Ford’s new energy storage business may generate $500 million in operating profit
Ford is launching an energy storage business, called Ford Energy, to capitalize on rising demand for energy storage fueled by artificial intelligence.
The company’s EV division has incurred $16 billion in losses over the past few years, but the new energy storage business is expected to help recoup some of these losses.
Ford’s announcement to shift some of its EV battery factories to make battery storage has excited investors, with the company’s stock soaring 47% last month.
The new business is expected to generate $500 million in operating profit for Ford by 2030, making it a potential beneficiary of the growing demand for energy storage.