Ford Q1 net income drops

By Xu Jing
  • World
  • Thursday, 25 Apr 2024

CHICAGO, April 24 (Xinhua) -- Ford Motor Company reported on Wednesday that it raked in 1.3 billion U.S. dollars in net income in the first quarter of 2024, down 28 percent from 1.8 billion dollars in the first quarter of 2023.

The U.S. automaker's revenue in the first quarter was 42.8 billion dollars, up 3.1 percent year over year; and its adjusted earnings before interest and taxes (EBIT) totaled 2.8 billion dollars, down 18 percent from 3.4 billion dollars.

Ford Model e, the business unit dedicated to electric vehicles, posted a loss of 1.32 billion dollars, compared to 722 million dollars a year ago. Ford held up F-150 Lightning shipments over an undisclosed quality issue starting in early February, but resumed shipments last week.

The Dearborn-based automaker maintained its guidance for 2024 full-year adjusted EBIT unchanged at 10 billion to 12 billion dollars, and remains on plan to achieve 2 billion dollars in cost reductions in areas like materials, freight and manufacturing.

Ford reported in early April that its U.S. sales rose 6.8 percent in the first quarter of 2024.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

YouTube is coming for all of your devices
Early results in South Africa's election show ANC on less than 42%
Ring has a�new mission.�‘Hey, there’s raccoons in my backyard’
Iran iPhone users signal dismay over new models ban
Rescue teams don't expect to find survivors in Papua New Guinea landslide
US teen’s missing AirPod leads to arrest of driver accused of hitting him
Australia engaging with Ticketmaster over hacking ‘incident’
FBI takes down massive global army of zombie computer devices
Myanmar's ethnic armies consolidate strongholds as junta weakens, reports say
It will soon be easier to delete your account from a mobile application

Others Also Read