staff@slashgear.com (Rahul Srinivas)
2024-04-25 14:42:08
www.slashgear.com
The troubles faced by Ford with the company’s EV division were something that Ford themselves had predicted. In February 2024, Ford released its 2024 Guidance, in which the company revealed that it expects to lose roughly $5 billion in their EV business in 2024. The current numbers are in line with the prediction.
Additionally, according to Ford’s Chief Financial Officer (CFO) John Lawler, Ford is on the path to hitting earning figures hovering between $10 billion and $12 billion. The company also plans to spend anywhere between $8 billion and $9 billion as capital expenditure, which broadly encompasses research and development, and possibly acquiring new physical assets, including property and industrial buildings. This company is also looking to cut costs by up to $2 billion by streamlining internal processes and reducing costs in areas like materials, freight, and manufacturing.
While Ford is looking forward to further expansion of its EV business, the rising popularity of the company’s hybrid vehicles resulted in the Ford Maverick becoming the most-sold Hybrid truck in the U.S. The company is eager to achieve similar success with the hybrid version of the Ford F-150 truck, which should reach customers shortly.