Ford’s Model e electric-vehicle segment lost $4.806 billion in 2025, down from $5.105 billion in 2024. It remained deeply unprofitable, but the reported loss narrowed, and Ford’s July 2026 forecast called for an approximately $4.0 billion loss in 2026. That is a forecast, not a result: Ford’s EV business has not yet reached profitability.
How much is Ford losing on EVs?
Ford reported a $4.806 billion Model e EBIT loss for 2025, compared with a $5.105 billion loss in 2024. EBIT is operating income before interest and taxes. Ford’s filing also reported 2025 Model e revenue of $6.670 billion and wholesale volume of 178,000 units. Those figures describe a large business that was still generating substantial operating losses. Ford’s 2025 filing
2025 results at a glance
| Measure | 2025 | 2024 |
|---|---|---|
| Model e EBIT | -$4.806 billion | -$5.105 billion |
| Model e revenue | $6.670 billion | not stated in the cited filing excerpt |
| Model e wholesale volume | 178,000 units | not stated in the cited filing excerpt |
Why the $8.1 billion charge is a separate figure
Ford also recorded an $8.1 billion pre-tax impairment charge in the fourth quarter of 2025 related to Model e long-lived assets, amid EV-market challenges and decisions the company made in response. An impairment reflects a reduction in the recorded value of assets; it is not the same measure as the segment’s full-year EBIT loss. Do not add the charge to the $4.806 billion loss and describe the sum as Ford’s annual operating loss. Ford’s 2025 filing
What Ford reported in 2026
In the second quarter of 2026, Model e reported a $919 million EBIT loss, an improvement of $410 million from the same quarter a year earlier. Its EBIT margin was negative 89.6%. In July, Ford updated its full-year 2026 outlook to an approximately $4.0 billion Model e loss. That forecast included about $1.0 billion in incremental investment to support the Universal EV platform and Ford Energy. Ford’s Q2 2026 results and July outlook
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The quarterly result and full-year forecast are different kinds of figures: one reports a completed quarter; the other is management’s estimate for the year. The planned investment also means that a smaller forecast loss does not necessarily signal that Ford has stopped spending to develop its EV and energy businesses.
How the EV forecast fits Ford’s company-wide outlook
Ford’s revised 2026 company outlook called for adjusted EBIT of $10.0 billion to $11.0 billion and adjusted free cash flow of $6.0 billion to $7.0 billion. The company cited assumptions and cost offsets that included material and warranty savings and a net year-over-year tailwind related to Novelis. These are guidance figures, not guaranteed results. Ford’s revised 2026 outlook
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The company-wide outlook does not mean Model e is profitable or that the EV segment is producing the projected earnings. Ford’s total results include its other businesses, so company-level guidance and Model e’s expected loss can coexist.
What Ford is changing—and when it says Model e could be profitable
In December 2025, Ford described a strategy placing greater emphasis on trucks, hybrids, more affordable EVs, and battery energy storage. The company said it expected Model e to reach profitability by 2029, with improvement beginning in 2026. That is Ford management’s target and plan, not an independently verified prediction or an achieved result. Ford’s December 2025 strategy announcement
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The strategy shift also came with an expectation of about $19.5 billion in special items tied to changes in Ford’s EV-related plans. That amount concerns special items associated with the strategy changes; it should not be confused with Model e’s operating loss or the separate 2025 impairment charge.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the numbers do—and do not—show
- The operating loss narrowed: Model e’s reported 2025 EBIT loss was lower than in 2024, and its Q2 2026 loss improved year over year.
- The segment remains loss-making: Ford’s 2026 forecast still called for an approximately $4.0 billion Model e loss.
- Accounting charges need their own context: The Q4 2025 impairment and the special items expected from the strategy shift are distinct from the segment’s annual EBIT result.
- Profitability is a target, not a certainty: Ford’s 2029 goal depends on future execution and business conditions; the cited figures do not establish that it will be met.
The evidence here supports a measured conclusion: Ford has reported some improvement and is changing its EV investment and product strategy, but its electric-vehicle segment continues to lose billions. The company has not yet demonstrated Model e profitability.
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