The bloodbath in Ford Motor Company’s EV division continues. On Thursday, Ford reported an operating loss of $1.3 billion in its EV division during the third quarter. That translates into a loss of $62,016 for each of the 20,962 EVs it sold during the period.

That’s a smaller loss than the company recorded in the second quarter, when it lost $72,762 for each EV and the $66,446 it lost per EV during the first quarter. In a press release, the company said the $1.3 billion loss was “attributable to continued investment in next-generation EVs and challenging market dynamics.” It also cited “EV price pressure.” Those “market dynamics” and price pressures are resulting in knee-buckling losses.

The third-quarter loss on the EV business of $1.3 billion, combined with a $1.1 billion second-quarter EV loss and a first-quarter EV loss of $722 million, means that FoMoCo has already lost about $3.1 billion on its EV business this year. As I noted in these pages in July, the company said it expected to lose $4.5 billion on its EV business in 2023.

[Holy CRAP. ~ Beege]