Ford has reported its financials for its electric car business. Ford sold 96,000 electric cars in 2022 and made $5.3 billion in revenue. They had a net loss of about $2 billion.
Ford wants to catch up to where Tesla is in 2023 in 2027. Ford wants to grow EV sales by 83% each year.
Any legacy auto company that is selling less than 1 million cars per year is likely not profitable.
Ford needs to not only scale to 2 million cars per year but redesign its electric cars and improve its batteries to reach profitability. Having volume production is the most important part to get more profitable but redesign and better batteries are also needed. This also assumes that electric vehicle price competition is not stronger than Ford expects.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
