Sources online don't say definitively, so it's hard to really know. Ford says a large portion of the loss per unit is engineering costs. They also say the expec

Sources online don't say definitively, so it's hard to really know. Ford says a large portion of the loss per unit is engineering costs. They also say the expect positive margins in 2026. I imagine if it wasn't a loss beyond R&D expense they'd proudly proclaim as much, and they aren't.