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Ford’s Profit Jumped in Second Quarter [1]

['Neal E. Boudette', 'More About Neal E. Boudette']

Date: 2023-07-27

Ford Motor earned $1.9 billion from April to June, up from $667 million a year earlier, the company said on Thursday. Robust sales of gasoline-powered trucks and sport-utility vehicles more than offset a substantial loss on electric models.

The automaker reported revenue of $45 billion, up 12 percent from a year earlier, and said it had sold 1.1 million vehicles around the world, an 8 percent increase.

Ford said it had lost $1.1 billion before interest and taxes on its electric vehicle business in the quarter, more than twice as much as it lost a year earlier. Competition in that segment has intensified recently, and the company has had to cut prices on its electric F-150 Lightning pickup truck and Mustang Mach-E crossover.

Ford now expects to lose $4.5 billion before interest and taxes on battery-powered cars and trucks in 2023, it said on Thursday, up from an earlier forecast of a $3 billion loss.

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[1] Url: https://www.nytimes.com/2023/07/27/business/ford-motor-second-quarter-earnings.html

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