Ford reports mixed Q3 results with $1.1 billion loss in electric vehicle unit

Ford Motor reported third-quarter revenue of $49.5 billion, a 2% year-over-year decline, while net income fell to $2 billion. Despite missing revenue expectations, the company exceeded Wall Street earnings expectations and raised its full-year adjusted EBIT guidance to a range of $10.5 billion to $11 billion.

The company’s electric vehicle division, Model e, reported a $1.1 billion EBIT loss on $1.2 billion in revenue, marking a 31% decline in revenue compared to the previous year. Model e wholesales also dropped 31% to approximately 34,000 vehicles. Ford noted that it is currently right-sizing first-generation EV volumes while investing in its Universal Electric Vehicle platform.

Other business segments showed varying performance: Ford Pro is projected to reach approximately $7 billion in EBIT, while Ford Blue is expected to see pre-tax earnings of $5.5 billion. Ford Credit anticipates approximately $2.8 billion in EBIT. The company expects full-year Model e losses to reach roughly $4 billion.