CHICAGO, April 25 (Bernama-Xinhua) -- Ford Motor Company reported on Wednesday that it raked in US$1.3 billion in net income in the first quarter of 2024, down 28 per cent from US$1.8 billion in the first quarter of 2023, reported Xinhua.
The US automaker's revenue in the first quarter was US$42.8 billion, up 3.1 per cent year-over-year; and its adjusted earnings before interest and taxes (EBIT) totalled US$2.8 billion, down 18 per cent from US$3.4 billion.
Ford Model e, the business unit dedicated to electric vehicles, posted a loss of US$1.32 billion, compared to US$722 million a year ago. Ford held up F-150 Lightning shipments over an undisclosed quality issue starting in early February, but resumed shipments last week.
The Dearborn-based automaker maintained its guidance for 2024 full-year adjusted EBIT unchanged at US$10 billion to US$12 billion and remains on plan to achieve US$2 billion in cost reductions in materials, freight, and manufacturing.
Ford reported in early April that its US sales rose 6.8 per cent in the first quarter of 2024.
-- BERNAMA-XINHUA
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