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As a result, its General Motors competitor earned $1.8 billion. Profits and revenues were well above Wall Street analysts’ forecasts. A year ago, the billion-dollar depreciation of the electric car maker Rivian’s stock turned the balance sheet red.
After months of supply chain problems that suppressed sales, Ford has now been able to take advantage of the strong increase in sales while simultaneously pushing price increases with customers. The US group is still targeting adjusted operating profit of between nine and eleven billion dollars for the full year 2023.
Ford also announced the financial results of its electric car division for the first time. The division lost $722 million in the last quarter, excluding interest and taxes. Although the quarterly report beat market expectations, the stock initially fell slightly in post-trade trading. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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