Ford Sees About $3 Bln Loss In EV Business This Year

(RTTNews) - Ford Motor Co (F) said Thursday that it expects to report loss of about $3 billion in its electric-vehicle business this year. It will begin reporting its financial results by business unit, instead of by region.

The new business units include its traditional internal combustion engine business "Ford Blue"; its "Model e" electric vehicle unit; and the "Ford Pro" commercial products & services unit.

Ford Confirmed that Ford Blue and Ford Pro are both solidly profitable and well-positioned for growth.

Ford provides 2023 segment-level EBIT expectations: about $7 billion for Ford Blue, a modest improvement from last year; a full-year loss of about $3 billion for Ford Model e; and EBIT approaching $6 billion for Ford Pro, nearly twice its 2022 earnings.

Ford said it will reiterate a 10% margin target for company adjusted EBIT or earnings before interest and taxes by the end of 2026.

The company will repeat its 8% EBIT margin objective by late 2026 for Ford Model e, which is tied to planned global electric vehicle production run rates of 600,000 units by the end of 2023 and two million by the end of 2026.

The company still anticipate full-year adjusted EBIT to be $9 billion to $11 billion - and adjusted free cash flow to be about $6 billion.

Ford plans to announce first-quarter results on May 2.