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Ford Expects to Lose $4.5 Billion on Its Electric Vehicles in 2023. Here's Why Ford Stock Is Still a Buy.

TheMotleyFool

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Ford Expects to Lose $4.5 Billion on Its Electric Vehicles in 2023. Here's Why Ford Stock Is Still a Buy.: https://g.foolcdn.com/editorial/images/741855/f_sankey_q22023.png

Ford (NYSE: F) pared back its electric vehicle (EV) production targets on Thursday. The auto giant now expects to achieve an annual manufacturing rate of 600,000 EVs in 2024. Management had previously hoped to reach that pace by the end of 2023.

Ford also warned that its EV business would generate losses of roughly $4.5 billion this year compared to prior guidance of $3 billion. The company cited increased costs related to new product development and production-capacity expansion as reasons for the higher projected losses.

Yet despite these near-term challenges, Ford's stock still looks attractive for long-term investors. Here's why.

Source Fool.com

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