Recently, Ford Motor said that in the first quarter of 2022, the market demand for a series of its new products was strong, but the company's product shipment speed slowed down due to the supply chain problems that continue to plague the industry.
The new Ford pure electric pickup truck F-150 Lightning officially went into production
"Whether it's Bronco, Bronco Sport, Maverick, Or Music Mach-E, E-Transit, and the F-150 Lightning, which has recently gone into production, these models have a huge appeal to consumers and continue to bring us considerable orders," said Jim Farley, president and CEO of Ford Motor Company." These well-configured products not only give consumers a better experience, but also make our pricing strategy healthier. ”
"Now, we are working hard to overcome the impact of various adverse factors and are committed to delivering more Ford models, including our innovative electric vehicle products, to more customers as soon as possible."
Summary of the company's main indicators:
Ford has committed to producing at least 600,000 electric vehicles worldwide by the end of 2023 and will further increase battery capacity to achieve an annual production of more than 2 million electric vehicles by the end of 2026.
Throughout the first quarter, continued shortages of semiconductor chips worldwide affected Ford's production and deliveries in January and February, but productivity increased significantly in March. So as we enter the second quarter, Jim Farley said Ford had a very healthy order profile.
Ford Motor's first-quarter revenue was $34.5 billion, with wholesale sales of nearly 970,000 units, down 9 percent from a year earlier.
A net loss of $3.1 billion in the first quarter was primarily attributable to the shrinking market value of the rivian held in the first quarter. The Company's adjusted EBIT was $2.3 billion, representing an adjusted EBIT margin of 6.7%. Higher net transaction prices boosted profitability, while higher raw material prices, lower overall product shipments, and a reduced share of pickup and large SUV combinations were the main factors affecting profits.
As of the first quarter, Ford remained strong in business operations, holding nearly $29 billion in cash and $45 billion in liquidity (both including the market capitalization of Ford's stake in Rivian, up from $5.1 billion as of March 31).
China Business Highlights
Lincoln brand full range of models
In the strategically important Chinese market, Ford further consolidated the Lincoln brand's position in the Luxury Car Market in China, with Lincoln China setting another first-quarter sales record of 19,471 units and achieving consecutive positive quarter-on-quarter growth.
Brand new Lincoln Z
In February, Lincoln brand sales increased by 34% year-on-year, the best performance since entering China. At the same time, the brand's domestic customer experience and dealer network are being fully upgraded, and we are committed to helping the brand achieve a fully electrified future through modern innovation and further expansion.
The new generation of Ford Mondeo
Ford Lingrui
Although the market activity in the first quarter was affected by the epidemic, Ford China is actively responding to severe external environmental challenges with partners and suppliers, and the two strategic products of "Ford China 2.0", the new Lincoln Z, the new generation of Ford Mondeo, and Ford Lingrui, have received more than expected orders since their launch in March. The mustang Mach-E delivery speed of the pure electric SUV is also steadily climbing. In the first quarter, Jiangling Motors has received 5,100 orders for the production of Trans Shun ambulances, and the company is currently working day and night to produce emergency production to escort the fight against the epidemic.
Smart pure electric SUV Mustang Mach-E
Accelerate the Ford+ program across the board to drive business growth and value creation
Jim Farley said Ford has identified and is working hard to address a variety of key issues affecting the company's profitability and business growth.
"We've done well in some important businesses, such as mass-producing best-selling models," Jim Farley said, "but there are still some issues in the current business area, and in the area of future technology that we have high hopes for, that need to be improved, and we will actively push for these changes." ”
To this end, on March 2 this year, Ford Motor announced the relevant strategic transformation, and decided to clarify and allocate the priorities of business operations by establishing an independently operated automotive business unit within Ford Motor, and give full play to existing advantages to create new strategic forces:
· Ford Blue will be a key source of profitable growth and cash flow for the company by launching a portfolio of high-quality iconic fuel vehicles
· Ford Model e will accelerate innovation with industry-breaking ev products and digital services, and share these digital technologies and services with other Ford Motor business units
· Ford Pro will help commercial customers transform with tailored fuel and electric vehicles and services
The Ford+ development plan continues to make new progress, including:
The highly anticipated F-150 Lightning, which went live this week, is the all-electric version of the best-selling pickup truck in the United States over the past 40 years and has so far received 200,000 orders
Lincoln's first all-electric concept car, the Lincoln Star
Released the Lincoln Star concept car, showing the pure electric vehicle design language of luxury car brand Lincoln
· Ford Pro officially rolled off the production line of the E-Transit pure electric Transit commercial vehicle for European commercial customers in Turkey
Released Ford Motor's 2022 Annual Sustainability and Finance Report, showcasing the company's gains in building a "better world."
Announced plans to launch three new pure electric passenger cars and four new pure electric vehicles in Europe by 2024, and plans to achieve pure electric vehicle sales in Europe by the end of 2026 to exceed 600,000 units
prospect
John Lawler, Ford's chief financial officer, said the company maintained its adjusted EBITS forecast for 2022 at between $11.5 billion and $12.5 billion, thanks to strong demand for existing and new models and healthy pricing. Adjusted free cash flow is expected to reach $5.5 billion to $6.5 billion.
Ford's full-year 2022 performance forecast is based on the following assumptions:
Semiconductor supply will improve in the second half of the year
Annual auto wholesale sales increased by 10% to 15% year-on-year
A consistently healthy pricing strategy, although price will have an impact on the demand for model products
Commodity costs increased by about $4 billion year-over-year, as well as a series of fee changes due to inflation
Ford Credit's pre-tax earnings remained strong, but down from 2021
Continued investment in the Ford+ program to further drive business growth and value creation
Due to the recent supply chain strain caused by the COVID-19 epidemic in China, the impact on the local auto manufacturing industry is still developing dynamically. The above performance expectations are based on the premise that the impact will not be further exacerbated.
Ford plans to announce its financial results for the second quarter of 2022 on Wednesday, July 27.
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