- Ford’s Model e division lost $4.48 billion again last year.
- Total EV losses now exceed $16 billion in just four years.
- Breakeven for Model e may not arrive until 2029.
Ford has never been shy about making big, attention-grabbing bets. Sometimes they pay off, sometimes they don’t. In early 2022, the company announced it was splitting its automaking operations into two distinct branches: Ford Blue, handling traditional combustion vehicles, and Ford Model e, dedicated to EVs. At the time, it sounded like a smart move, especially with EV demand climbing fast.
That optimism, however, hasn’t quite paid off. Fast forward four years, and Ford’s huge investments in EVs have come back to bite it. In its latest financial results, the automaker disclosed that the Model e division posted a staggering $4.48 billion loss in 2025. Worse, those losses are expected to continue mounting, even after canceling several planned EV projects.
Read: Ford Got The Loan And Built The EV Battery Plant. Now Everything’s Falling Apart
Earlier this week, Ford revealed its electric car business will likely lose between $4 billion and $4.5 billion this year, and will continue to lose money through at least 2027 and 2028.
Speaking on a conference call following the earnings report, Ford CFO Sherry House stated the company is not aiming for a breakeven point for the Model e brand until “around 2029.”
Tallying The Fallout
In the four years since the Model e division was established, Ford lost more than $16 billion. That’s an extraordinary amount of money, particularly when you consider that the only electric cars it currently sells in its home market are the Mustang Mach-E and E-Transit, following the early demise of the F-150 Lightning.
Combustion Still Carries The Load
According to The New York Times, Ford’s losses in electric vehicles were offset last year by stronger performance from its combustion-powered lineup and commercial vehicle sales. Those segments generated enough revenue to support an adjusted earnings total of $6.8 billion before interest and taxes. Ford expects those numbers to climb in 2026, projecting earnings between $8 billion and $10 billion.
Read: Farley Just Realized $55K EV Trucks Don’t Sell, After Ford Made Sure That’s All It Sold
One of the earliest signs of Ford backtracking on EVs came last year when it confirmed production of the F-150 Lightning had been halted indefinitely.
Still, there’s a sliver of hope for those holding out for an electrified truck. The next-generation F-150 Lightning is in the works and will feature a range-extending powertrain that combines electric drive with a combustion engine backup, offering over 700 miles of combined range.
