Ford Motor released its second quarter 2024 financial report. The financial report shows that Ford's revenue in the second quarter was US$47.8 billion, a year-on-year increase of 6.2%, and its profit before interest and tax was US$2.8 billion. Total revenue in the first half of the year was US$90.6 billion, a year-on-year increase of 4.8%; net profit was US$3.2 billion, and profit before interest and tax was US$5.5 billion.
Among them, the electric vehicle business Ford Model sold 26,000 vehicles in the second quarter, with revenue of US$1.1 billion.EBIT loss was US$1.1 billion, with an average loss of US$42,300 (approximately RMB 306,000) per electric vehicle.
A total of 36,000 electric vehicles were sold in the first half of the year, with revenue reaching US$1.3 billion. The profit before interest and tax loss was US$2.5 billion, with an average loss of US$69,400 per electric vehicle (approximately RMB 503,000).
In this regard,Ford officials said that because the first-generation electric vehicles are facing industry price pressure and wholesale prices are relatively low, it expects a pre-tax loss of up to US$5.5 billion this year.
Moreover, because the sales volume of Ford's electric vehicles is not outstanding, it does not have the advantage of scale to lower the average cost, which also leads to continued losses in its electric vehicle business.
In the first quarter of this year, among the top ten sales of electric models in the United States, Ford Mach-E and F-150 Lightning had a combined market share of only 6.3%, far lower than Tesla.
In addition, because Ford does not have a battery factory, it cannot compete with Tesla in terms of battery costs, making it difficult for Ford's electric vehicles to have a price advantage.
The company's CEO Jim Farley recently said that the electric vehicle unit Model is the main drag on the entire company right now.