Photo: Stu Boyd II ~ USA TODAY NETWORK
May 2, 2023 ~ The Ford Motor Company is seeing continued growth in revenue, though it continues to struggle with making money with electric vehicles.
The company released its first quarter 2023 earnings report Tuesday afternoon, reporting $1.8 billion in profit after taxes and interest. While electric vehicles lost the company $700 million in the first quarter, executives said the company is in the stage of continued investment and growth with this division.
This quarter’s profit grew from this time last year, when Ford reported $3.1 billion in loss during a chip shortage. The company also reported that revenue grew from 20% in the same time frame, with $41.5 billion in revenue this quarter.
PODCAST:
May 3, 2023 ~ Ford Motor Company President and CEO Jim Farley talks to Paul W. about the company’s first quarter earnings, and he says the numbers are strong with revenue for the first quarter at 41.5 billion dollars, up 20% from the same period a year ago.
(CONTINUED) In total, Ford sold 1.1 billion cars and trucks globally during its first quarter of 2023.
Ford President and CEO Jim Farley said that while electric vehicles are not making profits yet, the company views electric vehicles as an investment and has a long way to go before it makes revenue.
“(With) electric vehicles, you have to invest a lot upfront to make money down the road,” Farley said to 760 WJR’s Paul W. “We are in heavy investment mode right now.”
The full report can be viewed through Ford’s website.
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