After declaring its annual results a success, Ford has revealed that it incurred a loss of $4.7 billion on its electric vehicle range, more than the $4.5 billion the company predicted in the middle of last year.

Ford’s biggest rival, General Motors (GM), incurred losses of approximately $1.7 billion in its electric vehicle division during the final quarter of 2023 alone. In October last year, GM revised its production ambitions, abandoning its target to manufacture 400,000 EVs by mid-2024 due to concerns over profitability and market demand.