Ford 2024 profit constrained by EV losses, outlook weaker

Ford's 2024 results were again dragged down by steep losses in its electric vehicle (EV) division: Ford Model e. Over the past four years the division has notched up recurring Ebit losses of US$12.8bn. To offer some tongue-in-cheek perspective: in 2024 Ford would have been better off just giving each of its 105,000 EV customers a US$45,000 Tesla. While 2024 was a tough year for all non-Chinese EV makers, Ford's tolerance of this drag on earnings looks increasingly hard to justify, particularly as the forecast performance in 2025 looks a bit worse.