DETROIT (AP) – Ford Motor Co’s second-quarter (Q2) profit more than tripled to USD1.92 billion versus a year ago on strong internal combustion and commercial vehicle sales, but losses grew along with growing pains in the electric vehicle (EVs) business.
Pretax losses at Model e, the EV business, topped USD1 billion in the quarter, but they were more than offset by USD2.3 billion in profits on internal combustion vehicles and USD2.39 billion from commercial vehicles such as delivery vans. The overall strong performance gave Ford the confidence to raise its guidance for full-year pretax profits, Chief Financial Officer John Lawler said on Thursday.
The company now expects to make USD11 billion to USD12 billion, up from USD9 billion to USD11 billion. Sales in the United States, Ford’s most lucrative market, rose 10 per cent last quarter.
But Ford backed away from ambitious milestones for building EVs in the future.
The company had said it would build at an annual rate of 600,000 this year, but now says that won’t happen until next year.
