Ford Q3 Report 2023

Ford+ Again Attracts New Customers, Drives Growth in Q3; Company Changing How it Works to Improve Quality, Costs

• Third-quarter revenue rises 11% year-over-year to $44 billion; net income of $1.2 billion compares to a year-ago loss of $827 million; adjusted EBIT increases to $2.2 billion
• Delighting Ford Pro commercial customers with leading vehicles and services produces higher revenue, significantly better EBIT and double-digit EBIT margin
• Ford Blue again shows the strength and durable upside of its gas and hybrid vehicles, with higher revenue, EBIT and EBIT margin
• Ford Model e reports 44% higher shipments of electric vehicles, 26% revenue growth; operating loss exacerbated by EV price pressure
• Ford withdraws 2023 guidance with ratification of tentative U.S. labor agreement pending

Third-quarter wholesales of Ford Model e’s first-generation electric vehicles increased 44% and revenue was up 26%. The segment recorded an EBIT loss of $1.3 billion, attributable tocontinued investment in next-generation EVs and challenging market dynamics.

According to the company, many North America customers interested in buying EVs are unwilling to pay premiums for them over gas or hybrid vehicles, sharply compressing EV prices and profitability. Partly in response, Ford this month introduced the F-150 Lightning Flash pickup, combining popular technology-based features in a competitively priced electric truck.