An anticipated full year loss of $5bn to $5.5bn for Model e is unchanged

Ford second quarter 2024 revenue was up 6% year on year to US$47.8bn on “a slight increase in wholesales”.

Net income was $1.8bn and adjusted earnings before interest and taxes, or EBIT, was $2.8bn with Ford, without provding comparisons, saying: “Profitability was affected by an increase in warranty reserves, though efforts to lift the quality of new products are starting to pay off.”

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Ford Pro’s second quarter EBIT was $2.6 billion, an increase of 7% and a margin of 15%. Segment revenue was $17bn, up 9% and three times the rate of growth in product shipments during the period.

Demand by commercial customers for Super Duty trucks and Transit commercial vans was outstripping production capacity. The ever growing popularity of Super Duty and its importance to Ford prompted the decision announced last week to add a third North America assembly plant – Oakville Canada, previously earmarked for a new EV line – to assemble the trucks.

Second quarter wholesales and revenue for Ford Blue were up 3% and 7%, espectively, the latter to $26.7bn. Truck volume grew and overall pricing was strong.

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EBIT of $1.2bn was down from the year ago quarter, mostly because of the higher warranty costs.

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Sales of hybrid vehicles increased 34% and accounted for 9% of all Ford vehicles
worldwide.

Model e had an EBIT loss of $1.1bn amid ongoing industrywide pricing pressure on
first generation electric vehicles and lower wholesales. Those factors more than offset about $400m in year over year segment cost reductions.

Outlooks for full-year EBIT were up for Ford Pro, to $9bn to $10bn, on further growth and favorable product mix, and down for Ford Blue, to $6bn to $6.5bn, reflecting higher warranty costs than originally planned.

An anticipated full year loss of $5bn to $5.5bn for Model e is unchanged.