• News

Ford (F) Model e EV division posted a -194.8% margin in the first half of 2024

The popular carmaker's electric vehicles department operated at significant losses throughout the first half of its fiscal 2024.

TJ Denzer

July 24, 2024 3:47 PM

Image via Ford

1

Ford has posted its Q2 2024 earnings results, and with it came some metrics on how the company’s electric vehicles department is doing. Unfortunately, it doesn’t look like great news. In the stat on Ford’s EVs division, it posted a -194.8 percent margin for the first half of FY 2024. That was down 123.9 percent year-over-year from similar timelines in 2023.

Ford posted the metric in its Q2 2024 earnings results on its investor relations website this week. It was there that the company shared details of its vehicle revenue and margins. Under Page 3 of the report, Ford specifically shares the Ford Model e department. The department put up $1.3 billion in revenue for the first half of FY 2024, which was down 50 percent YoY from the first half of FY 2023. The more notable metric is its EBIT Margin, which was an enormously negative 194.8, down 123.9 from the first half of FY 2023.

Ford has been putting a lot of effort into spinning up and maintaining its electric vehicles division. The company came out of the gate looking strong with the unveiling of the F-150 Lighting. Ford also intended to ramp up production to 600,000 EVs in 2024. However, cost has also been a roadblock in the company’s EV aspirations, with its vehicles taking several price hikes over the last few years.

The margins on Ford’s electric vehicles look particularly rough, but the company still seems set to continue to produce despite the losses. Stay tuned for more earnings results reporting as it drops, right here at Shacknews.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.