Ford Motor Company, one of the largest automobile manufacturers in the world, has reported a first-quarter profit of $1.76 billion, driven largely by strong sales of gas-powered vehicles. The company’s earnings per share were $0.89, beating analysts’ expectations of $0.21 per share.
The company’s revenue for the quarter was $36.2 billion, up from $34.3 billion in the same period last year. Ford’s North American operations were particularly strong, with revenue up 7% to $25.8 billion. The company’s sales in China also increased by 73% compared to the same period last year.
Gas-powered vehicles were the main driver of Ford’s profits in the first quarter, with sales of trucks and SUVs leading the way. The company’s F-Series trucks, which include the popular F-150, saw a 9% increase in sales compared to the same period last year. Sales of SUVs were also strong, with the Ford Explorer and Lincoln Aviator both seeing double-digit increases in sales.
Despite the strong performance of gas-powered vehicles, Ford is also investing heavily in electric and hybrid vehicles. The company recently announced plans to invest $22 billion in electric vehicles by 2025, with the goal of having 40% of its global vehicle volume be electric by 2030.
Ford’s CEO, Jim Farley, said in a statement that the company is “making great progress on our plan to turn around our automotive business.” He added that the company is “committed to investing in our future and delivering profitable growth for all of our stakeholders.”
The strong performance of gas-powered vehicles in the first quarter is a positive sign for Ford and the automotive industry as a whole. While electric and hybrid vehicles are gaining popularity, gas-powered vehicles still make up the majority of sales. As the world continues to recover from the COVID-19 pandemic, it is likely that demand for gas-powered vehicles will remain strong.
In conclusion, Ford’s first-quarter profit of $1.76 billion is a testament to the strength of the company’s gas-powered vehicle lineup. While the company is also investing heavily in electric and hybrid vehicles, it is clear that gas-powered vehicles will continue to play a significant role in the automotive industry for the foreseeable future. As Ford continues to invest in its future, it is well-positioned to continue delivering profitable growth for its stakeholders.
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