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Ford Reports $1.8 Billion Profit in Quarter

Ford Motor Co. made a profit of $1.8 billion in the first three months of 2023 as a result of a significant increase in revenue and the number of vehicles sold worldwide, the company said Tuesday.

The positive result is a rebound from the same period last year, when the automaker lost $3.1 billion as the value of electric car maker Rivian’s shares fell.

In 2022, Ford has slowed down due to shortages of computer chips and other key components, preventing it from producing as many cars as it hoped.

Now, the company reported first-quarter revenue of $41.5 billion, up 20% from $34.5 billion in the same period last year. Globally, Ford sold 1.1 million cars and trucks in the first quarter, compared with his 966,000 in his first three months of 2022.

Ford, which seeks to streamline its business and cut costs, reiterated its forecast of $9 billion to $11 billion in annual profits before interest and taxes.

For the first time, Ford reported another result in the electric vehicle division. The EV business lost him $700 million before interest and taxes in the first quarter, while the division that makes conventional gasoline and diesel vehicles made his $2.6 billion profit. .

This is a developing story and will be updated.

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