Hyperdrive
Ford Reveals Plans for Small, Cheap EVs After Earnings Beat
- Developing models to compete with Tesla, Chinese manufactures
- Existing larger EV models lost $4.7 billion last year
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Ford Motor Co. is working on inexpensive, small electric vehicles to stem its electric vehicle losses and take on Tesla Inc. and Chinese automakers.
Chief Executive Officer Jim Farley revealed the plans to analysts Tuesday after the automaker announced adjusted earnings per share of 29 cents, more than double the 13 cents analysts expected on average. Fourth quarter revenue of $46 billion surpassed the $40.3 billion analysts expected.