So Ford has been quietly bleeding cash on electric vehicles. We're talking about 16 billion dollars in losses since 2022 - that's a staggering number when you really sit with it.



Their Model-e division alone lost 4.8 billion last year, and that's actually considered progress. The year before was over 5 billion. But here's the thing - they're still expecting to lose between 4 and 4.5 billion in 2026. So the bleeding hasn't stopped, it's just slowed down.

What strikes me about this is the opportunity cost. That 16 billion represents real capital that Ford could have deployed elsewhere. If they'd thrown that money into buybacks like GM did, the stock dynamics would look completely different right now. GM authorized 10 billion in repurchases back in 2023, then another 6 billion each year after. You can see the impact on their share count and stock performance.

The real question everyone's asking is when does this turn around? And unfortunately the answer requires patience. Ford's not expecting to break even on EVs until around 2029. That's when they're rolling out their new assembly approach with a universal platform - targeting a midsize electric truck around 30,000 dollars. So we're looking at roughly three more years of meaningful losses.

I get why this happened. Ford and the other automakers were trying to get ahead of the EV wave, but the U.S. market just wasn't ready for the transition. They took massive special charges to pivot - Ford alone took a 19.5 billion dollar hit to reset their EV strategy.

But here's where it gets interesting for investors willing to wait. Once Ford stops hemorrhaging money on EVs, all that capital becomes available for better uses - whether that's reinvesting in profitable business units or returning cash to shareholders. That's actually a meaningful catalyst if they execute properly. The losses are real and painful right now, but reversing them could unlock significant shareholder value down the line.
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