We're now a start-up, says 120-year-old Ford

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The 120-year-old Ford Motor Company is seeking to rebadge as a start-up as it pours billions of dollars into its battery-powered electric cars and lorries.

The American company said its all-electric division lost about $3 billion before taxes over the past two years and it expected to burn through a similar sum this year. Executives said they did not expect the division, known as Model e, to become profitable before late 2026. John Lawler, the firm's finance chief, said it should be viewed as a start-up company within its parent founded by Henry Ford in Detroit in 1903.

"As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build sales volume and gain market share," he said.

The all-Electric Ford Explorer is engineered and built in Europe

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At present Ford offers