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Ford’s electric vehicle unit is reporting huge losses.
The company says losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down overall company earnings.
The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier.
Its revenue also plunged 84% to about $100 million, which Ford attributed to price cuts for EVs across the industry.
That resulted in the $1.3 billion loss before interest and taxes and the massive per-vehicle loss in the Model e unit.
Ford said it expects Model e will have losses of $5 billion for the full year.
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