In the first quarter of 2022, when the company announced it would spend some $50 billion on electric vehicles, Ford’s stock sold for more than $20. Today, Ford’s shares are trading for less than $11, according to Robert Bryce in substack.com.

The bad news for Ford Motor Company’s shareholders is that the company continues to lose big money on every EV it sells. The soupçon of good news is that those losses appear to be shrinking a bit.

Ford announced its first-quarter results, which include EBIT (earnings before interest and taxes) of $1 billion. Those results would have been far better had it not lost $849 million on its Model E segment. Ford sold 22,550 EVs in the first quarter. That means it lost about $37,650 for each EV sold. (h/t to JL.) In a press release, the company addressed the EV business, saying it “remains focused on improving gross margins and exercising a disciplined approach to investments in battery facilities and next-generation products.”

Ford has been hemorrhaging money on EVs for three years.