Ford’s electric vehicle unit lost $2.1 billion in 2022 and put the company in the red, according to the new financial reporting system the automaker unveiled Thursday.
Ford said that beginning this year, the company’s financial results will be divided into three business units: Ford Blue, which includes vehicles with combustion engines and hybrids; Ford Model e, in charge of electric vehicles, and Ford Pro, which provides commercial vehicles and services.
According to this new division, Ford Model e lost 2.1 billion dollars in 2022, 133% more than in 2021. Meanwhile, Ford Blue had profits of six thousand 800 million dollars, an increase of 106%, and Ford Pro earned three thousand 200 million, an 18.5% increase.
In addition, Ford Next, which develops autonomous vehicles, lost 900 million dollars, 100 million less than in 2021, and Ford Credit, the financial arm of the company, earned 2.7 billion.
In 2022, Ford had an adjusted net operating result (ebit) of 10 thousand 415 million dollars and a net loss of 2 thousand 152 million.
Ford’s chief financial officer, John Lawler, said in a statement that the new financial reporting system “It provides new levels of strategic clarity, insight and accountability for the Ford+ plan for growth.”
“It’s not just changing how we report financial results; we’re transforming how we think, make decisions and run the company and allocate capital for higher returns,” he added.
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