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Friday, 29 July 2022 09:25

Ford Triples Adjusted Earnings in Second Quarter, Reports $3.7B

Written by Phoebe Wall Howard, Detroit Free Press

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...greater and we have a high sense of urgency. You're starting to see this pull through in both our actions and in our results."

 

Battery and raw material agreements are essential to the progress in the move to electric vehicles and Ford is on track in those areas, he said.
 
Ford products are selling as quickly as they can be made, Lawler said.

 

"We need to reduce costs," Lawler said. "The lower costs will be an outcome of reshaping virtually every aspect of the way Ford does its business."

 

Ford has new priorities, new technologies and an emphasis on modernizing during this fluid period, he said. "We're going to strategically invest."

 

Ford CEO Jim Farley reiterated his desire to reduce complexity in the company and offer fewer versions of the same vehicle, a path taken by Tesla that has proved highly profitable. He said he's "pleased" with the company's progress but "not satisfied."

 

The automaker is currently in the process of "cost reduction efforts" but Lawler declined to comment on head count or time frames. "We're reshaping every aspect of the way we're doing business."

 

Farley said Ford continues to be "hampered" by recalls and costs related to quality issues, which wastes money and weakens customer satisfaction. The company continues working to remedy the situation, he said.

 

Garrett Nelson, analyst at CFRA Research, recommended July 27 that investors buy Ford stock and said, "CEO Jim Farley said the company is moving with purpose and speed into the most promising period for growth in Ford's history. ... Ford remains one of our top picks in the auto industry."

 

By contrast, General Motors reported July 26 a 39% drop in second-quarter earnings from 2021, and said it was...