Ford said the higher EV losses were due to pricing pressure, with volume and revenue falling 9% and 35%, respectively. Ford’s aging F-150 Lightning and Mustang Mach-E are facing an influx of new rivals in the US, such as the Tesla Cybertruck and Chevy Equinox EV.
Farley explained that “In 2025, we expect to make significantly more progress on our two biggest areas of opportunity – quality and cost” as it looks to improve profitability.