Ford rakes in 561 mln USD in profit in Q2

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CHICAGO, (Xinhua) — Ford Motor Co. announced on Wednesday that it raked in a net income of 561 million U.S. dollars in the second quarter of this year despite the widespread chip shortage.

Ford’s revenue in the second quarter came in at 26.8 billion dollars, up 38 percent year on year; and the adjusted earnings before interest and tax (EBIT) are at 1.1 billion dollars.

In a news release posted on its website, Ford attributed the better-than-expected performance in the second quarter to strong market demand; and is expecting for better full-year 2021 operating results.

Driven by strong order and improving semiconductor supplies, the Dearborn-based U.S. automaker raises anticipated full-year 2021 adjusted EBIT and adjusted free cash flow to between 9 billion and 10 billion dollars and between 4 billion and 5 billion dollars, respectively.

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Outside North America, Ford’s aggregate second-quarter EBIT improved by 828 million dollars year on year, but went down from the first quarter.

The Lincoln brand recorded its highest ever quarterly retail sales in China in the second quarter, as 97 percent of Lincoln’s volume is now made in-country, lowering production costs.

Ford’s appeal with commercial customers in China continues to grow, said the news release. Commercial vehicles accounted for 52 percent of overall sales mix. Later this year, Ford China will introduce a locally built version of the Mustang Mach-E.