Ford maintains its projection that losses at the Model e EV business will rise nearly 50 percent to $3 billion this year.
Ford Motor Company released its first-quarter earnings on May 2, posting a net income of $1.8 billion to reverse a $3.1 billion loss a year earlier.
First-quarter revenue was $41.5 billion, up 20 percent from the same period a year ago, on shipments approaching 1.1 million vehicles – a 9-percent increase – as well as a more favorable sales mix and higher net pricing. Ford ended the quarter with margins of 8.1 percent, up 1.4 percentage points. CEO Jim Farley noted that the first quarter of organizing around and running the company on behalf of distinct customer groups – Ford Blue, Ford Model e, andHowever, not all of Ford's new divisions were in the black in Q1 2023. The Model e EV business unit, which Ford says it operates like a startup, posted a loss of $722 million. The Ford Blue gasoline-powered business posted a $2.6 billion profit, while the Ford Pro commercial vehicle unit made $1.36 billion.
Ford reaffirmed its full-year guidance as it recovers from global supply chain shortages, noting that it
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