{"id":48782,"date":"2023-05-02T16:44:24","date_gmt":"2023-05-02T20:44:24","guid":{"rendered":"https:\/\/autosector.com\/?p=48782"},"modified":"2023-05-02T16:44:24","modified_gmt":"2023-05-02T20:44:24","slug":"ford-electric-vehicles-q1-2023-earnings","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=48782","title":{"rendered":"Ford (F) Q1 2023 earnings results: Electric vehicles take center stage"},"content":{"rendered":"
\n\t\t\"Ford-Q1-2023-earnings\"<\/p>\n<\/figure>\n

Ford Motor<\/a> (F) released its Q1 2023 earnings results after market close on Tuesday, May 2, as the automaker gives us our closest look at its Model e electric car division yet.<\/p>\n

<\/p>\n

Ford Q1 2023 earnings preview<\/h2>\n

Earlier today, we posted a preview<\/a> of what you can expect from Ford\u2019s first-quarter earnings results.<\/p>\n

Ford\u2019s electric car sales lost momentum in the first three months of 2023. Despite overall EV sales growing 41% YOY, Mustang Mach-E sales slipped nearly 20%<\/a> to just over 5,400 units as the automaker retooled its factory in Mexico (Ford also just reopened Mustang Mach-E orders<\/a>) in order to boost production in the second half of the year.<\/p>\n

This is the first earnings report in which Ford breaks down financial results by business unit, giving us a closer look at the automakers Model e electric vehicle segment.<\/p>\n

Although Ford has said it expects to lose $3 billion<\/a> on EVs this year as it works to double Mach-E and triple F-150 Lightning production, it has not indicated how much it anticipates to lose per quarter.<\/p>\n

The expected lose comes after Ford already revealed it had lost $2.1 billion making EVs last year for a total loss of $6 billion since 2021. <\/p>\n

That said, Ford does expect its first-gen EVs to approach the breakeven point later this year as it works toward hitting its 8% EBIT margin target by the end of 2026. <\/p>\n

Wall St analysts are expecting Ford\u2019s total revenue to rise to around $39.2 billion with EPS up slightly YOY to 0.42.<\/p>\n

Ford\u2019s first quarter earnings results<\/h2>\n

In the first quarter<\/a> of 2023, Ford\u2019s Model e EV segment generated $700 million in revenue, a decrease of 27% from last year. <\/p>\n

Ford\u2019s Model e operating losses swelled to $722 million, more than doubling YOY compared to $342 million in Q1 2022. The business unit\u2019s operating margin also fell to (102.1)%, a drop of 63 percentage points compared to last year.<\/p>\n

\"Ford-Q1-2023-earnings\"
Ford Q1 2023 Model e EV earnings results (Source: Ford)<\/figcaption><\/figure>\n

The EV segment was the only unprofitable business unit, with revenue reaching $41.5 billion overall, up 20% from a year ago and beating expectations.<\/p>\n

Ford Pro, the company\u2019s commercial and software business unit saw operating income nearly triple to $1.4 billion.<\/p>\n

Ford posted overall net income of $1.8 billion compared to a net loss of $3.4 billion in 2022 that was primarily associated with a loss in value on its Rivian\u2019s investment.<\/p>\n

Cash flow from operations was $2.8 billion with $692 million in adjusted free cash flow. Ford ended the quarter with nearly $29 billion in cash and over $46 billion in liquidity.<\/p>\n

Rival Amercial automaker General Motors also posted strong overall Q1 earnings result<\/a>s with revenue rising to $40 billion as it prepares for a breakout year with its EVs.<\/p>\n

However, unlike GM, Ford is reaffirming guidance of $9 billlion to $11 billion adjusted EBIT rather than raising it. As for Model e, Ford is sticking with guidance for a full year loss of around $3 billion.<\/p>\n

Ford\u2019s stock is down around 9% over the past year and is nearly flat (-1%) in afterhours trading on the news.<\/p>\n

Check back for updates from Ford\u2019s Q1 2023 earnings call. You can refresh the page to find the latest highlights.<\/p>\n

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FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Ford Motor (F) released its Q1 2023 earnings results after market close on Tuesday, May 2, as the automaker gives us our closest look at its Model e electric car division yet. Ford Q1 2023 earnings preview Earlier today, we posted a preview of what you can expect from Ford\u2019s first-quarter earnings results. Ford\u2019s electric […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-48782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48782"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48782"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}