Tesla Pricing Wars Cripple Ford EV Profits

Ford's second-quarter earnings call reveals challenges in the EV market, with the automaker facing steeper losses than anticipated. Initially predicting a $3 billion loss in its electric vehicle Model E business, Ford now expects a $4.5 billion loss due to a $1.8 billion second-quarter loss alone. This amounts to over $32,000 in losses per EV sold, partly due to pricing wars with Tesla. Ford is shifting its focus towards hybrids and reducing the priority on building more EVs. It has pushed back its goal of producing 600,000 electric vehicles annually from the end of 2023 to 2024, while its long-term goal of 2 million EVs per year by 2026 no longer has a specific deadline.