Ford stated that regardless of the annual loss, it generated $ 1.9 billion in free money movement within the fourth quarter, giving it a year-end money stability of practically $ 31 billion to assist its funding in autos. electrical.
Regardless of the elevated funding in electrical autos, CFO John Lawler didn’t match rival Basic Motors’ objective of promoting solely totally electrical mild autos by 2035.
Lawler stated the corporate is concentrated on getting electrical autos to market shortly. The corporate’s Mustang Mach E electrical SUV is on sale now, it expects to start out promoting a full-size electrical Transit pickup this 12 months and an all-electric F-150 pickup subsequent 12 months, he stated.
“We’re targeted on making a distinction now,” Lawler stated.
Ford additionally stated it expects to spend $ 5 billion on autonomous car improvement by means of 2025.
In North America, by far Ford’s most worthwhile area, the corporate earned $ 1.1 billion earlier than taxes, up 53%. That was largely resulting from the price of launching a brand new United Auto Employees union contract in 2019. Unionized employees will obtain revenue sharing checks of roughly $ three,625 every in March, based mostly on North American earnings.
CEO Jim Farley stated the corporate is getting ready to make sure it has sufficient state-of-the-art battery cells because it launches extra electrical autos in an more and more aggressive market.