New Report Shows Ford’s Electric Vehicle Efforts Are Costing the Company an Unthinkable Amount of Profit

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The Ford Motor Company, once at the forefront of automotive innovation, might have finally met its match in the artificial push for electric vehicles.

According to a recent report in the Wall Street Journal, Ford’s efforts to transition to all or mostly electric vehicle production is bringing their profits down almost a full 50 percent.

The Journal’s report began optimistically enough, citing that Ford’s stock was up 3 percent Wednesday on the news that Ford’s expected adjusted operating profit would hit $11 billion this year — well over the $9.6 billion that analysts had predicted.

Despite this initial good news, the Journal went on to detail the company’s woes when it comes to its EV production, especially in terms of the growing costs of EV manufacture.

According to the Journal, their EV line lost a whopping $4.7 billion last year, and the company projects things to get worse in the coming year, to the tune of between $5 billion and $5.5 billion.

If Ford wasn’t frittering away so much on such projects as the Mustang Mach-E and F-150 Lightning EVs, WSJ reported, the company’s adjusted operating profit would have been a full 50 percent higher.

Ouch.

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