Ford reports $1.8B in first quarter profit on strong demand for trucks, SUV, despite EV losses

Desptie a dissapointing Q1 for Ford's EV's, the company said it has made necesary adjustments for a future electric boom.

By Addison Smith

Published: May 3, 2023 2:27pm

Updated: May 3, 2023 2:40pm

Ford Motor Co is reporting a first-quarter profit of $1.8 billion, largely the result of a strong demand for the U.S. automakers' gas-powered trucks and SUV while continuing to take losses in its electric-vehicle unit.

The numbers were announced Tuesday in a briefing by Ford CEO Jim Farley, in which he said the company does not intend to pursue EV sales volume "at any cost," according to Reuters.

The announcement followed one earlier in the day in which the automaker said it significantly cut Mustang Mach E prices for a second time this year.

Ford beat analysts' expectations of $2.4 billion for first-quarter earnings before interest and taxes, reporting $3.4 billion. compared with consensus of $2.4 billion.

Follow Addison on Twitter.