The company’s sales increased significantly.
(Photo: AP)
Dearborn The second largest US automaker Ford started the fiscal year with surprisingly strong growth. In the first quarter, sales increased 20 percent year-on-year to $41.5 billion, as Ford announced on Tuesday after the US stock market closed. Bottom line, the General Motors rival earned $ 1.8 billion (1.6 billion euros).
Profits and revenues were well above the forecasts of Wall Street analysts. A year ago, a billion-dollar write-down on the stake in the electric car manufacturer Rivian brought the balance sheet deep into the red.
After months of supply chain problems weighing on sales, Ford has now benefited from a strong boost in sales while also managing to push through 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.