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.

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