Ford (F) is expected to release its first quarter 2023 earnings after market close on Tuesday, May 2, as the company’s first report to break down EV financial results separately. Wall Street analysts expect Ford’s overall earnings to increase slightly in Q1 alongside higher revenues as the industry’s shift to fully electric vehicles intensifies.
Ford EV sales in the first quarter of 2023
After selling a record 61,575 fully electric models last year, Ford’s momentum slipped in Q1, losing its position as the second-largest EV manufacturer in the US to rival American automaker General Motors (GM).
Ford sold 10,866 EVs in the first three months of the year, representing 41% growth year-over-year (YOY).
The biggest surprise was Mustang Mach-e sales fell nearly 20% to just over 5,400 units compared to 6,734 in Q1 2022, though it was mainly due to its plant in Mexico undergoing renovations to ramp production.
Meanwhile, despite a production halt earlier this year, F-150 Lightning sales reached 4,291, with demand for electric trucks climbing.
Ford continues to be a leader in the commercial segment, with E-Transit sales up 62.7% as businesses and fleets look for zero-emission alternatives.
Ford Q1 2023 earnings preview
Ford’s upcoming Q1 earnings are expected to be the first where the automaker will break down its financial results into three segments, Ford Model e (EV), Ford Pro (business and software), and Ford Blue (ICE).
Ford has already said it expects the electric vehicle business to lose $3 billion this year as it looks to double Mach-e and triple F-150 Lightning production.
This comes after Ford already lost $2.1 billion last year and a total of $6 billion since 2021. Despite the massive losses, the automaker expects its first-gen EVs to approach the breakeven point this year. However, the surplus will be more than offset by new electric investments.
As for the first quarter, we will likely see substantial losses from Ford’s EV unit with lower margins and production hurdles.
On the positive side of things, with supply chain issues easing and input costs falling, Analysts are forecasting overall revenue to increase to around $39 billion from $34.5 billion in Q1 2022.
Earnings per share (EPS) is expected to come in around 0.41 to 0.42, showing slight growth from 0.38 in the first quarter last year.
Rival GM released Q1 earnings last week, showing revenue growth of 11% to $40 billion in the first three months of 2023. GM says it expects a breakout year with new EV launches after raising earnings and cash flow guidance for the year.
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Echoing the words of hydrogen critics everywhere, Mahle Chairman Arnd Franz says that building out a hydrogen infrastructure won’t be possible without “blue” H made from fossil fuels.
With that in mind, I don’t want to misrepresent the words of the esteemed Mr. Franz, who claims to be bullish on H’s prospects as a fuel. What I intend to do here, then, is shine a light on the space between Franz’ lines, read whatever’s in there, and then ask if you see what I see.
“We can’t achieve any CO2 emission reductions if you use natural gas or any other fossil sources to produce hydrogen,” Franz is quoted saying. “Today, the overwhelming portion of hydrogen production worldwide is around 90 million tons. That number is going to go up to 130 million tons until 2030. Currently, we have a flourishing and growing portion of that being more sustainable. By more sustainable, I mean blue and, eventually, green hydrogen. In our opinion, [blue hydrogen production is needed] to get the infrastructure going in order to get the ecosystem.”
I read that as saying that, today, there are no carbon emissions reduction benefits from using hydrogen as a fuel, because the overwhelming majority of those 90 million tons is being produced by natural gas and fossil fuels.
What’s more, everyone involved seems to trying to justify that with claims that fossil-generated hydrogen is some kind of “necessary evil” (my words) to build out a viable H ecosystem. See if you hear it, too.
“We will fail [with hydrogen technology] if we don’t use blue hydrogen,” Franz clarified. “Right now, hydrogen is produced from fossil sources with carbon capture, meaning we don’t let the carbon reach the atmosphere. Eventually, we need to get to wind and solar as the sources of energy to make hydrogen, and we believe the US has a really impressive program [thanks to] subsidies from the Inflation Reduction Act.”
He was right then, and he’s still right now. “It’s one thing to have the technology and another thing for the technology to be viable,” Vlaskamp told the magazine Expansión (translated from Spanish). “Green hydrogen is not available for transportation and there is no point in switching from diesel to hydrogen if the energy source is not sustainable.”
The UAW union’s Stellantis Council met yesterday to discuss the beleaguered carmaker’s “ongoing failure” to honor the agreement that ended the 2023 labor strike, and their latest union memo doesn’t pull many punches.
In an email sent out by the UAW earlier today (received at 4:55PM CST), UAW President Shawn Fain wrote, “For years, the company picked us off plant-by-plant and we lacked the will and the means to fight back. Today is different. Because we stood together and demanded the right to strike over job security—product commitment—we have the tools to fight back and win … We unanimously recommend to the membership that every UAW worker at Stellantis prepare for a fight, and we all get ready to vote YES to authorize a strike at Stellantis.”
Kia promises the new EV9 GT will have “enormous power,” but that’s not all. For the first time, the Kia EV9 GT was caught with an active spoiler, giving us a sneak peek at potential new upgrades.
The brand’s first three-row electric SUV is already making its presence known in the US, helping push Kia to back-to-back record sales months. Meanwhile, a more powerful, sporty variant is on the way.
Kia confirmed the EV9 GT will top off the electric SUV’s lineup in April. Packing “enormous power,” the high-performance GT model can accelerate from 0 to 62 mph (0 to 100 km/h) in 4 secs.
With a “high-output” dual-motor (AWD) system, the EV9 GT can quickly pick up speed despite weighing over 5,000 lbs.
Kia also equipped it with other high-performance features, such as a reinforced suspension and electronic braking system, for better control and stability.
We’ve already caught a glimpse of the performance electric SUV out testing, revealing aggressive new bumpers and wheels. Now, a new design feature has been spotted.
Kia EV9 GT could come with an active rear spoiler
The latest video from HealerTV shows the EV9 GT with what appears to be an active spoiler. As the reporter noted, it could be similar to the one spotted on the Genesis GV70 Magma.
Tesla’s Model X also used to come with an active spoiler until it was dropped a few years back. Although the GT model was spotted with one, Kia could just be testing new features, so don’t get too excited yet.
Earlier this week, a video from HealerTV showed the front row of the EV9 GT, comparing it to the current GT-Line model.
Several differences can be immediately noticed, including a more aggressive, all-black design with a yellow stripe down the center of the seat.
Kia is set to launch the EV9 GT in early 2025. It will rival other performance SUVs like the Tesla Model X Plaid.
Although prices have yet to be confirmed, the GT model is expected to sit above the current GT-Line at $73,900. In comparison, Tesla’s Model X Plaid starts at $94,990 and can sprint from 0 to 60 mph in 2.5 secs.
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