Toronto, Ontario – Ford is reporting a 25 percent decrease in net income for Q3 2024, largely due to losses in its EV segment. The automaker reported net income of US$892 million for the quarter ended Sept. 30, 2024.
This decline follows a previously anticipated US$1 billion charge to the automaker for its cancellation of a previously planned all-electric three-row SUV.
When looking at further electric vehicle data, Ford’s electric vehicle unit, Model E, reported a loss of US$1.224 billion, a marginal improvement from 2023’s loss of US$1.329 billion.
Overall, the automaker projects a US$5 billion loss for the Model E in 2024, down from its earlier forecast of US$5.5 billion.
Previously this year, Ford implemented significant cost cuts in its EV division, including a 35 percent reduction in production capacity for its Mustang Mach-E.
Despite these losses, the Q3 report additionally notes that “Ford continues to remove barriers to EV adoption by offering customers greater access to charging both at home, through the Ford Power Promise, and on the road through a growing charger network. And, the nearly 3,000 Ford dealers now able to sell electric vehicles are a competitive advantage as Ford reaches new customers in areas that might otherwise be slow to adopt electric vehicles.”
To read the full Q3 report, click here.
