Ford Motor Company - F STOCK NEWS

Ford reported strong Q1 2023 results, with total vehicle sales of 456,972, marking a 10.7% increase year-over-year. The company became America’s leading truck manufacturer, selling 254,023 trucks and vans, up 19.6%. Notable performers included the F-Series as the best-selling truck, with sales up 21.1% to 170,377 units. Electric vehicle sales soared 41.0%, with 10,866 EVs sold, including 4,291 F-150 Lightning pickups. Production increases are planned at various plants to meet rising demand, particularly for the Mustang Mach-E and Bronco. The company anticipates further growth with new launches in 2023.

PT Vale Indonesia, Zhejiang Huayou Cobalt, and Ford Motor Co. have announced a collaboration for sustainable nickel production in Indonesia. This partnership will focus on the Pomalaa Block HPAL Project, which aims to produce up to 120 kilotons per year of mixed hydroxide precipitate (MHP) from ore supplied by PT Vale. The project is expected to begin construction this year and commence operations by 2026, supporting Ford's goal of a 2 million EV production run rate by the end of 2026. This initiative is part of a national strategy to enhance Indonesia's position as a key player in the global EV supply chain.

Ford's Vice President of Product Development Operations & Quality, Jim Baumbick, will discuss the company's Ford+ plan during a fireside chat at Bank of America's 2023 Automotive Summit on April 5, 2023, at 12:10 p.m. ET. He will outline how Ford aims to capitalize on software-enabled vehicles, including gas-powered, hybrid, and electric models. Ford has established three business segments: Ford Blue for internal-combustion vehicles, Ford Model e for EVs and software, and Ford Pro for commercial services. A strategic update on these segments will also be presented at Capital Markets Day on May 22, 2023.

Ford has announced a restructuring of its reporting based on three new global segments: Ford Blue for gas and hybrid vehicles, Ford Model e for electric vehicles (EVs), and Ford Pro for commercial products. The company reaffirmed its 2023 adjusted EBIT guidance of $9 billion to $11 billion and confirmed its late-2026 margin targets of 10% for total adjusted EBIT and 8% for Model e. Ford aims for significant growth through technology deployment and cost reduction, expecting first-generation Model e EVs to achieve a break-even contribution margin this year while investing in new product development.

Ford Pro is enhancing its services for commercial customers by partnering with Ernst & Young LLP to provide free information on Inflation Reduction Act (IRA) electric vehicle tax credits. Qualifying customers can receive up to $7,500 in tax credits for each purchased electric vehicle, including the popular E-Transit and F-150 Lightning. The complimentary service is available to commercial clients with a Fleet Identification Number, catering to those with fleets of 15 vehicles or more or those purchasing five vehicles. This initiative aims to support businesses in understanding IRA incentives, simplifying the transition to electric vehicles.

Ford will present its new customer-focused business segments during a Teach-In on March 23, 2023, at 10:00 a.m. ET. The segments include Ford Blue for gas-powered vehicles, Ford Model e for electric vehicles, and Ford Pro for commercial services. CFO John Lawler and VP Cathy O’Callaghan will discuss how these changes align with the Ford+ growth plan, including the recast financials for 2021 and 2022. The event will be livestreamed, and Ford will ring the NYSE opening bell at 9:30 a.m. on the same day.