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Ford Model e losing billions as it says EV unit should be seen as startup

DETROIT — Ford Motor Co.'s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting financial results. The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units. Company officials said the electric vehicle unit, called “Ford Model e,” will be profitable before taxes by late 2026 with an 8% pretax profit margin. But they wouldn't say exactly when it's expected to start making money. Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford. “As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share,” he said. Model e, he said, is working on second- and even third-generation electric vehicles. It currently offers three EVs for sale in the U.S.: the Mustang Mach E SUV, the F-150 Lightning pickup and an electric Transit commercial van. The new corporate reporting system, Lawler said, is designed to give investors more transparency than the old system of reporting results by geographic regions. The automaker calculated earnings for each of the three units during the past two calendar years. Model e had pretax losses of $900 million in 2021 and $2.1 billion last year, and it is expected to lose $3 billion this year. In the past two years Ford has announced it would build four new battery factories and a new vehicle assembly plant as well as spending heavily to acquire raw materials to build electric vehicles. By the end of this year, the company based in Dearborn, Michigan, expects to be building electric vehicles at a rate of 600,000 per year, reaching a rate of 2 million per year by the end of 2026. Ford Blue, the unit that sells internal combustion and gas-electric hybrid vehicles, made just over $10 billion before taxes during the last two years. Ford Pro, the commercial vehicle unit, made $5.9 billion during those years, the company said. For this year, Ford expects Ford Blue to post a $7 billion pretax profit, modestly better than last year. Ford Pro is expected to earn $6 billion before taxes, nearly double its earnings last year, Lawler said. Ford was to present the new structure, announced last March, to analysts and investors on Thursday.

NHTSA upgrades Ford floor mat unintended acceleration probe

According to a Bloomberg report, the National Highway Traffic Safety Administration has upgraded an investigation into complaints of unintended acceleration lodged against Ford vehicles. The investigation began in June of 2010 when just three complaints had been received and it only concerned the Ford Fusion and Mercury Milan, but this was at a time when the phrase "unintended acceleration" made grown men go pale. With 49 additional complaints received since then, the investigation has been reclassified as an engineering analysis - the last phase before a recall - and it has been expanded to include the Lincoln MKZ, making for a total of "around 480,000" units affected between the three sedans from the 2008 to 2010 model years.
The ostensible cause is that floor mats are trapping the accelerator pedal, but according to a Ford statement at the time, the entrapment is due to owners placing the optional all-weather floor mats, or aftermarket floor mats, on top of the car's standard floor mats. NHTSA has backed up that assessment, pinning the blame on "unsecured or double stacked floor mats."
On the face of it, it would appear that NHTSA has upgraded the status not because of Ford's error, but owner error, and Ford has stated publicly that it is "disappointed" in NHTSA's move. On top of NHTSA still being skittish after that other unintended acceleration debacle, it could be seen to be taking its time investigating all of the variables: it's reported that Ford changed its accelerator pedal design in 2010, a "heel blocker" in the floorpan has been considered a potential culprit in how the floor mats could be trapping the pedal, some drivers have said the floor mats weren't anywhere near the pedal, and according to a report in the LA Times, in "a letter sent by Ford to NHTSA in August 2010, the automaker said it found three injuries and one fatality that 'may have resulted from the alleged defect.'"

Acura Integra, Ford F-150 Lightning, Kia EV6 win 2023 North American Car, Truck, Utility Vehicle of the Year

After much testing and deliberation, the winners have 2023 North American Car, Truck and Utility Vehicle of the Year (NACTOY) Awards have been announced. Previously whittled down to three finalists in each category over the course of the past year, the 2023 NACTOY winners are as follows: 2023 North American Car of the Year: Acura Integra 2022 Acura Integra A-Spec front low View 38 Photos The Acura Integra has won in this year's Car category, beating out the Hyundai Genesis Electrified G80 and Nissan Z. The Integra nameplate has been revived for the 2023 model year, with the Honda Civic-based sedan offering an affordable sport compact from the luxury brand. You can read our First Drive review of the Acura Integra here. 2023 North American Truck of the Year: Ford F-150 Lightning Ford F-150 Lightning front low View 48 Photos The Ford F-150 Lightning has taken the award in the Truck category, knocking out the other two finalists, the Chevy Silverado ZR2 and the Lordstown Endurance. It was interesting to see two all-electric contenders in the pickup field, one based on a legacy platform, and the other coming from a new company and using novel, in-wheel motor technology. It's Ford's third NACTOY Truck win a row. The battery-powered Ford F-150 Lightning is the most powerful F-150 to ever roll off the factory floor, and it has proven itself to be wildly popular, and for good reason. You can read more about it in our First Drive review. or our buying guide. Also worth noting is that the truck's Onboard Scales and Smart Hitch technology won Autoblog's 2022 Technology of the Year Award. 2023 North American Utility Vehicle of the Year: Kia EV6 2022 Kia EV6 GT-Line AWD front three quarter mid View 35 Photos Kia EV6 has taken the top spot in the Utility Vehicle category, over two other all-electric rivals, the Cadillac Lyriq and Genesis GV60. This seems like it was probably the toughest choice for the NACTOY jurors, as these are each excellent EVs. The Kia EV6 is built on the same E-GMP electric platform as the Hyundai Ioniq 5 and the Genesis GV60, which means it has 800-volt battery architecture for extremely fast charging, available all-wheel drive and plenty of power. The EV6 has quickly become a favorite at Autoblog, especially since joining our long-term fleet. Read more about it in our First Drive, buying guide and long-term reviews.