Ford asks suppliers to help it make a profit on EVs after losing billions

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In its bid for profitability in the electric vehicle sector, Ford is enlisting the support of its suppliers, recognizing that its viability hinges on cost reductions. Despite investing billions to rival industry leaders such as Tesla, Ford’s EV and software division, referred to as Model e, suffered a $1.3 billion operating loss in Q1. Responding to this setback, the company unveiled adjustments to its expenditure strategy. Previously set at $10 billion for its EV unit, CEO Jim Farley indicated during the earnings call that it would now fall “on the lower end” of the $8 billion to $9 billion range.

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