Financial Data and Key Metrics Changes - The company delivered $1 billion in EBIT for Q1 2025, exceeding the expectation of roughly breakeven, driven by cost improvements and strong net pricing in North America [22][30] - Revenue was $41 billion, down 5% year-over-year, with wholesales down 7% due to planned downtime at several plants [23][29] - Free cash flow was a use of $1.5 billion, attributed to unfavorable timing differences, net spending, and changes in working capital [29] Business Line Data and Key Metrics Changes - Ford Pro showed resilience with strong demand for key products, maintaining over 40% share of the US class one to seven truck and van market [24][25] - Model e more than doubled its first quarter wholesale volumes, with US retail sales growing 15% [26] - Ford Blue earned a modest profit, reflecting volume decline and adverse exchange rates, but iconic nameplates like F Series and Bronco continued to lead their segments [27] Market Data and Key Metrics Changes - The company experienced its best first quarter US pickup sales in over 20 years, with sequential share growth in its home market [10][12] - The industry SAAR is expected to run about 5 million units lower than the original plan during the second half of the year, around 15.5 million units [48] Company Strategy and Development Direction - The company is transforming into a higher growth, higher margin, and more capital-efficient business, with a focus on cost and quality improvements [22][30] - Ford supports US manufacturing growth and aims to leverage its domestic footprint as a competitive advantage amid tariff impacts [11][12] - The company has invested $50 billion in manufacturing capacity since 2020, with ongoing investments in battery and manufacturing capacity across several states [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying performance excluding tariffs, while acknowledging the uncertainty surrounding tariff impacts and potential supply chain disruptions [31][32] - The company suspended its full-year guidance due to material tariff-related risks and the potential for industry-wide supply chain disruptions [31][32] - Management highlighted the importance of customer reactions to potential price increases resulting from tariffs as a key factor for future performance [70] Other Important Information - The company declared a regular second quarter dividend of 15¢ per share, payable on June 2 [30] - Ford Credit delivered a solid quarter with EBT up significantly, reflecting a high-quality book of business and higher financing margins [28] Q&A Session Summary Question: Can you provide more details on the gross tariff headwinds? - The $2.5 billion in gross costs is estimated to be roughly half from parts and half from imported vehicles, including impacts from steel and aluminum pricing [36][41] Question: What are the offsets for the net tariff impact? - The largest element of the offset is market equation optimization, along with cost mitigation actions such as using bonded carriers for vehicles shipped to Canada [42][41] Question: How do you expect volume and inventory to play out in the coming months? - The company expects industry pricing related to tariffs to increase by about 1% to 1.5% in the second half, with a projected SAAR of around 15.5 million units [48][49] Question: What is the status of your software-defined vehicle strategy? - The strategy remains unchanged, with a focus on merging electric architectures to enhance efficiency and reduce costs [55][56] Question: Are there signs of supply chain disruption due to tariffs? - There is potential for disruption, particularly with rare earth materials from China, which could impact production [62] Question: What factors will influence the ability to provide guidance in the future? - Key factors include policy clarifications, customer reactions to pricing changes, and competitive dynamics [70] Question: How is the company performing in Europe? - The company has seen strong performance in its commercial business in Europe, with increased market share and successful electric vehicle launches [107]

Financial Data and Key Metrics Changes - The company reported EBIT of $1 billion for Q1 2025, exceeding the breakeven expectation, driven by cost improvements and strong net pricing in North America [19][20] - Revenue decreased by 5% year-over-year to $41 billion, with wholesales down 7% due to planned downtime at several plants [21] - The company estimates a gross adverse EBIT impact of $2.5 billion and a net adverse EBIT impact of $1.5 billion for the full year 2025 due to tariffs [30][31] Business Line Data and Key Metrics Changes - Ford Pro showed resilience with strong demand for key products, maintaining over 40% share in the US class one to seven truck and van market [22] - Model E more than doubled its first quarter wholesale volumes, with US retail sales growing 15% [24] - Ford Blue earned a modest profit, reflecting volume decline and adverse exchange rates, but iconic nameplates like F-Series and Bronco continued to lead their segments [25] Market Data and Key Metrics Changes - The company expects industry SAAR to run about 5 million units lower than the original plan during the second half of the year, around 15.5 million units [46] - The company anticipates industry pricing related to tariffs to increase by about 1% to 1.5% in the second half [46] - Auction values increased by 3% year-over-year, reflecting low used car availability [26] Company Strategy and Development Direction - The company is transforming into a higher growth, higher margin, and more capital-efficient business, focusing on cost and quality improvements [19] - Ford continues to invest in manufacturing capacity, with $50 billion invested since 2020, including battery capacity in multiple states [18] - The company is leveraging its US manufacturing footprint as a competitive advantage in the evolving tariff landscape [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying performance excluding tariffs, aligning with original targets, and emphasized the importance of the US footprint [31] - The company is cautious about near-term risks related to tariffs, supply chain disruptions, and competitive responses [30] - Management highlighted the need for clarity on policy issues, including tax and emissions, to provide future guidance [67] Other Important Information - Free cash flow was a use of $1.5 billion, attributed to unfavorable timing differences and changes in working capital [27] - The company declared a regular second quarter dividend of 15¢ per share, reflecting its commitment to return 40-50% of trailing free cash flow to shareholders [28] Q&A Session Summary Question: Can you provide more details on the gross tariff headwinds? - The $2.5 billion gross cost is estimated to be roughly half from parts and half from imported vehicles, including pricing impacts from steel and aluminum [34][35] Question: What are the offsets included in the net tariff impact? - The net adverse EBIT impact of $1.5 billion includes about $1 billion of offsetting recovery actions, primarily from market equation optimization and cost mitigation [39][40] Question: How do you expect volume to play out in the coming months? - The company expects industry pricing related to tariffs to increase, with a projected SAAR of 15.5 million units in the second half of the year [46][47] Question: What is the status of the software-defined vehicles strategy? - The company merged its electric architectures into one, enhancing capital efficiency and reducing costs for future products [52][54] Question: How is Ford Credit impacted by tariffs? - Elevated auction prices and higher new vehicle prices due to tariffs may support auction values, but economic slowdown could have a muted effect [102][104] Question: What is the current status of the business in Europe? - The company has seen strong performance in its commercial business in Europe, increasing market share despite some headwinds [106][107]

Core Viewpoint - Ford Motor has suspended its annual guidance due to uncertainties surrounding President Trump's tariffs, which are expected to cost the company approximately $1.5 billion in adjusted earnings before interest and taxes [1][7]. Financial Performance - Ford's earnings per share for the first quarter fell to 14 cents, exceeding LSEG analysts' estimate of 2 cents but down from 49 cents a year earlier. Net income dropped to $471 million from $1.3 billion year-over-year [4]. - The company's revenue decreased by 5% to $40.7 billion in the first quarter, surpassing expectations of around $36 billion [5][10]. - Ford's profitable commercial vehicle segment, Ford Pro, reported first-quarter revenue of $15.2 billion, a 16% decline from the previous year [13]. Impact of Tariffs - The tariffs are projected to add $2.5 billion in costs for Ford this year, primarily due to expenses from importing vehicles from Mexico and China [6]. - Ford has managed to reduce about $1 billion of the tariff-related costs through various strategies, including transporting vehicles from Mexico to Canada to avoid US tariffs [8]. Market Position and Strategy - Ford's strategy includes running incentives to capture market share amid consumer concerns over potential price hikes due to tariffs [5]. - Analysts noted that investors have favored Ford over General Motors due to Ford's higher percentage of US sales assembled domestically, with 79% compared to GM's 53% [11]. Electric Vehicle Challenges - The company anticipates losses of up to $5.5 billion on its electric vehicle and software operations this year, having already incurred over $10 billion in losses since 2023 [12]. - Ford has discontinued its efforts to develop a next-generation electrical architecture for its vehicles, known as FNV4, due to delays and rising costs [12].

Ford Reports First Quarter 2025 Financial Results DEARBORN, Mich., May 5, 2025 - Ford Motor Company (NYSE: F) today announced its first- quarter 2025 financial results. "We are strengthening our underlying business with significantly better quality and our third straight quarter of year-over-year cost improvement, excluding the impact of tariffs," said Ford President and CEO Jim Farley. "Ford Pro, our largest competitive advantage, is off to a strong start to the year, gaining market share in the most profi ...

Financial Performance - Total company adjusted EBIT was $10 billion[15], a decrease of 63% year-over-year[19] - Total company revenue reached $41 billion[15], driven by "freedom of choice" global product portfolio[16] - Adjusted EPS was $014[19], a decrease of $035 year-over-year[19] - The company had $27 billion in cash and $45 billion in liquidity[17] - Adjusted Free Cash Flow was negative $(15) billion[19], a decrease of $10 billion year-over-year[19] Segment Performance - Ford Blue's EBIT was $01 billion with a 05% margin[19] - Ford Model e's EBIT was negative $(08) billion with a (684)% margin[19] - Ford Pro's EBIT was $13 billion with an 86% margin[19] - Ford Credit's EBT was $06 billion, up $03 billion year-over-year[51] Growth and Market Position - U S electrified vehicle sales were up 26%[16] - Bronco sales increased by 35%[15] - Ford is America's 1 seller of total pickups[16] - Average transaction prices for the new Ford Expedition and Lincoln Navigator increased by 18% and 23%, respectively[15] Factors Affecting Performance - First quarter EBIT was adversely impacted by nearly $200 million of added tariff cost[15] - Planned production downtime and targeted inventory reductions affected volume[27] - Strong product pricing was partially offset by moderated fleet pricing[27] 2025 Guidance - The company is suspending all FY2025 guidance due to material tariff-related near-term risks[57] - The estimated full-year gross cost of tariffs is approximately $25 billion, with a net adjusted EBIT impact of approximately $(15) billion[57]

Earnings Report - Ford Motor Company is set to release its earnings results for Q1 after the market closes on May 5, with analysts expecting earnings of 2 cents per share, a significant decrease from 49 cents per share in the same period last year [1] - The projected quarterly revenue is $35.79 billion, down from $39.89 billion a year earlier [1] Development Termination - Ford has reportedly halted the development of an advanced electrical architecture that is essential for modern electric vehicles, similar to those produced by Tesla [2] Stock Performance - Ford shares experienced a 1% increase, closing at $10.28 on Friday [2] Analyst Ratings - Citigroup analyst Michael Ward initiated coverage with a Neutral rating and a price target of $10 [7] - Goldman Sachs analyst Mark Delaney downgraded the stock from Buy to Neutral, reducing the price target from $11 to $9 [7] - Piper Sandler analyst Alexander Potter maintained a Neutral rating and lowered the price target from $13 to $9 [7] - Jefferies analyst Philippe Houchois downgraded the stock from Hold to Underperform, cutting the price target from $12 to $9 [7] - Wolfe Research analyst Emmanuel Rosner downgraded the stock from Peer Perform to Underperform [7]

金十图示：2025年05月05日（周一）全球汽车制造商市值变化 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM t with and and the comments of the count | 宝马汽车 | 525.54 | 1 +3.65 | 84.84 | | --- | --- | --- | --- | | 保时捷 | 464.44 | 1 +8.97 | 50.98 | | > 玛鲁蒂铃木 | 461.38 | 1 +4.97 | 146.75 | | ( 本田汽车 | 444.5 | 1 +5.05 | 30.68 | | gm 通用汽车 | 435.53 | 1 +2.38 | 45.3 | | 马恒达汽车 S | 414.66 | + -1.46 | 34.57 | | 福特汽车 | 408.79 | 1 +3.97 | 10.28 | | 19 现代汽车 | 327.55 | ↑ +17.31 | 53 | | 赛力斯 II | 292.7 | 1 +7.83 | 17.92 | | 塔塔汽车 | 284.29 | 1 +3.37 | 7.72 | | 斯特兰蒂斯 ...

Core Viewpoint - The article discusses the impact of U.S. tariffs on Ford's operations in China, highlighting the company's strategies to adapt to the changing market conditions and maintain consumer stability while ensuring supply continuity [3][4]. Group 1: Tariff Impact and Strategy - The U.S. government's tariff policies have created significant pressure on American car manufacturers, including Ford, with China raising tariffs on U.S. imports from 84% to 125% [3]. - Ford's strategy involves stabilizing consumer demand and ensuring a continuous supply chain, with plans to increase local production of imported models and components in China [4][5]. - The company is evaluating the pricing impact of tariffs on imported models and is prepared to adjust its sales forecasts accordingly [4][6]. Group 2: Localization and Production Challenges - Ford is considering the localization of some imported models if the tariffs continue to affect sales, with the complexity of technology and supply chain being key factors in the decision-making process [6][7]. - The company emphasizes the importance of quality control in the localization process, requiring thorough testing and certification for all components, even those from established suppliers [7]. - Ford's commitment to quality is illustrated by its insistence on testing imported components in the Chinese market to ensure they meet local conditions [7]. Group 3: Market Performance and Consumer Preferences - The Ford Lingrui, produced in China, has successfully been exported to 56 countries across five continents, indicating strong international demand [8]. - There is a growing acceptance among Chinese consumers for electric versions of traditional models, which may accelerate the electrification of Ford's pickup products [9]. - The Ford Lema has a diverse pricing strategy, with a starting price of 290,000 yuan and a main sales price of 399,800 yuan, reflecting consumer preferences for higher-end models [10]. Group 4: Customization and Community Engagement - Ford aims to create a lifestyle brand rather than just selling vehicles, focusing on product quality, customization options, and building a global community [11]. - The official modification platform "Ford Zongheng Purchase" generated sales of 100 million yuan in its first year, showcasing the demand for customized vehicle modifications [12]. - The company has organized over a thousand outdoor activities for vehicle owners, enhancing community engagement and brand loyalty [12].

Ford pays a generous dividend yield while trading at a modest P/E ratio.The countdown has begun. In just five days, on Monday, May 5, Ford Motor Company (F 2.35%) will report its Q1 2025 earnings, and attempt to repeat the earnings beat that archrival General Motors turned in this past Tuesday. Can Ford do it?Ford Q1 earningsIt shouldn't be hard. According to analysts polled by Yahoo! Finance, Ford only needs to earn a bare $0.02 per share to meet expectations next week, a much lower bar than the $0.49 per ...

Core Viewpoint - Ford is expected to report breakeven EPS and automotive revenues of $35.5 billion for Q1 2025, reflecting an 11% decline from the previous year [1][3]. Financial Estimates - The Zacks Consensus Estimate for Ford's full-year automotive revenues in 2025 is $162.3 billion, indicating a 6% year-over-year decline [3]. - The consensus estimate for full-year EPS is $1.22, representing a 33.7% contraction compared to the previous year [3]. - In the trailing four quarters, Ford surpassed EPS estimates twice, missed once, and matched once, with an average earnings surprise of 1.21% [3]. Sales Performance - Ford's sales volume for Q1 2025 is projected to decline by 1.3% to 501,291 units, attributed to rental fleet sales timing and the discontinuation of certain models [5]. - Retail sales increased by 5% during the quarter, while sales of electrified vehicles surged by 25.5% to 73,623 units [5]. Segment Revenue Estimates - The Zacks Consensus Estimate for revenues from the Ford Blue unit is $17.6 billion, down 19% year-over-year, with EBIT expected to drop from $905 million to $275 million [8]. - Revenues from the Ford model e unit are estimated at $1.5 billion, a significant increase from $115 million in the same period last year, with a projected loss before interest and taxes of $1.17 billion [9]. - The Ford Pro unit's revenues are expected to be $16.2 billion, reflecting a 10% decline year-over-year, with EBIT anticipated to decrease from $3 billion to $1.5 billion [10]. Market Performance - Year-to-date, Ford's shares have increased by 1.1%, outperforming both Tesla and General Motors, whose shares have dropped by 30% and 15%, respectively [11]. - Ford is trading at a forward price/sales ratio of 0.24, significantly lower than the industry average of 2.37, indicating a relatively cheap valuation [14]. Future Outlook - Ford's 2025 outlook is cautious, with full-year adjusted EBIT forecasted at $7-$8.5 billion, down from $10.2 billion in 2024, influenced by warranty costs and incentives [18]. - Despite challenges, the Ford Pro segment is expected to be a major profit driver, supported by strong order books and demand signals [19]. - Ford maintains a high dividend yield of approximately 6%, targeting a payout ratio of 40-50% of free cash flow, which is attractive to income-focused investors [19].