Ford Motor Company (NYSE: F) investors finally have a little less red ink to stare at in the company's electric vehicle (EV) business. Whether that means an EV turnaround is taking shape is another question entirely, and there's a little evidence we'll get to later that could emphasize the turnaround is still down the road. During the third quarter, Ford's Model e division narrowed its EBIT loss from $1.41 billion to $1.058 billion, a noticeable improvement of roughly 25%. And in raw figures, it's $352 million less in losses, which investors certainly won't complain about. But before anyone starts polishing the turnaround trophy, there's a catch. Revenue declined even faster, falling 31% to approximately $1.2 billion. The smaller loss is real, but treating it as proof Ford has cracked EV profitability could be fool's gold. Let's dig in and look more closely at Ford's Q3 results.
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