Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The company focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team operates from key finance and investing hubs, including London, New York, Toronto, Vancouver, Sydney, and Perth [2][3] Group 2 - Proactive employs technology to enhance workflows and has a forward-looking approach to technology adoption [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Ford said on Monday it would suspend financial guidance for 2025 because supply chain disruptions and future tariffs carry "substantial industry risks." On its first-quarter earnings call, Ford executives also outlined several steps they are taking to reduce the impact of President Donald Trump's tariffs on their business. Ford's shares were down 2.6% in premarket trading on Tuesday. Industry-wide impact Last week, the White House said Americans won't have to pay more to buy cars because of import duties. R ...

Core Viewpoint - Changan Ford is implementing a "value-added" strategy to enhance customer satisfaction by providing high-performance, stable-quality, and safe products, with the launch of the "2.0T Limited Time Price" promotion for the Ford Escape [1][6]. Product Highlights - The Ford Escape features the EcoBoost@2.0T engine paired with an 8-speed automatic transmission, delivering a powerful driving experience [1][3]. - The vehicle is equipped with a lightweight aluminum suspension system for improved steering response and stability during high-speed cornering [3]. - The intelligent four-wheel drive system allows for precise torque distribution across different driving modes, enhancing versatility on various terrains [3]. Safety Features - The EcoBoost@2.0T engine can produce a maximum of 248 horsepower and 393 Nm of peak torque, achieving 0-100 km/h acceleration in just 7.5 seconds [3][5]. - The Ford Escape includes the Co-Pilot360™ driver assistance system with nine active safety features, enhancing predictive driving capabilities [5]. - The vehicle's structure incorporates high-strength steel, with nearly 50% of the body made from high-strength materials, ensuring robust safety standards [7]. Customer-Centric Approach - The limited-time price for the Ford Escape 2.0T model starts at 119,800 yuan, effective until May 31, 2025 [6]. - Ford is committed to a "Four Hearts" service promise, ensuring customer satisfaction through real-time feedback and transparent service processes [9]. - The design of the Escape caters to younger consumers, featuring sporty aesthetics and advanced technology for an enhanced driving experience [11].

Core Insights - Proactive provides fast, accessible, and informative business and finance news content to a global investment audience [2] - The company specializes in medium and small-cap markets while also covering blue-chip companies and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

金十图示：2025年05月06日（周二）全球汽车制造商市值变化 3 7 71410.COM 金十数据 | 一个交易工具 JIN10.COM 1. 6. 6. 1. 1. 1. 1. 2 | 宝马汽车 | 525.15 | 1 +1.41 | 84.78 | | --- | --- | --- | --- | | 保时捷 | 467.18 | 1 +4.3 | 51.28 | | > 玛鲁蒂铃木 | 464.88 | 1 +1.94 | 147.86 | | ( 本田汽车 | 446.24 | 1 +1.73 | 30.8 | | 通用汽车 | 436.3 | 1 +0.78 | 45.38 | | 马恒达汽车 S | 430.17 | 1 +13.58 | 35.86 | | 福特汽车 | 404.42 | + -4.37 | 10.17 | | 19 现代汽车 | 329.82 | + -15.65 | 50.6 | | 赛力斯 IT | 292.82 | + -1.21 | 17.93 | | 塔塔汽车 | 289.05 | 1 +4.16 | 7.85 | | 斯特兰蒂斯 | 272.66 | -4.0 ...

Group 1: Currency and Trade Impacts - The US dollar weakened against most major currencies, influenced by speculation around potential trade agreements, leading to a significant rise in the Taiwan dollar [1] - Hong Kong authorities defended the peg to the US dollar by injecting a record amount of funds, totaling HKD 116.614 billion, to absorb dollar selling pressure [1] - The Japanese yen rose approximately 0.9%, leading gains among G10 currencies, while the euro surpassed the 1.13 mark against the dollar [1] Group 2: US Film Industry and Tariffs - President Trump stated that the US film industry is rapidly declining due to foreign incentives attracting filmmakers away from the US, which he views as a national security threat [3] - Trump authorized the Commerce Department to impose a 100% tariff on films produced abroad entering the US, aiming to encourage domestic film production [3] Group 3: Ford Motor Company and Tariff Impact - Ford Motor Company retracted its guidance for adjusted EBIT of $8.5 billion for the year, citing the impact of Trump's tariffs on its profits [3] - The company anticipates a net reduction of approximately $1.5 billion in adjusted EBIT by 2025 due to tariffs, with an overall impact estimated at $2.5 billion [3] Group 4: Palantir Technologies Performance - Palantir Technologies' stock fell over 8% after its earnings report failed to meet investor expectations [4] - The company's stock had previously surged, exceeding 200 times its expected earnings, making it the highest P/E ratio company in the Nasdaq 100 index [5] - Palantir raised its 2025 revenue forecast from approximately $3.75 billion to about $3.9 billion, reflecting a 36% year-over-year growth [6] Group 5: Apple Inc. Bond Issuance - Apple issued $4.5 billion in bonds, marking its first issuance in two years, with plans to use the proceeds for stock buybacks and debt repayment [8] - The bond issuance includes $1.5 billion in three-year bonds and $1 billion each in five-year, seven-year, and ten-year bonds [8] - Apple has $8 billion in debt maturing between May and November [9] Group 6: OpenAI Organizational Structure - OpenAI announced that its non-profit organization will retain control over the company even after restructuring into a public benefit corporation [10] - The restructuring aims to attract more investment while allowing the non-profit to maintain oversight, changing the company's equity structure to include shares for employees, investors, and the non-profit [11]

Core Viewpoint - Ford Motor Company reported a decline in revenue and earnings per share for the quarter ended March 2025 compared to the same period last year [1] Financial Performance - Revenue for the quarter was $37.42 billion, representing a decrease of 6.2% year-over-year [1] - Earnings per share (EPS) was $0.14, down from $0.49 in the year-ago quarter [1]

PART I. FINANCIAL INFORMATION [ITEM 1. Financial Statements.](index=4&type=section&id=Item%201%20Financial%20Statements) Presents unaudited consolidated financial statements for Q1 2025, including income statements, balance sheets, cash flows, equity, and detailed notes. [Consolidated Income Statements](index=4&type=section&id=Consolidated%20Income%20Statements) Net income attributable to Ford Motor Company significantly decreased in Q1 2025 due to lower operating income. Consolidated Income Statement Highlights (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 (Millions) | Q1 2025 (Millions) | Change | | :----------------------------------- | :----------------- | :----------------- | :----- | | Total revenues | $42,777 | $40,659 | (5.0%) | | Operating income/(loss) | $1,225 | $319 | (73.9%) | | Net income/(loss) attributable to Ford Motor Company | $1,332 | $471 | (64.6%) | | Basic income/(loss) per share | $0.33 | $0.12 | (63.6%) | | Diluted income/(loss) per share | $0.33 | $0.12 | (63.6%) | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income attributable to Ford decreased in Q1 2025, driven by foreign currency translation and derivative changes. Comprehensive Income Highlights (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 (Millions) | Q1 2025 (Millions) | | :------------------------------------------ | :----------------- | :----------------- | | Net income/(loss) | $1,334 | $473 | | Total other comprehensive income/(loss), net of tax | $110 | $481 | | Comprehensive income/(loss) attributable to Ford Motor Company | $1,442 | $952 | - Foreign currency translation shifted from a loss of **$114 million** in Q1 2024 to a gain of **$521 million** in Q1 2025[10](index=10&type=chunk) - Derivative instruments' impact on other comprehensive income shifted from a gain of **$205 million** in Q1 2024 to a loss of **$129 million** in Q1 2025[10](index=10&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased in Q1 2025, with lower cash and Ford Credit receivables, offset by increased inventories. Consolidated Balance Sheet Highlights (Dec 31, 2024 vs. Mar 31, 2025) | Metric | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | Change | | :----------------------------------- | :---------------------- | :---------------------- | :------- | | Total assets | $285,196 | $284,539 | (0.2%) | | Cash and cash equivalents | $22,935 | $20,864 | (9.0%) | | Inventories | $14,951 | $17,895 | 19.7% | | Ford Credit finance receivables, net (current) | $51,850 | $47,997 | (7.4%) | | Total liabilities | $240,338 | $239,879 | (0.2%) | | Total equity attributable to Ford Motor Company | $44,835 | $44,635 | (0.4%) | - Total current assets decreased from **$124,474 million** to **$123,054 million**, while total current liabilities increased from **$106,859 million** to **$108,732 million**[12](index=12&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly increased in Q1 2025, while investing activities shifted to an inflow and financing outflows grew. Consolidated Cash Flow Highlights (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 (Millions) | Q1 2025 (Millions) | Change | | :----------------------------------- | :----------------- | :----------------- | :------- | | Net cash provided by/(used in) operating activities | $1,385 | $3,679 | 165.6% | | Net cash provided by/(used in) investing activities | $(5,880) | $210 | N/A (swing) | | Net cash provided by/(used in) financing activities | $(458) | $(6,120) | (1236.2%) | | Net increase/(decrease) in cash, cash equivalents, and restricted cash | $(5,124) | $(2,113) | 58.8% (less negative) | - Returns of capital from equity method investments increased from **$0** in Q1 2024 to **$1,700 million** in Q1 2025[15](index=15&type=chunk) - Payments of long-term debt increased from **$14,225 million** in Q1 2024 to **$16,223 million** in Q1 2025[15](index=15&type=chunk) [Consolidated Statements of Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Equity) Total equity attributable to Ford slightly decreased in Q1 2025, as dividends exceeded net income and other comprehensive income. Equity Attributable to Ford Motor Company (Dec 31, 2024 vs. Mar 31, 2025) | Metric | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | | :----------------------------------- | :---------------------- | :---------------------- | | Total equity attributable to Ford Motor Company | $44,835 | $44,635 | | Net income/(loss) | $471 | $471 | | Other comprehensive income/(loss), net | $481 | $481 | | Dividends and dividend equivalents declared | $(1,212) | $(1,212) | - Dividends declared were **$0.33** per share in Q1 2024 and **$0.30** per share in Q1 2025, including a supplemental dividend[17](index=17&type=chunk)[18](index=18&type=chunk) [Notes to the Financial Statements](index=8&type=section&id=Notes%20to%20the%20Financial%20Statements) Provides detailed disclosures and explanations for consolidated financial statements, covering accounting policies, revenue, debt, and segments. [NOTE 1. PRESENTATION](index=9&type=section&id=Note%201%20Presentation) Clarifies the scope of "Ford" in the report and states financial statements are prepared in accordance with U.S. GAAP for interim information. - "Ford," "Company," "we," "our," "us" refer to Ford Motor Company, its consolidated subsidiaries, and consolidated VIEs where it is the primary beneficiary[25](index=25&type=chunk) - Financial statements are presented in accordance with U.S. GAAP for interim financial information[25](index=25&type=chunk) [NOTE 2. NEW ACCOUNTING STANDARDS](index=9&type=section&id=Note%202%20New%20Accounting%20Standards) Discusses the adoption of new accounting standards, noting ASU 2023-09 and ASU 2024-03 impact disclosures but not financial statements. - ASU 2023-09 (Improvements to Income Tax Disclosures) is effective for **2025** annual financial statements, impacting disclosures but not financial statements[28](index=28&type=chunk) - ASU 2024-03 (Disaggregation of Income Statement Expenses) is effective for annual periods after December **15, 2026**, and interim periods after December **15, 2027**, impacting disclosures but not financial statements[29](index=29&type=chunk) [NOTE 3. REVENUE](index=10&type=section&id=Note%203%20Revenue) Details revenue disaggregation by major source, showing a decrease in total revenues primarily from vehicles, parts, and accessories. Revenue by Major Source (Q1 2024 vs. Q1 2025) | Revenue Source | Q1 2024 (Millions) | Q1 2025 (Millions) | Change | | :-------------------------- | :----------------- | :----------------- | :------- | | Vehicles, parts, and accessories | $38,645 | $35,867 | (7.2%) | | Financing income (Ford Credit) | $1,819 | $2,046 | 12.5% | | Leasing income (Ford Credit) | $1,017 | $1,131 | 11.2% | | Total revenues | $42,777 | $40,659 | (5.0%) | - Changes in variable consideration estimates resulted in a **$707 million** decrease in Q1 2024 revenue and a **$96 million** increase in Q1 2025 revenue related to prior periods[33](index=33&type=chunk) - Unearned revenue from extended service contracts increased from **$5.3 billion** at Dec 31, 2024, to **$5.5 billion** at Mar 31, 2025[34](index=34&type=chunk) [NOTE 4. OTHER INCOME/(LOSS)](index=11&type=section&id=Note%204%20Other%20Income%2F(Loss)) Other income/(loss), net remained stable, with a shift from pension/OPEB cost to income offset by decreased investment interest income. Other Income/(Loss), Net (Q1 2024 vs. Q1 2025) | Item | Q1 2024 (Millions) | Q1 2025 (Millions) | | :---------------------------------------------------------------- | :----------------- | :----------------- | | Net periodic pension and OPEB income/(cost), excluding service cost | $(24) | $11 | | Investment-related interest income | $410 | $351 | | Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments | $(29) | $32 | | Royalty income | $124 | $107 | | Total | $498 | $496 | [NOTE 5. INCOME TAXES](index=11&type=section&id=Note%205%20Income%20Taxes) For interim tax reporting, a single effective tax rate is estimated for jurisdictions not subject to a valuation allowance, excluding unusual items. - A single effective tax rate is estimated for interim tax reporting for jurisdictions not subject to a valuation allowance[38](index=38&type=chunk) - Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate and recognized when they occur[38](index=38&type=chunk) [NOTE 6. CAPITAL STOCK AND EARNINGS/(LOSS) PER SHARE](index=11&type=section&id=Note%206%20Capital%20Stock%20and%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share attributable to Ford Motor Company significantly decreased in Q1 2025, reflecting lower net income. Earnings/(Loss) Per Share (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 (Millions) | Q1 2025 (Millions) | | :------------------------------------------------ | :----------------- | :----------------- | | Net income/(loss) attributable to Ford Motor Company | $1,332 | $471 | | Basic shares (average outstanding) | 3,979 | 3,968 | | Diluted shares | 4,023 | 4,011 | | Basic income/(loss) per share | $0.33 | $0.12 | | Diluted income/(loss) per share | $0.33 | $0.12 | [NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES](index=12&type=section&id=Note%207%20Cash,%20Cash%20Equivalents,%20and%20Marketable%20Securities) Total cash and cash equivalents decreased in Q1 2025, with marketable securities also declining, and most fair values categorized as Level 2. Cash, Cash Equivalents, and Marketable Securities (Dec 31, 2024 vs. Mar 31, 2025) | Metric | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | Change | | :----------------------------------- | :---------------------- | :---------------------- | :------- | | Total cash and cash equivalents | $22,935 | $20,864 | (9.0%) | | Total marketable securities | $15,413 | $14,362 | (6.8%) | | Restricted cash | $208 | $213 | 2.4% | - Sales proceeds from available-for-sale (AFS) securities decreased from **$3,719 million** in Q1 2024 to **$2,449 million** in Q1 2025 for the Company excluding Ford Credit[43](index=43&type=chunk) - No credit losses were recognized on AFS debt securities in Q1 2025[43](index=43&type=chunk) [NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES](index=14&type=section&id=Note%208%20Ford%20Credit%20Finance%20Receivables%20and%20Allowance%20for%20Credit%20Losses) Ford Credit's total recorded investment in finance receivables decreased in Q1 2025, while the allowance for credit losses slightly increased. Ford Credit Finance Receivables, Net (Dec 31, 2024 vs. Mar 31, 2025) | Metric | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | Change | | :----------------------------------- | :---------------------- | :---------------------- | :------- | | Total recorded investment | $112,500 | $107,927 | (4.1%) | | Allowance for credit losses | $(864) | $(881) | 2.0% | | Total finance receivables, net | $111,636 | $107,046 | (4.1%) | - Consumer receivables **31-60** days past due decreased from **$872 million** at Dec 31, 2024, to **$808 million** at Mar 31, 2025[54](index=54&type=chunk)[55](index=55&type=chunk) - Dealer financing receivables decreased from **$29,282 million** at Dec 31, 2024, to **$25,398 million** at Mar 31, 2025[49](index=49&type=chunk) [NOTE 9. INVENTORIES](index=18&type=section&id=Note%209%20Inventories) Total inventories significantly increased in Q1 2025, primarily driven by higher finished product inventory reflecting increased in-transit and in-plant inventory. Inventories (Dec 31, 2024 vs. Mar 31, 2025) | Inventory Type | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | Change | | :------------------------------------ | :---------------------- | :---------------------- | :------- | | Raw materials, work-in-process, and supplies | $5,394 | $6,146 | 13.9% | | Finished products | $9,557 | $11,749 | 23.0% | | Total inventories | $14,951 | $17,895 | 19.7% | - The increase in finished product inventory reflects higher in-transit and in-plant inventory[68](index=68&type=chunk) [NOTE 10. OTHER LIABILITIES AND DEFERRED REVENUE](index=18&type=section&id=Note%2010%20Other%20Liabilities%20and%20Deferred%20Revenue) Total current other liabilities and deferred revenue slightly increased in Q1 2025, with non-current liabilities also seeing a minor increase. Other Liabilities and Deferred Revenue (Dec 31, 2024 vs. Mar 31, 2025) | Category | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | | :------------------------------------ | :---------------------- | :---------------------- | | Total current other liabilities and deferred revenue | $27,782 | $28,033 | | Total non-current other liabilities and deferred revenue | $28,832 | $28,883 | - Current deferred revenue increased from **$3,331 million** to **$3,623 million**[69](index=69&type=chunk) - Current derivative liabilities decreased from **$1.0 billion** to **$0.7 billion**[70](index=70&type=chunk) [NOTE 11. RETIREMENT BENEFITS](index=19&type=section&id=Note%2011%20Retirement%20Benefits) The pre-tax net periodic benefit cost for defined benefit pension and OPEB plans decreased in Q1 2025, with planned contributions for 2025. Net Periodic Benefit Cost/(Income) (Q1 2024 vs. Q1 2025) | Item | Q1 2024 (Millions) | Q1 2025 (Millions) | | :------------------------------------ | :----------------- | :----------------- | | Net periodic benefit cost/(income) (Pension Benefits U.S. Plans) | $52 | $14 | | Net periodic benefit cost/(income) (OPEB Worldwide) | $65 | $62 | | Total Pension and OPEB expense/(income) (from Cash Flow Statement) | $166 | $94 | - Ford expects to contribute about **$800 million** cash to global funded pension plans in **2025** and make about **$450 million** in benefit payments to unfunded plans[73](index=73&type=chunk) - In Q1 2025, **$234 million** was contributed to funded pension plans and **$106 million** in benefit payments were made to unfunded plans[73](index=73&type=chunk) [NOTE 12. DEBT](index=20&type=section&id=Note%2012%20Debt) Total Company debt excluding Ford Credit increased slightly, while Ford Credit debt decreased, with convertible notes reclassified to short-term debt. Debt Carrying Value (Dec 31, 2024 vs. Mar 31, 2025) | Category | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | Change | | :------------------------------------ | :---------------------- | :---------------------- | :------- | | Total Company excluding Ford Credit debt | $20,654 | $20,930 | 1.3% | | Total Ford Credit debt | $137,868 | $134,340 | (2.6%) | | Company excluding Ford Credit debt payable within one year | $1,756 | $4,286 | 144.1% | - Convertible notes of **$2,300 million** were reclassified from long-term debt to debt payable within one year for the Company excluding Ford Credit[76](index=76&type=chunk) - Ford Credit's short-term debt decreased from **$17,413 million** to **$17,074 million**[76](index=76&type=chunk) [NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES](index=21&type=section&id=Note%2013%20Derivative%20Financial%20Instruments%20and%20Hedging%20Activities) The company uses derivative contracts to manage exposure, with the total income effect shifting from a loss to a gain in Q1 2025. Income Effect of Derivative Financial Instruments (Q1 2024 vs. Q1 2025) | Item | Q1 2024 (Millions) | Q1 2025 (Millions) | | :------------------------------------ | :----------------- | :----------------- | | Total income effect of derivative financial instruments | $(231) | $155 | Fair Value of Derivative Instruments (Dec 31, 2024 vs. Mar 31, 2025) | Item | Dec 31, 2024 (Millions) | Mar 31, 2025 (Millions) | | :------------------------------------ | :---------------------- | :---------------------- | | Fair Value of Assets | $1,428 | $1,599 | | Fair Value of Liabilities | $2,234 | $1,647 | - Foreign currency exchange contracts reclassified from AOCI to Cost of sales shifted from a gain of **$14 million** in Q1 2024 to a gain of **$74 million** in Q1 2025[82](index=82&type=chunk) [NOTE 14. EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES](index=23&type=section&id=Note%2014%20Employee%20Separation%20Actions%20and%20Exit%20and%20Disposal%20Activities) Costs related to employee separation actions and exit activities significantly decreased in Q1 2025, reflecting EV program cancellation and European restructuring. - Costs related to employee separation actions and exit activities decreased from **$608 million** in Q1 2024 to **$71 million** in Q1 2025[94](index=94&type=chunk) - The company plans to cease Focus production in Saarlouis, Germany, in **2025** and repurpose the facility[92](index=92&type=chunk) - Ford estimates about **$500 million** in total charges in **2025** for such actions, primarily employee separations[94](index=94&type=chunk) [NOTE 15. ACQUISITIONS AND DIVESTITURES](index=23&type=section&id=Note%2015%20Acquisitions%20and%20Divestitures) Ford completed the sale of its equity interest in Ford Motor Company A/S (Denmark) on January 2, 2025, with consideration approximating carrying value. - Ford completed the sale of its equity interest in Ford Motor Company A/S (Denmark) on January **2, 2025**[95](index=95&type=chunk) - The consideration received for the sale approximated the carrying value of Denmark[95](index=95&type=chunk) [NOTE 16. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)](index=24&type=section&id=Note%2016%20Accumulated%20Other%20Comprehensive%20Income%2F(Loss)) Total AOCI ending balance at March 31, 2025, was $(9,158) million, with foreign currency translation shifting to a net gain and derivative instruments to a net loss. AOCI Ending Balance (Mar 31, 2024 vs. Mar 31, 2025) | Item | Mar 31, 2024 (Millions) | Mar 31, 2025 (Millions) | | :------------------------------------ | :---------------------- | :---------------------- | | Total AOCI ending balance | $(8,932) | $(9,158) | - Net gains/(losses) on foreign currency translation shifted from **$(114) million** in Q1 2024 to **$525 million** in Q1 2025[97](index=97&type=chunk) - Net gains/(losses) on derivative instruments shifted from **$196 million** in Q1 2024 to **$(63) million** in Q1 2025[97](index=97&type=chunk) [NOTE 17. VARIABLE INTEREST ENTITIES](index=25&type=section&id=Note%2017%20Variable%20Interest%20Entities) Ford's maximum exposure to potential losses from unconsolidated VIEs decreased, including a guarantee of BlueOval SK, LLC's DOE loan. - Maximum exposure to potential losses from unconsolidated VIEs decreased from **$9.3 billion** at Dec 31, 2024, to **$7.6 billion** at Mar 31, 2025[100](index=100&type=chunk) - Ford guarantees its **50%** share of BlueOval SK, LLC's **$9.6 billion** DOE loan[101](index=101&type=chunk) - Ford has recognized **$2.4 billion** in capital contributions (net of returns) to BOSK as of March **31, 2025**, out of an agreed **$6.6 billion** through **2026**[101](index=101&type=chunk) [NOTE 18. COMMITMENTS AND CONTINGENCIES](index=26&type=section&id=Note%2018%20Commitments%20and%20Contingencies) Commitments and contingencies include guarantees, litigation, and warranty actions, with maximum potential payments for financial guarantees at **$5.4 billion**. - Maximum potential payments for financial guarantees were **$5.4 billion** at March **31, 2025**[105](index=105&type=chunk) - The estimated cost of warranty and field service actions, net of supplier recoveries, increased from **$14,032 million** at Dec **31, 2024**, to **$14,649 million** at Mar **31, 2025**[118](index=118&type=chunk) - The company estimates a reasonably possible loss in excess of accruals for indirect tax and regulatory matters of up to **$0.5 billion**[114](index=114&type=chunk) [NOTE 19. SEGMENT INFORMATION](index=29&type=section&id=Note%2019%20Segment%20Information) Ford reports segment information for Ford Blue, Ford Model e, Ford Pro, and Ford Credit, with Ford Next expenses reallocated as of January 1, 2025. - Ford's reportable segments are Ford Blue, Ford Model e, Ford Pro, and Ford Credit[120](index=120&type=chunk) - As of January **1, 2025**, expenses and investments for emerging business initiatives (previously Ford Next) are reflected in the segments that benefit or Corporate Other[121](index=121&type=chunk) - Segment EBIT/EBT for Q1 2025: Ford Blue **$96M**, Ford Model e **$(849)M**, Ford Pro **$1,309M**, Ford Credit **$580M**[138](index=138&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=34&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on Q1 2025 financial condition, operations, recent developments, segment performance, and outlook. [Recent Developments](index=34&type=section&id=Recent%20Developments) Recent developments highlight negative impacts from trade policy, tariffs, and lower-than-anticipated EV adoption rates. - Tariffs caused significant disruption and increased costs in the automotive industry, with Ford incurring about **$200 million** in tariff-related costs in Q1 2025[144](index=144&type=chunk)[145](index=145&type=chunk) - Lower-than-anticipated industrywide EV adoption rates and near-term pricing pressures have led Ford to adjust investments, spending, production, and product launches[148](index=148&type=chunk) - Slower EV market development may impact compliance with regulatory standards, potentially forcing product-led actions or reliance on purchased credits[149](index=149&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q1 2025 net income and adjusted EBIT decreased, driven by lower Ford Pro and Ford Blue EBIT, offset by Model e and Ford Credit improvements. Company Key Metrics (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | Change | | :------------------------------------ | :-------- | :-------- | :------- | | Net Income/(Loss) ($M) | $1,332 | $471 | $(861) | | Net Income/(Loss) Margin (%) | 3.1% | 1.2% | (2.0) ppts | | EPS (Diluted) | $0.33 | $0.12 | $(0.21) | | Company Adj. EBIT ($M) | $2,763 | $1,019 | $(1,744) | | Company Adj. EBIT Margin (%) | 6.5% | 2.5% | (4.0) ppts | - Pre-tax special item charges in Q1 2025 were **$110 million**, primarily for EV program cancellation and European restructuring, down from **$873 million** in Q1 2024[151](index=151&type=chunk)[152](index=152&type=chunk) - The decrease in net income and adjusted EBIT was driven by lower Ford Pro and Ford Blue EBIT, partially offset by a reduced Model e EBIT loss and higher Ford Credit EBT[159](index=159&type=chunk) [Company Key Metrics](index=36&type=section&id=Company%20Key%20Metrics) Consolidated overview of key financial and non-GAAP metrics, showing declines in net income and EBIT, but increased operating cash flows. Company Key Metrics (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | Change | | :------------------------------------ | :-------- | :-------- | :------- | | Cash Flows from Operating Activities ($B) | $1.4 | $3.7 | $2.3 | | Revenue ($M) | $42,777 | $40,659 | (5)% | | Net Income/(Loss) ($M) | $1,332 | $471 | $(861) | | EPS (Diluted) | $0.33 | $0.12 | $(0.21) | | Company Adj. EBIT ($M) | $2,763 | $1,019 | $(1,744) | | Company Adj. EBIT Margin (%) | 6.5% | 2.5% | (4.0) ppts | - Diluted adjusted EPS was **$0.14** in Q1 2025, down from **$0.49** a year ago[155](index=155&type=chunk) [Ford Blue Segment](index=37&type=section&id=Ford%20Blue%20Segment) Ford Blue's EBIT significantly decreased in Q1 2025 due to lower wholesale volumes, adverse exchange rates, and tariff costs. Ford Blue Key Metrics (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | Change | | :------------------------------------ | :-------- | :-------- | :------- | | Wholesale Units (000) | 626 | 588 | (38) | | Revenue ($M) | $21,754 | $20,997 | $(757) | | EBIT ($M) | $901 | $96 | $(805) | | EBIT Margin (%) | 4.1% | 0.5% | (3.7) ppts | - Wholesale units decreased **6%** year-over-year due to the end of Edge production, planned plant downtime for Bronco and Ranger, and dealer stock reductions[162](index=162&type=chunk) - EBIT was negatively impacted by lower volume/mix (**$(622)M**), cost (**$(144)M**), and exchange (**$(286)M**), partially offset by net pricing (**$372M**)[162](index=162&type=chunk) [Ford Model e Segment](index=38&type=section&id=Ford%20Model%20e%20Segment) Ford Model e's EBIT loss improved in Q1 2025, driven by increased wholesale units from new EV launches and favorable pricing. Ford Model e Key Metrics (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | Change | | :------------------------------------ | :-------- | :-------- | :------- | | Wholesale Units (000) | 10 | 31 | 21 | | Revenue ($M) | $116 | $1,242 | $1,126 | | EBIT ($M) | $(1,327) | $(849) | $478 | | EBIT Margin (%) | (1,139.7)% | (68.4)% | 1,071.4 ppts | - Wholesale units increased significantly due to EV product launches in Europe (Explorer, Capri, Puma) and higher F-150 Lightning wholesales[166](index=166&type=chunk) - EBIT improvement was primarily driven by favorable net pricing (**$256M**) and lower material costs (**$143M**)[167](index=167&type=chunk) [Ford Pro Segment](index=38&type=section&id=Ford%20Pro%20Segment) Ford Pro's EBIT significantly decreased in Q1 2025 due to lower wholesale volumes, unfavorable fleet pricing, and tariff costs. Ford Pro Key Metrics (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | Change | | :------------------------------------ | :-------- | :-------- | :------- | | Wholesale Units (000) | 409 | 352 | (57) | | Revenue ($M) | $18,019 | $15,181 | $(2,838) | | EBIT ($M) | $3,006 | $1,309 | $(1,697) | | EBIT Margin (%) | 16.7% | 8.6% | (8.1) ppts | - Wholesale units decreased **14%** due to planned downtime at Kentucky Truck Plant (Expedition, Navigator, Super Duty) and Kansas City Assembly Plant (Transit), and the end of Edge production for fleet customers[169](index=169&type=chunk) - EBIT deterioration was driven by lower volume/mix (**$(1,127)M**), unfavorable net pricing (**$(278)M**), and tariff-related costs[170](index=170&type=chunk) [Ford Credit Segment](index=40&type=section&id=Ford%20Credit%20Segment) Ford Credit's EBT increased in Q1 2025, driven by higher financing margin and favorable volume, despite higher credit losses. Ford Credit Key Metrics (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | Change | | :------------------------------------ | :-------- | :-------- | :------- | | Total Net Receivables ($B) | $135.5 | $141.6 | $6.1 | | Loss-to-Receivables (bps) | 47 | 63 | 16 | | EBT ($M) | $326 | $580 | $254 | | ROE (%) | 7.0% | 12.3% | 5.3 ppts | - EBT increase was primarily due to higher financing margin (**$213M**), favorable volume and mix (**$55M**), and a favorable derivative market valuation adjustment (**$63M** in Other)[176](index=176&type=chunk) - U.S. loss-to-receivables ratio increased to **63 basis points**, reflecting higher repossessions and increased loss severity[176](index=176&type=chunk) [Corporate Other](index=44&type=section&id=Corporate%20Other) Corporate Other EBIT loss improved in Q1 2025, primarily covering governance, pension, interest, and derivative gains/losses. - Corporate Other EBIT loss improved from **$143 million** in Q1 2024 to **$117 million** in Q1 2025[181](index=181&type=chunk) - Corporate Other includes corporate governance expenses, past service pension and OPEB income/expense, interest income (excluding Ford Credit), and gains/losses from cash, cash equivalents, marketable securities, and foreign exchange derivatives[181](index=181&type=chunk) [Interest on Debt](index=44&type=section&id=Interest%20on%20Debt) Interest expense on Company debt (excluding Ford Credit) increased to **$288 million** in Q1 2025. - Interest expense on Company debt excluding Ford Credit was **$288 million** in Q1 2025, an increase of **$10 million** from Q1 2024[182](index=182&type=chunk) [Taxes](index=44&type=section&id=Taxes) Q1 2025 provision for income taxes was **$148 million**, with an effective tax rate of **23.8%**; a Q2 charge is anticipated. Tax Rates (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | | :------------------------------------ | :-------- | :-------- | | Provision for/(Benefit from) income taxes ($M) | $(278) | $(148) | | Effective tax rate (GAAP) (%) | 17.2% | 23.8% | | Adjusted effective tax rate (Non-GAAP) (%) | 20.0% | 24.2% | - A non-cash charge of about **$450 million** to deferred tax assets is anticipated in Q2 2025 due to resolving transfer pricing matters[184](index=184&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity was **$35.4 billion** at March 31, 2025, with targets for strong cash balances and various material cash requirements. - Total balance sheet cash, cash equivalents, marketable securities, and restricted cash was **$35.4 billion** at March **31, 2025**[186](index=186&type=chunk) - The company targets an ongoing Company cash balance at or above **$20 billion** plus significant additional liquidity[190](index=190&type=chunk) - Material cash requirements include capital expenditures, raw material purchases, regulatory compliance credits, marketing incentives, warranty payments, debt repayments, pension contributions, employee costs, operating lease payments, restructuring, and strategic acquisitions[194](index=194&type=chunk) [Company excluding Ford Credit](index=45&type=section&id=Company%20excluding%20Ford%20Credit) Company cash and liquidity decreased in Q1 2025, with negative adjusted free cash flow due to lower adjusted EBIT. Company excluding Ford Credit Balance Sheet Metrics (Dec 31, 2024 vs. Mar 31, 2025) | Metric | Dec 31, 2024 ($B) | Mar 31, 2025 ($B) | Change | | :------------------------------------ | :---------------- | :---------------- | :------- | | Company Cash | $28.5 | $27.1 | $(1.4) | | Liquidity | $46.7 | $45.3 | $(1.4) | | Debt (excluding finance leases) | $(19.9) | $(20.1) | $(0.2) | Company Adjusted Free Cash Flow (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 ($B) | Q1 2025 ($B) | Change | | :------------------------------------ | :----------- | :----------- | :------- | | Company adjusted free cash flow | $(0.5) | $(1.5) | $(1.0) | - Total Company committed credit lines (excluding Ford Credit) were **$20.1 billion** at March **31, 2025**, with **$18.3 billion** available[207](index=207&type=chunk) [Ford Credit Segment](index=50&type=section&id=Ford%20Credit%20Segment) Ford Credit's liquidity increased to **$29.5 billion**, with net receivables of **$141.6 billion**, funded by debt and asset-backed securities. - Ford Credit ended Q1 2025 with **$29.5 billion** of liquidity, up **$4.3 billion** from year-end 2024[213](index=213&type=chunk) Ford Credit Funding Structure (Mar 31, 2024 vs. Dec 31, 2024 vs. Mar 31, 2025) | Funding Source | Mar 31, 2024 ($B) | Dec 31, 2024 ($B) | Mar 31, 2025 ($B) | | :-------------------------- | :---------------- | :---------------- | :---------------- | | Term unsecured debt | $57.0 | $59.2 | $63.2 | | Term asset-backed securities | $54.9 | $60.4 | $52.8 | | Equity | $13.5 | $13.8 | $14.1 | | Total Net Receivables | $135.5 | $143.6 | $141.6 | - Ford Credit projects full-year public term funding in the range of **$21 billion** to **$27 billion** for **2025**[217](index=217&type=chunk) [Total Company](index=53&type=section&id=Total%20Company) Total Company pension underfunded status was **$219 million**; Adjusted ROIC decreased to **10.9%**. - Total Company pension underfunded status was **$219 million** at March **31, 2025**[227](index=227&type=chunk) Adjusted ROIC (Four Quarters Ending Mar 31, 2024 vs. Mar 31, 2025) | Metric | Mar 31, 2024 | Mar 31, 2025 | | :------------------------------------ | :----------- | :----------- | | Adjusted net operating profit/(loss) after cash tax ($B) | $8.7 | $7.6 | | Average invested capital ($B) | $68.4 | $70.1 | | Adjusted ROIC (Non-GAAP) (%) | 12.7% | 10.9% | [Credit Ratings](index=54&type=section&id=Credit%20Ratings) S&P affirmed Ford and Ford Credit's ratings at BBB- but revised outlook to negative; other agencies maintain stable outlooks. - S&P affirmed Ford and Ford Credit's credit ratings at BBB- and revised the outlook to negative from stable on February **6, 2025**[232](index=232&type=chunk) Selected NRSRO Ratings (as of May 5, 2025) | NRSRO | Ford Long-Term Senior Unsecured | Ford Credit Long-Term Senior Unsecured | Outlook / Trend | | :---- | :------------------------------ | :------------------------------------- | :-------------- | | DBRS | BBB (low) | BBB (low) | Stable | | Fitch | BBB- | BBB- | Stable | | Moody's | Ba1 | Ba1 | Stable | | S&P | BBB- | BBB- | Negative | [Outlook](index=55&type=section&id=Outlook) Ford suspends 2025 guidance due to material near-term risks, including supply chain disruption, future tariffs, and policy uncertainties. - Ford is suspending full-year **2025** guidance for adjusted EBIT, adjusted free cash flow, segment EBIT/EBT, and capital spending[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - The company estimates a net adverse adjusted EBIT impact of about **$1.5 billion** for full-year **2025** due to tariffs[233](index=233&type=chunk) - Key risks include industrywide supply chain disruption, potential for future or increased tariffs, changes in tariff implementation, retaliatory tariffs, and policy uncertainties (tax, emissions)[234](index=234&type=chunk) [Cautionary Note on Forward-Looking Statements](index=56&type=section&id=Cautionary%20Note%20on%20Forward-Looking%20Statements) Forward-looking statements are subject to risks including defects, supply chain disruptions, geopolitical developments, and EV market challenges. - Forward-looking statements are subject to risks including defects, supply chain disruptions, labor issues, and delays in new model launches[237](index=237&type=chunk) - Economic or geopolitical developments, including protectionist trade policies like tariffs, can adversely affect results and operations[237](index=237&type=chunk) - Ford faces risks from lower-than-anticipated EV adoption rates, increased price competition for products, and fluctuations in commodity/energy prices, exchange rates, and interest rates[237](index=237&type=chunk) [Non-GAAP Financial Measures That Supplement GAAP Measures](index=58&type=section&id=Non-GAAP%20Financial%20Measures%20That%20Supplement%20GAAP%20Measures) Explains the use of non-GAAP measures like Adjusted EBIT and Free Cash Flow to supplement GAAP, focusing on underlying operating results. - Non-GAAP measures like Company Adjusted EBIT, Adjusted EPS, and Company Adjusted Free Cash Flow are used to supplement GAAP measures, focusing on underlying operating results and trends by excluding special items[239](index=239&type=chunk)[242](index=242&type=chunk)[245](index=245&type=chunk) - Special items typically excluded from non-GAAP measures include pension/OPEB remeasurement gains/losses, significant personnel/supplier/dealer costs from restructuring, and other items not indicative of ongoing operations[239](index=239&type=chunk)[242](index=242&type=chunk) [Non-GAAP Financial Measure Reconciliations](index=60&type=section&id=Non-GAAP%20Financial%20Measure%20Reconciliations) Provides detailed reconciliations of GAAP to non-GAAP financial measures, including Adjusted EBIT, EPS, and Free Cash Flow. Net Income/(Loss) Reconciliation to Adjusted EBIT (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 ($M) | Q1 2025 ($M) | | :------------------------------------ | :----------- | :----------- | | Net income/(loss) attributable to Ford (GAAP) | $1,332 | $471 | | Adjusted EBIT (Non-GAAP) | $2,763 | $1,019 | Earnings/(Loss) per Share Reconciliation to Adjusted Earnings/(Loss) per Share (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 | Q1 2025 | | :------------------------------------ | :-------- | :-------- | | Earnings/(Loss) per share – diluted (GAAP) | $0.33 | $0.12 | | Adjusted earnings/(loss) per share – diluted (Non-GAAP) | $0.49 | $0.14 | Net Cash Provided by/(Used in) Operating Activities Reconciliation to Company Adjusted Free Cash Flow (Q1 2024 vs. Q1 2025) | Metric | Q1 2024 ($M) | Q1 2025 ($M) | | :------------------------------------ | :----------- | :----------- | | Net cash provided by/(used in) operating activities (GAAP) | $1,385 | $3,679 | | Company adjusted free cash flow (Non-GAAP) | $(479) | $(1,478) | [Supplemental Information](index=62&type=section&id=Supplemental%20Information) Provides additional financial details, including consolidating statements and U.S. sales volume by vehicle type. Selected Income Statement Information (Q1 2025) | Metric | Company excluding Ford Credit ($M) | Ford Credit ($M) | Consolidated ($M) | | :------------------------------------ | :------------------------- | :--------------- | :---------------- | | Revenues | $37,422 | $3,237 | $40,659 | | Operating income/(loss) | $(197) | $516 | $319 | | Net income/(loss) attributable to Ford Motor Company | $47 | $424 | $471 | U.S. Sales by Type (Q1 2025) | Vehicle Type | U.S. Sales | U.S. Wholesales | | :-------------------------- | :--------- | :------------ | | Electric Vehicles | 22,550 | 16,862 | | Hybrid Vehicles | 51,073 | 54,398 | | Internal Combustion Vehicles | 427,668 | 386,333 | | Total Vehicles | 501,291 | 457,593 | - Total equity attributable to Ford decreased by **$0.2 billion** from December **31, 2024**, to March **31, 2025**, primarily due to shareholder distributions exceeding net income and other comprehensive income[257](index=257&type=chunk) [Accounting Standards Issued But Not Yet Adopted](index=65&type=section&id=Accounting%20Standards%20Issued%20But%20Not%20Yet%20Adopted) Refers to Note 2 for details on new accounting standards issued but not yet adopted. - For details on new accounting standards, refer to Note **2** of the Notes to the Financial Statements[259](index=259&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.](index=66&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses exposure to foreign currency, commodity price, and interest rate risks, with specific fair value and cash flow impacts. - Net fair value of foreign exchange forward contracts was an asset of **$398 million** at March **31, 2025**. A **10%** change in exchange rates could result in a **$2.9 billion** change in fair value[260](index=260&type=chunk) - Net fair value of commodity forward contracts was a liability of **$6 million** at March **31, 2025**. A **10%** change in commodity prices could result in a **$191 million** change in fair value[261](index=261&type=chunk) - Ford Credit estimates a **1%** decrease in interest rates would decrease its pre-tax cash flow by **$67 million** over the next **12** months[262](index=262&type=chunk) [ITEM 4. Controls and Procedures.](index=66&type=section&id=Item%204%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective; no material changes in internal control over financial reporting. - CEO and CFO concluded that disclosure controls and procedures were effective as of March **31, 2025**[263](index=263&type=chunk) - No material changes in internal control over financial reporting occurred during Q1 2025[264](index=264&type=chunk) PART II. OTHER INFORMATION [ITEM 1. Legal Proceedings.](index=67&type=section&id=Item%201%20Legal%20Proceedings) Details ongoing legal matters, including a product liability case, Brazilian tax issues, and European competition fines. - In Brogdon v. Ford, a jury found Ford responsible for **85%** of damages (**$25.9 million**) and awarded **$2.5 billion** in punitive damages; post-trial motions are pending[266](index=266&type=chunk) - Ford agreed to settle a European Commission and U.K. competition matter, incurring maximum fines of **€41,462,000** and **£18,541,929**, respectively, related to end-of-life vehicle collection[270](index=270&type=chunk) - Brazilian tax assessments related to state and federal tax incentives are ongoing, with Ford considering the overall risk of loss to be remote[268](index=268&type=chunk)[269](index=269&type=chunk) [ITEM 1A. Risk Factors.](index=68&type=page&id=Item%201A%20Risk%20Factors) Supplements risk factors, emphasizing adverse effects of geopolitical developments, tariffs, and unique risks in China. - Global economic and geopolitical developments, including protectionist trade policies such as tariffs, can have a substantial adverse effect on Ford's financial condition and operations[271](index=271&type=chunk)[272](index=272&type=chunk) - China presents unique risks due to U.S.-China relations, regulatory landscape, supply chain integration, limited availability of rare earth minerals, and rapid EV industry development[271](index=271&type=chunk) - Ongoing conflicts (Russia-Ukraine, Israel-Hamas, Red Sea tensions) and potential sanctions/export controls could disrupt supply chains and operations[273](index=273&type=chunk) [ITEM 5. Other Information.](index=68&type=section&id=Item%205%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement in Q1 2025. - No director or officer adopted, modified, or terminated a Rule **10b5-1** or non-Rule **10b5-1** trading arrangement in Q1 2025[274](index=274&type=chunk) [ITEM 6. Exhibits.](index=69&type=section&id=Item%206%20Exhibits) Lists all exhibits filed with the 10-Q report, including organizational documents, bonus plans, and certifications. - Exhibits include Restated Certificate of Incorporation, By-laws, Annual Performance Bonus Plan Metrics for **2025**, Performance Stock Unit Award Metrics for **2025**, CEO/CFO certifications, and Interactive Data Files (XBRL)[275](index=275&type=chunk)

每经编辑 陈鹏程 王晓波 1 隔夜市场 美股三大指数集体收跌，纳指跌0.74%，标普500指数跌0.64%，道指跌0.24%，道指与标普500指数此前连续9个交易日的上涨至此终结；大型科技股多数下 跌，苹果跌超3%，特斯拉跌逾2%，亚马逊、奈飞、英特尔跌超1%，英伟达小幅下跌；微软、谷歌、Meta小幅上涨；伯克希尔-A跌超5%，巴菲特将于2025 年底卸任首席执行官一职。中概股涨跌不一，纳斯达克中国金龙指数跌0.04%；金山云涨超4%，富途控股、名创优品涨超2%，好未来、微博涨超1%，小鹏 汽车、理想汽车、哔哩哔哩小幅上涨；极氪跌超2%，瑞幸咖啡、蔚来、京东、霸王茶姬跌超1%。 国际油价走弱，美油主力合约收跌1.82%，报57.23美元/桶；布伦特原油主力合约跌1.55%，报60.34美元/桶。 国际金价大幅走高，现货黄金涨2.85%，报3332.85美元/盎司；COMEX黄金期货涨3.09%，报3343.50美元/盎司；COMEX白银期货涨1.29%，报32.68美元/盎 司。 欧洲主要股指收盘涨跌不一，德国DAX指数涨1.12%报23344.54点，法国CAC40指数跌0.55%报7727.93点，英国股 ...

5月5日，福特汽车公司表示，预计美国总统特朗普的关税政策将导致该公司今年的利润损失15亿美元。 当日，福特公司还以关税带来不确定性为由，撤回了三个月前发布的2025年业绩预期。福特公司表示， 关税造成的供应链破坏可能会导致整个行业的汽车生产中断。该公司还指出，关税上调、关税实施方式 变化以及其他国家可能采取的报复措施也构成了额外的威胁。 ...