Gas-powered cars, trucks and SUVs are still paying the bills for automakers as they pile money into electric vehicles.
Driving the news:Thursday that it expects to lose $3 billion in its electric vehicle division in 2023, despite early sales success for the F-150 Lightning and Mustang Mach-E EVs.
But Ford expects to turn an overall profit before interest, taxes and depreciation of $9 billion to $11 billion for the year. The company is one of the only automakers that separates its EV operations from the rest of its business for financial reporting purposes."It’s a big number, but I suspect if you took the other automakers and pulled out the EV business you’d find it to be similar," Autotrader analyst Michelle Krebs tells Axios."We believe no U.S.
"They’re plowing in lots of R&D — they’re spending big on new battery plants, new assembly plants," Krebs says.The latest casualty of the race to EVs is the Chevrolet Camaro, which General Motors is discontinuing in its current form, Automotive NewsSeveral automakers have committed to a goal of selling all or mostly EVs within a matter of years.
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