Ford also delayed a goal of building 2 billion EVs per year by the end of 2026, pushing that out indefinitely.įord predicted its full-year pretax losses on electric vehicles will balloon to $4.5 billion, from $3 billion previously. The company had said it would build at an annual rate of 600,000 this year, but now says that won’t happen until next year. Sales in the U.S., Ford’s most lucrative market, rose 10% last quarter,īut Ford backed away from ambitious milestones for building electric vehicles in the future. The company now expects to make $11 billion to $12 billion, up from $9 billion to $11 billion. The overall strong performance gave Ford the confidence to raise its guidance for full-year pretax profits, Chief Financial Officer John Lawler said Thursday. Pretax losses at Model e, the EV business, topped $1 billion in the quarter, but they were more than offset by $2.3 billion in profits on internal combustion vehicles and $2.39 billion from commercial vehicles such as delivery vans. DETROIT (AP) - Ford Motor Co.’s second-quarter profit more than tripled to $1.92 billion versus a year ago on strong internal combustion and commercial vehicle sales, but losses grew along with growing pains in the electric vehicle business.
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