Ford’s First-Quarter Earnings for 2024 Show Successes and Challenges in EV Market
Ford’s first-quarter earnings for 2024 have been making headlines, with the company experiencing a mix of successes and challenges in the electric vehicle (EV) market. Despite beating analyst expectations overall, Ford faced an 84% decline in EV revenue in Q1 2024. One of the key highlights for Ford was the significant increase in EV sales, with the F-150 Lightning emerging as the top-selling electric pickup in the US and the Mustang Mach-E securing its position as the second best-selling electric SUV. However, Ford announced delays in EV production at its BlueOval City facility, pushing the timeline to 2026.
Ford Motor Company Exceeds Expectations for Fourth Quarter and Provides Positive 2024 Outlook
Ford Motor Company has exceeded Wall Street’s expectations for the fourth quarter, reporting better-than-expected financial results and providing a positive outlook for 2024. The company’s forecast includes adjusted earnings before interest and taxes (EBIT) of between $10 billion and $12 billion, adjusted free cash flow of $6 billion to $7 billion, and capital spending of $8 billion to $9.5 billion, surpassing analyst expectations. Ford also announced a special dividend of 18 cents per share and a first-quarter regular dividend of 15 cents per share, leading to a surge in shares during afterhours trading.