Ford turns 'dirty' business into a profit driver. GM and Stellantis are taking notice
Publishing timestamp: 2024-08-05 10:30:01
Summary
Ford's fleet business, known as "Ford Pro," has become a multibillion-dollar powerhouse, leading Wall Street to praise its success. Ford's crosstown rivals, General Motors and Stellantis, have also taken notice and restructured their operations. Fleet sales, once viewed negatively, are now seen as a key driver of profitability and growth, especially in the electric vehicle market. Ford Pro aims to achieve $1 billion in sales of software and services by 2025, while GM and Stellantis have also revamped their fleet and commercial businesses to focus on recurring revenue and relationships with businesses. EVs are becoming a key focus for automakers in the fleet and commercial sector, with Ford, GM, and Stellantis all highlighting their portfolios of different powertrains to meet the evolving needs of their customers.
Sentiment: POSITIVE
Tickers: GM, F, STLA, RACE, RIVN,
Keywords: business, general motors co, transportation, rivian automotive inc, ford motor co, stellantis nv, business news, autos, breaking news: business, ferrari nv,
Source: https://www.cnbc.com/2024/08/05/ford-pro-fleet-business-profit-driver-gm-stellantis.html