ford plant
© Jeff Kowalsky/AFP/Getty ImagesFord factory assembly • Rouge Electric Vehicle Center • Dearborn, Michigan
Ford Motor Company announced it is projected to lose a whopping $4.5 billion from electric vehicles (EVs) this year, up from the previous projected loss of $3 billion.

The company released its second-quarter financial results on Thursday. The U.S.-based automaker's EV division, called "Ford Model e," has lost $1.8 billion so far this year, according to Fortune.

The projected $4.5 billion loss is over twice as much as Model e's $2.1 billion loss in 2022. The company recently announced that the price of its electric F-150 Lightning pickup trucks will be reduced due to cheaper raw battery materials.


The company touted that its low EV prices "establish[es] leadership ahead of industry's next-generation EVs" and that the Ford Model e's revenue is up 39%. Ford is also expected to produce 600,000 EVs per year by 2024.

Ford CEO Farley said in a press release:
"The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we're winning lots of them with our high-volume, first-generation products; we're making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away."
The company still generates a massive amount of revenue in other parts of the company. Ford's second-quarter revenue was $45 billion, with a net income of $1.9 billion.

Ford CFO John Lawler previously told reporters in March:
"Ford Model e is an EV startup within Ford. As everyone knows, EV startups lose money while they invest in capabilities, develop knowledge, build volume and gain share."
Ford's third-quarter 2023 financial results are expected to be announced on October 26.

Fox Business reached out to Ford for a statement, but has not heard back.