(3 Minutes Read)
The automaker reported adjusted earnings per share of 49 cents, topping the 42 cents analysts expected on average. Revenue in the period of USD42.8 billion surpassed the USD40 billion analysts expected.
Ford Motor Co, rapidly retooling its electric vehicle strategy in a decelerating market for plug-ins, posted first-quarter results that beat expectations on strong sales of work trucks. The automaker reported adjusted earnings per share of 49 cents, topping the 42 cents analysts expected on average. Revenue in the period of USD42.8 billion surpassed the US$40 billion analysts expected.
Ford’s results were driven by a 36% jump in revenue and fatter profit margins at its commercial Ford Pro unit, lifted by strong sales of the recently redesigned Super Duty pickup truck.
As EV sales growth has stalled, Chief Executive Officer Jim Farley has dialed back an aggressive electrification push to make more SUVs and pickups that generate the profits needed to fund future growth. Ford’s Model e electric-car division posted another loss in the quarter.
The CEO has delayed two battery-powered models and slashed EV prices and production while ramping up output of gas-fueled models like the Bronco sport-utility vehicle as well as gas-electric hybrids such as the Maverick tiny truck. The automaker is also pivoting to produce smaller, more affordable EVs due to arrive in late 2026.
Read Also:
https://trendsnafrica.com/south-africa-may-cut-interest-rates-as-inflation-tames/
In the near term, Ford is deeply discounting its current crop of EVs as inventory balloons of its F-150 Lightning plug-in pickup and Mustang Mach-E battery-powered crossover SUV.
