Ford Motor released its second-quarter results report. The data show that Ford’s total revenue for the quarter was $45 billion (currently about RMB 322.2 billion).
- Model E (electric vehicle) revenue of $1.8 billion (currently about RMB 12.888 billion), an increase of 39% year-on-year
- Ford Blue (fuel vehicles) revenue of $25bn (currently around RMB 179bn), up 5% year-on-year
- Ford Pro (commercial vehicles/services) revenue of US$15.6bn (currently about RMB 111.696bn), up 22%
Specifically, Ford’s electric vehicle division (Model e) reported a total revenue of $1.8 billion for the quarter, which doubled from the previous year, but resulted in an operating loss of $1.08 billion (RMB 7,733 million), with an operating margin of -58.9%. The EV business is now officially estimated to lose about $4.5 billion (currently about 32.22 billion yuan) this year, which is 50% higher than previously forecast, due to the changing pricing environment, new investments and other costs.
On the sales front, Ford’s EVs began to see a sharp year-over-year increase in the second quarter, from 12,000 to 34,000 units, after plummeting in the first quarter of the year.
Ford CEO Jim Farley noted, “The slower-than-expected uptake of electric vehicles will benefit ‘first movers’ like us. Our transition to breakthrough digitalization and electrification is still underway, but it will be ‘very fluid'”.
Meanwhile, Ford has pushed back its 600,000-unit annual production target to 2024 — a year later than originally forecast. Initially, Ford had planned to reach its goal of 2 million annual EVs by 2026, but no adjustments were revealed in its latest earnings report.
In addition, Ford’s second-generation EV offerings include the next-generation full-size pickup truck, Project T3, and a large crossover SUV with three rows of seats, which was previously announced to be coming in 2025.
