Ford reported losses of $1.3 billion on the sale of 10,000 electric vehicles in the first quarter, amounting to $130,000 lost for each EV sold.
The company's Model e division saw an 84 percent drop in revenue and a 20 percent decrease in vehicles sold due to pricing pressure and slower growth.
Ford plans to lower its spending to $8-$9 billion, emphasizing profitability and discipline moving forward.
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