Ford cuts orders for electric vehicle batteries amid losses: Report

Facing massive losses from its electric vehicle lines, Ford is reportedly cutting orders with its battery suppliers.

Citing unnamed sources, Bloomberg reported that the reduction in orders for batteries is part of a move to stave off losses from the firm's EV business. The company has also moved to delay new EV lines, cut prices, and postpone and reduce the scale of its planned battery plants.

Ford lost $132,000 on each EV it sold in the first quarter of 2024, and in 2023, the company lost $46,176 on each EV it sold.

Bloomberg estimated that losses on its EV business will wipe out much of the company’s profits on its Ford Blue division, which produces gas-powered vehicle lines.