Ford is losing $1.3 billion: What's the reason?

The global automotive industry is making significant progress towards the transition to electric vehicles. However, this process is not going smoothly for all automakers. One of the leading companies in the sector, Ford, is facing major losses in its business.

Here's What We Know

During the first quarter of this year, Ford's Model e division lost $1.3 billion. Despite having purchased 10,000 electric vehicles, the manufacturer lost $132,000 on each car.

Ford has been touting its radical transition to electric cars, but the company's losses show the complexity of this process. The corporation's revenues are expected to grow by increasing sales of electric vehicles, but this may take some time. Currently, the majority of the market is still focused on traditional gas-powered cars.

Ford continues to improve its electric vehicle technology and look for ways to reduce costs and plans to achieve profitability in this segment within the next 12 months.

Source: TechSpot