Dealers' #1 source for auto industry news, content, coaching & analysis

Ford sees sales, profits increase in Q1, but struggles with EV segment

The first quarter brought stronger sales volume, cash flow and profits for American auto manufacturer Ford

The first quarter brought stronger sales volume, cash flow and profits for American auto manufacturer Ford, according to its earnings summary released May 2.

The Blue-Oval brand saw revenues increase 20% from early 2022, earning $41.5 billion with $1.8 billion in net income. The improved profitability is notable given the automaker’s prior year net loss of $3.1 billion, a result of its depreciating stake in EV brand Rivian. In February, Ford sold off most of its remaining shares in the company after reporting a write-down of $7.3 billion. 

Earlier this year, the company adopted a new reporting format that categorizes activity by business segment rather than region, allowing it to distinguish between its gas, electric and fleet operations. Overall, Ford’s sales grew from last year’s first-quarter volume at a rate of 9% to surpass one million units, edging the automaker’s market share to 5% from 4.8%. By section, sales of the brand’s hybrid and gas-powered cars (labeled as Ford Blue) grew 6% over Q1 2022, electric vehicles (labeled as Ford Model e) by 32% and fleet (labeled as Ford Pro) by 13.2%.

EVs continued to represent a sore spot for the company, despite the segment’s sizeable growth. Like most legacy automakers, the brand is still selling its electric products at a loss due to a variety of issues, including high manufacturing costs and consumer hesitation. Ford also noted factory disruptions had caused it to fall behind on first-quarter deliveries of the Mustang Mach-E and F-150 Lightning. However, the manufacturer claims it is still on track to hit its EV sales target of 600,000 units by the end of 2023 and two million units by 2026.

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

Related Articles

Latest Articles

From our Publishing Partners