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Amid a shifting strategy, Ford (F) reported first-quarter earnings Wednesday, beating analyst expectations. However, due to fierce pricing pressure, Ford’s EV revenue fell 84% in Q1 2024.

Ford shifts EV strategy amid sales upswing

Despite EV sales surging 86% to 20,233 in the first three months of 2024, Ford is pulling back. All Ford electric models saw double (or triple) digit sales growth.

The F-150 Lightning remained the top-selling electric pickup in the US, with 7,743 models sold, up 80% over last year. Ford’s Mustang Mach-E was the second best-selling electric SUV in the US, with 9,589 vehicles delivered, up 77% over Q1 2023.

Meanwhile, Ford’s commercial Pro unit continues to appear as a dark horse for the automaker, with EV adoption rising 40%. Ford E-Transit sales were up 148% in Q1, with 2,891 units sold.

Ford’s growth propelled it to second in the US EV market (if you don’t include combined Hyundai and Kia sales).

The sales surge comes after Ford introduced significant price cuts and savings on the Mach-E and Lightning earlier this year.

Ford-Mach-E
Ford Mustang Mach-E (Source: Ford)

Despite rising EV sales, Ford announced it is pushing back EV production at its BlueOval City facility to 2026. It is also delaying the launch of its three-row electric SUV to focus on smaller, more affordable EVs.

In the meantime, Ford said it would introduce more hybrids to the mix as it develops its next-gen electric models.

Ford-Q1-2024-earnings
All-electric Ford Explorer (Source: Ford)

Ford’s Model e EV unit had a net loss of around $4.7 billion last year with “extremely competitive pricing” and new investments. Meanwhile, EBIT loss slipped to $1.6 billion in Q4.

Analysts expect Ford to report $40.10 billion in revenue in its Q1 2024 earnings report. Ford’s Model e, EV unit, is expected to generate around $24.5 billion in revenue with an EBIT loss of $1.65.

Ford Q1 2024 earnings results

Ford reported first-quarter 2024 revenue rose 3% to $42.8 billion, topping estimates of around $40.10 billion. Ford also topped adjusted EPS estimates with $0.49 per share in Q1 vs $0.42 expected.

The automaker posted net income of $1.3 billion, down from $1.8 billion last year. Adjusted EBIT fell 18% to $2.8 billion due to lower prices and the timing of the F-150 launch.

Ford-Q1-2024-earnings
(Source: Ford)

Ford Blue, the company’s ICE business, saw revenue fall 13%, again due to the new F-150 launch.

Ford Pro was the growth driver, with volume and revenue up 21% and 36%, respectively. The commercial and software business had an EBIT margin of nearly 17%, with first-quarter revenue of $18 billion.

Ford-Q1-2024-earnings
(Source: Ford)

Meanwhile, Ford Model e revenue slipped 84% due to “industry-wide” pricing pressure. With lower prices, the unit’s EBIT loss increased YOY to $1.3 billion. That’s about a $64,000 loss for every EV sold in Q1. However, this is still down from the $1.6 billion EBIT loss in Q4 2023.

Ford expects EV costs to improve going forward, but it will be offset by top-line pressure.

Ford-Q1-2024-earnings
(Source: Ford)

The automaker is maintaining full-year EBIT guidance, expecting to hit the higher end of the $10 billion to $12 billion range. The company now expects to generate between $6.5 billion and $7.5 billion in adjusted free cash flow, up from the previous $6 billion to $7 billion.

According to Ford, the updates reflect recent cost-cutting actions, like the delayed EV investments. Ford’s update comes after rival GM also raised full-year guidance this week.

Meanwhile, Ford is releasing a new brand campaign called “Freedom of Choice” to promote its gas, hybrid, and EV lineup amid the strategy shift.

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Quad-motor Rivian debuts, Lucid kills range anxiety, and no, EV sales aren’t down

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Quad-motor Rivian debuts, Lucid kills range anxiety, and no, EV sales aren't down

On today’s exciting episode of Quick Charge, we don’t even mention “you know who,” focusing instead on EV news from Rivian, Lucid, Nissan, Ford, and what it takes to make a MAN in the heavy truck space. Check it out!

Sure, Nissan is pushing back production estimates on its yet-to-begin-production Nissan LEAF and Ford’s EV sales were down significantly in Q2, but there’s more to the story than the “Faux News” crowd would have you believe. Plus: some new electric success stories from Porsche and a disappointing (but still cool) dive into some new home backup battery tech.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


he 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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EVs are 73% cleaner than gas cars – even with battery production

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EVs are 73% cleaner than gas cars – even with battery production

Battery electric cars sold today in Europe produce 73% less life-cycle greenhouse gas emissions than gas cars, even when factoring in production, according to new research from the International Council on Clean Transportation (ICCT). That’s a big improvement from 2021, when the gap was 59%.

Meanwhile, hybrids and plug-in hybrids haven’t made much progress. The study confirms what clean transportation advocates have been saying for years: If Europe wants to seriously slash emissions from its dirtiest mode of transport – ICE passenger cars, which pump out nearly 75% of the sector’s pollution – it needs to go all-in on battery EVs.

“Battery electric cars in Europe are getting cleaner faster than we expected and outperform all other technologies, including hybrids and plug-in hybrids,” said ICCT researcher Dr. Marta Negri. Credit the continent’s rapid shift to renewables and the higher energy efficiency of EVs.

The makeup of the EU’s power grid is changing fast. By 2025, renewables are expected to generate 56% of Europe’s electricity, up from 38% in 2020. And that’s just the beginning: the share could hit 86% by 2045. Since cars bought today could still be on the road two decades from now, the growing use of clean electricity will only boost EVs’ climate benefits over time.

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Gas-powered cars, on the other hand, will stay mostly tied to fossil fuels as the cost and availability of biofuels and e-fuels are still uncertain.

Hybrids and plug-in hybrids only cut lifetime emissions by 20% and 30%, respectively, compared to gas cars. That’s partly because plug-in hybrids tend to run on gas more than expected. So while hybrids aren’t useless, they’re just not good enough if we’re serious about climate goals.

Countering EV myths with hard data

There’s been a lot of noise lately about whether EVs are really that green. The ICCT study takes aim at the bad data and misleading claims floating around, like ignoring how the grid gets cleaner over time or using unrealistic gas mileage figures.

It’s true that manufacturing EVs creates more emissions upfront – about 40% more than making a gas car, mostly due to the battery. But EVs make up for it quickly: that extra emissions load is usually wiped out after about 17,000 km (10,563 miles) of driving, which most drivers hit in a year or two.

“We’ve recently seen auto industry leaders misrepresenting the emissions math on hybrids,” said Dr. Georg Bieker, senior researcher at the ICCT. “But life-cycle analysis is not a choose-your-own-adventure exercise.”

ICCT’s new analysis includes emissions from vehicle and battery production and recycling, fuel and electricity production, and fuel consumption and maintenance. It even adjusts for how the electricity mix will change in the coming years – a key detail when measuring plug-in hybrid performance.

Read more: Volkswagen’s 47% BEV sales jump includes a 24% boost in the US


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Here’s our closest look at the Kia EV2 caught testing in the Alps [Video]

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Here's our closest look at the Kia EV2 caught testing in the Alps [Video]

The EV2 may be Kia’s smallest electric vehicle, but it has a big presence on the road. Kia promises it won’t feel so small when you’re inside, thanks to clever storage and flexible seating. After a prototype was spotted testing in the Alps, we are getting our closest look at the Kia EV2 so far.

Kia EV2 spotted in the Alps offers our closest look yet

Kia first unveiled the Concept EV2 during its 2025 EV Day event (see our recap of the event) in April, a preview of its upcoming entry-level electric SUV.

Despite its small size, Kia claims it will “redefine urban electric mobility” with new innovative features and more. Kia has yet to say exactly how big it will be, but given it will sit below the EV3, it’s expected to be around 4,000 mm (157″) in length. The EV3 is 4,300 mm (169.3″) in length.

Looking at it from the side, it sits much higher than you’d expect, similar to Kia’s larger EV9. During an exclusive event at Milan Design Week in April, Kia gave a sneak peek of the interior.

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Kia said the interior is inspired by a “picnic in the city,” or in other words, a retreat from the busy city life. With a flat-floor design and flexible seating, you can quite literally have a picnic in the city.

Kia-EV2-closest-look
Kia Concept EV2 (Source: Kia)

Although we’ve seen the EV2 out in public testing a few times, a new video provides the closest look at Kia’s upcoming electric SUV.

The video, courtesy of CarSpyMedia, shows an EV2 prototype testing in the Alps with European license plates. There’s also a “Testfahrt” sticker on the back, which translates to “Test Car” in German.

Kia EV2 entry-level EV caught testing in the Alps (Source: CarSpyMedia)

As the prototype drives by, you can get a good look at it from all angles. Like in past sightings, the front features stacked vertical headlights with Kia’s signature Star Map lighting. Even the rear lights appear to be identical to those of the concept.

The interior will feature Kia’s next-gen ccNC (connected car Navigation Cockpit) infotainment system. The setup includes dual 12.3″ instrument clusters and infotainment screens in a curved panoramic display. Depending on the model, it could also include an added 5.3″ climate control screen.

Last month, a crossover coupe-like model was spotted on a car carrier in Korea, hinting at a new variant. The new model featured a design similar to that of the Genesis GV60.

Kia’s CEO, Ho Sung Song, also recently told Autocar that a smaller, more affordable EV was in the works to sit below the EV2. Song said the new EV, priced under €25,000 ($30,000), was “one area we are studying and developing.”

With the EV4 and EV5 launching this year, followed by the EV2 in 2026, it could be closer toward the end of the decade before we see it hit the market. Next-gen EV6 and EV9 models are also due out around then.

The Kia EV2 is set to launch in Europe and other global regions in 2026. Unfortunately, it’s not expected to make the trip to the US.

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