On Thursday, the Ford Motor Company said that they anticipate their Electric Vehicle division to lose $3 billion in 2023 following financial losses over the last two years — $2.1 billion in 2022 and $900 million in 2021 — but that the losses are expected for a "start-up" company.
According to the Financial Times, Ford's Chief Financial Officer John Lawler said, "Ford Model e is an EV start-up within Ford and, as everyone knows, EV start-ups lose money while they invest in capability, develop knowledge, build volume and gain share."
The car manufacturing company has said that it hopes by 2026 to produce two million cars out of their EV division, known as Model e, and that it will hit an 8 percent profit margin. The company expects Ford Blue, the name of the company's division that builds gas-powered cars, to bolster the company's transition to electric vehicle manufacturing.
The company projects Ford Blue will bring in $7 billion in earnings and their division dedicated to making commercial vehicles, Ford Pro, is projected to bring in $6 billion.
The company has committed to manufacturing only electric cars by the year 2040 and has plans to build electric battery plants in Michigan, Kentucky, and Tennessee.
The White House has pushed for more Americans to buy electric vehicles, including an event on "clean transit" in March where Vice President Kamala Harris said, "Imagine a future, where the freight trucks that deliver bread and milk to our grocery store shelves and the buses that take children to school and to work, imagine all the heavy duty vehicles that keep our supply lines strong and allow our economy to grow, imagine that they produced zero emissions."
Many of the precious metals used in the manufacture of batteries for EVs are mined through exploitation of human trafficking, child labor, and modern-day slavery in the Congo and China, where criticism has mounted that the Uyghur Muslim community have been forced into slave labor in the Xinjiang province where electric car batteries are manufactured.In February Ford announced a joint venture with Contemporary Amperex Technology, a Chinese company, in the construction of a US-based EV plant.
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