Ford's EV business lost $2 billion in 2022, offset by big profits in fleet and legacy units
Publishing timestamp: 2023-03-23 07:00:01
Summary
Ford Motor reported that its electric vehicle (EV) business lost $2.1 billion in 2022 on an operating basis, but this was more than offset by $10 billion in operating profit between its internal combustion and fleet businesses. The company expects a similar pattern in 2023, with an adjusted loss of $3 billion for its EV unit, adjusted earnings of about $7 billion for its internal combustion unit, and adjusted earnings of roughly $6 billion for its fleet business. The financials are the first detailed look at unit profitability as Ford unveils a new financial reporting structure that aims to give Wall Street a better understanding of how its EV business is evolving and how profits from its internal combustion businesses are funding its electric transformation.
Sentiment: NEUTRAL
Tickers: F,
Keywords: earnings, climate, breaking news: business, transportation, automobile manufacturing, markets, ford motor co, electric vehicles, autos, business news, technology, business,
Source: https://www.cnbc.com/2023/03/23/ford-2022-unit-financials.html