up yearover-year and respectively the top-selling electric pickup and No. 3 most popular EV of any typein the U.S. for 2023.

Despite incurring such losses, Ford CFO John Lawyer insisted that things are moving in the right direction:

The customer insights we’re getting by being an early mover in electric pickups, SUVs and commercial vehicles are invaluable – especially as we’re developing next generation EVs that are going to surprise customers and be profitable within a year of launch. EVs are here to stay, customer adoption is growing.

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