Ford Reports $1.8 Billion Profit in Quarter
Ford Motor made $1.8 billion in profit in the first three months of 2023 as a result of a substantial increase in revenue and in the number of vehicles it sold around the world, the company said Tuesday.
The positive result is a recovery from the same period a year ago, when the automaker lost $3.1 billion as the value of its stake in the electric-vehicle maker Rivian declined.
In 2022, Ford was slowed by shortages of computer chips and other key parts that prevented it from making as many vehicles as it had expected.
This time, the company reported revenue in the first quarter of $41.5 billion, up 20 percent from $34.5 billion in the year-earlier period. Globally, Ford sold 1.1 million cars and trucks in the first quarter, compared with 966,000 in the first three months of 2022.
Ford, which is trying to streamline its operations and cut costs, reiterated a forecast of $9 billion to $11 billion in profit for the full year before interest and taxes.
For the first time, Ford reported separate results for its electric vehicle division. The E.V. business lost $700 million before interest and taxes in the first quarter, while a unit making traditional gasoline- and diesel-powered vehicles had a profit of $2.6 billion.
This is a developing story and will be updated.
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