Ford Raises 2023 Guidance After Record-Setting Q2 Earnings

Ford Motor reported strong second-quarter earnings that surpassed Wall Street expectations, driven by robust pricing and demand for its traditional vehicles. Ford raised its 2023 guidance as a result, with adjusted earnings now forecasted to be between $11 billion and $12 billion. The company's traditional business operations earned $2.31 billion during the quarter, and its Ford Pro commercial business earned $2.39 billion. Its EV unit, known as "Model E," reported a loss of $1.08 billion for the same period. Ford expects to widen its losses in the EV business to $4.5 billion for the year. Net income for the quarter was $1.92 billion, or 47 cents per share, a significant increase from the previous year.