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ARTICLE · 11 AUGUST 2023

Ford Raises Profit Forecast Despite Steeper EV Losses

Crowe
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Ford Motor delivered healthy profits for the second quarter and raised its profit outlook for the full year, the latest sign that the car business continues to defy Wall Street's gloomy forecasts heading into the year.

CanadaTransport
Crowe MacKay LLP
Crowe MacKay LLP
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FORD RAISES PROFIT FORECAST DESPITE STEEPER EV LOSSES

Ford Motor delivered healthy profits for the second quarter and raised its profit outlook for the full year, the latest sign that the car business continues to defy Wall Street's gloomy forecasts heading into the year. At the same time, Ford warned Thursday of steeper-than-expected losses in its electric-vehicle business, which has been buffeted by stiff price competition in some parts of the EV market. Ford now expects its EV division to lose $4.5 billion this year, up from an earlier forecast of $3 billion.

Source: The Wall Street Journal

DETROIT 3'S EV GROWING PAINS TEMPER BIG Q2 PROFITS

Robust second-quarter earnings from the Detroit 3 were tempered last week by the growing realization that their pivot to electric vehicles will be slower and costlier than anticipated. While profits and demand remain strong for gasoline-powered vehicles — prompting Ford and GM to raise full-year guidance — Wall Street

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