This is the Ford logo on the grill of a Ford Explorer on display at the Pittsburgh International Auto Show in Pittsburgh, Feb. 15, 2024. Ford’s electric vehicle unit reported that losses soared in the first quarter to US $1.3 billion, or US$132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.
The company said it is its “intention” to be have EV pricing cover the actual costs of building each EV, rather than covering all the research and development costs, within the next 12 months. But a price war among EVs for about a year and a half has made even that measure of profitability very difficult said Ford CFO John Lawler. He said while Ford has removed about US$5,000 in cost on each Mustang Mach-E, “revenue is dropping faster than we can take out the cost.
Ford Pro, which primarily sells traditional internal combustion vehicles, was the primary profit driver for Ford in the quarter, posting EBIT of $3 billion, or more than double what it made a year ago, as revenue from the unit rose 36 per cent to US$18 billion. The number of vehicles sold by Ford Pro was up 21 per cent to 409,000.
On Tuesday Tesla, the world’s largest EV maker, reported that its adjusted earnings plunged 48 per cent in the first quarter as revenue fell 9 per cent, after it reported the first year-over-year drop in sales since the pandemic.Bob Cole, a welcome voice for Canadian hockey fans for a half-century, has died at the age of 90. Cole died Wednesday night in St. John's, N.L., surrounded by his family, his daughter, Megan Cole, told the CBC.
Ariel Henry resigned Thursday as prime minister of Haiti, leaving the way clear for a new government to be formed in the Caribbean country, which has been wracked by gang violence that killed or injured more than 2,500 people from January to March.Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
The supervisor of a 20-year-old man who died after he was electrocuted while trimming hedges in Manotick in May 2023 has been charged with criminal negligence causing death.The Ontario Provincial Police says one man is facing charges in connection with three stabbings in Madoc Township Wednesday.A new data by OpenTable reveals the top 100 restaurants for brunch on Mother’s Day and Ottawa has five of them.