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Hybrid cars and utility vehicles gave Ford a boost

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While Ford’s electric car division lost money in the first quarter, commercial vehicles and hybrid cars ensured that the car group ended the first quarter in the positive. Illustration photo: Carlos Osorio / AP / NTB

Of NTB | 25.04.2024 01:22:49

Economy and business: Although the result, which corresponds to around NOK 14.3 billion, was 24 per cent weaker than in the same period last year, it was therefore better than expected. The company increased its turnover by 3.1 percent to 42.8 billion dollars.

The car group says it expects to end the year in the upper part of the announced interval of 10-12 billion dollars in profit before interest costs and tax. Together with the quarterly figures, this was well received in the market, which sent the Ford share up in aftermarket trading.

At the same time that CEO Jim Farley talks about “white-hot demand” among small and large companies and public players, he says that the electric car division’s results are down. He refers to overproduction which has led to Ford and Tesla and other suppliers having to cut prices.

In the first quarter, the electric car division had an operating loss of 1.3 billion dollars. It is expected to be between 5 and 5.5 billion negative during the year.

(© NTB)

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