Ford Model e Posts a $1.1 Billion Q3 Loss as EV Revenue Falls 31%

Image: IIHS / Tesla North

Ford’s electric-vehicle unit, Model e, posted a $1.1 billion EBIT loss in the third quarter of 2026 on $1.2 billion of revenue, according to the company’s October 28 earnings release, a sharp contrast with Tesla’s US$28.05 billion quarter a week earlier.

Model e revenue fell 31% from $1.8 billion a year ago, and wholesales dropped 31% to about 34,000 vehicles from 50,000, Ford said in the same release. The dollar loss narrowed 25% from a $1.4 billion EBIT loss in the year-ago quarter as Ford said it is right-sizing first-generation EV volumes while still spending on its Universal Electric Vehicle platform and Ford Energy.

Those Model e results sit inside a company quarter that still made money. Ford reported $49.5 billion in revenue, $2 billion in net income and $2.7 billion in adjusted EBIT, and it raised the low end of full-year adjusted EBIT guidance to a $10.5 billion to $11 billion range. Full-year Model e losses are still expected at about $4 billion.

Production of the all-electric F-150 Lightning ended after Ford’s late-2025 EV reset, which canceled several planned EVs and left Model e focused on remaining Gen 1 products such as the Mustang Mach-E while it builds toward newer platforms. Ford’s Q3 release does not break out how much of the revenue drop came from the Lightning exit alone.

Tesla, by the numbers already on our site, closed Q3 with GAAP net income of US$787 million and free cash flow of US$1.53 billion, plus an FSD attach rate above 75% on new North American deliveries. That is a different business mix than Ford’s truck-and-fleet core, but it is the clearest same-quarter EV peer check from our earnings call takeaways and Q3 deck notes.

Does a smaller Model e loss change how you weigh Ford’s EV plan against Tesla’s?