Ford Motor Company projects it will lose a staggering $4.5 billion on electric vehicles (EVs) in 2023, up from its previously predicted loss of $3 billion earlier this year.
Ford, which has recently reduced the price of its electric F-150 Lightning pickup truck, announced Thursday that the company is projected to lose $4.5 billion from EVs this year, according to a report by Fortune.
The company’s EV division, called “Ford Model e,” has already lost about $1.8 billion so far this year. The projected loss of $4.5 billion reportedly stems from slower-than-expected adoption of the new battery-powered vehicles.
The automaker is also pushing out its production targets, and expects to hit an annual production rate of 600,000 units a year by next year. Ford had initially hoped to reach that target by the end of this year.
