Ford Posts High-Octane Q2
Traditional lines do well as EV unit loses more than expected.
The brand’s Ford Blue gas-powered and hybrid division had $2.3 billion in net income.
IMAGE: Ford
Ford exceeded analyst expectations in the second quarter as revenue rose 12% year-over-year to $45 billion. It ended the period with net income of $1.9 billion, up sharply from $667 million a year earlier.
The Dearborn, Mich.-based automaker rode on the strength of trucks, including for commercial customers, and SUVs, while its electric-vehicle business continued to take losses.
Its Ford Pro commercial revenue jumped 22%. The brand’s Ford Blue gas-powered and hybrid division had $2.3 billion in net income. It now expects its Model e electric unit to lose $4.5 billion this year, up by half from forecasts early this year, and said it will instead ramp up hybrid model production.
Ford raised its full-year guidance to $11 billion to $12 billion, up from 9 billion to $11 billion.
Originally posted on Auto Dealer Today
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