Ford reported a loss of around US$1.1 billion for the third quarter, compared to 1.4 billion in the same period of the previous year. In other words, the company improved its position by $300 million, yet its EV division remains deeply in the red. Additionally, Ford’s revenue in the EV segment totalled just $1.2 B in Q3, down from $1.8 B in the corresponding period of 2025, when many US buyers rushed to purchase EVs ahead of the expiry of tax incentives. The downward trend thus comes as little surprise.

For context: it’s important to note that Ford’s Model e segment includes only fully electric passenger cars such as the Puma Gen-E, the Cologne-built Explorer, or the Mustang Mach-E. It does not include electric commercial vehicles like the E-Transit, which fall under the Ford Pro division. This segment has faced significant challenges in the US, particularly since the Trump administration eliminated the $7,500 tax credit for EV purchases as of 30 September 2025.
In response, Ford already discontinued the electric pickup F-150 Lightning in autumn 2025, though stock vehicles remained available at dealerships into this year. Furthermore, in December 2025, Ford announced extensive write-downs of $19.5 B, primarily in its EV business, as the company’s expectations for the ramp-up of electromobility have so far not been met.

With this in mind, here’s how to interpret the latest quarterly figures. In addition to revenue of $1.2 B (–33 per cent year-on-year) and a negative EBIT of $1.1 B US dollars (–21 per cent YoY), Ford also reported approximate sales volumes: around 34,000 BEVs in Q3 (compared to about 50,000 in Q3 2025; –32 per cent YoY). Sales and revenue figures in previous quarters were roughly at similar levels.

Ford attributes the slightly higher loss of $1.1 billion compared to the first half of 2026 to increased investment costs for next-generation products and the establishment of its new subsidiary, Ford Energy. The EBIT margin settled at –86.5 per cent in Q3.

Ford now plans to “further optimise” the profitability of its first-generation EVs while simultaneously accelerating the market launch of affordable, highly scalable electric vehicles based on the Ford Universal EV platform (UEV for short), as well as expanding its new battery storage business, Ford Energy.

For the full year, Ford had already disclosed at the beginning of the year that it expects an EBIT loss of $4 – $4.5 B for Model e, following $4.8 B losses in 2025. After three of four quarters, the deficit for 2026 currently stands at $3.5 B. So, the estimate could well be on track.

One thing is clear: the Model e division currently represents only a fraction of Ford’s overall business. Total revenue in the first quarter was $49.5 B, with adjusted EBIT at $2.7 B.

ford.com (PDF, page 13)