From Nasdaq:

Ford Motor Co revealed its electric vehicle roadmap during its fourth-quarter earnings call. CEO Jim Farley mentioned the “seismic change” in the EV market due to an intense price war and capital flow among EV makers. The company targets making its next generation of EVs profitable within the first 12 months of launch.

Ford plans to focus on smaller EVs, such as trucks and vans, while spending less capital on larger EVs. The company is also prioritizing cost and efficiency to compete against Tesla and other Chinese EV makers. Ford has developed a low-cost EV platform that will be deployed to several types of vehicles.

In addition to scaling up pure electric vehicles, Ford intends to scale hybrid electric vehicles simultaneously. CEO Farley stated that hybrids will play an increasingly important role in the industry’s transition and that the company expects its global hybrid sales to be up 40% this year.

Ford expects its losses to widen for its electric vehicle segment, Model-e, this year due to pricing pressure and investment into its next generation of vehicles. The Model-e EV business segment posted a full-year EBIT loss of $4.7 billion for 2023.

The company’s CEO also noted that hybrids sell best on trucks and that they are the number one and number two best-selling hybrid trucks in the U.S. The company expects to have losses of $5 billion to $5.5 billion for its electric vehicle segment Model-e this year.

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Read more: Ford Labels Tesla, Chinese Rivals As ‘Ultimate Competition’ As It Sharpens Focus On Smaller EVs, Adopts GM Hybrid Playbook