Ford’s Profit Jumped in Second Quarter

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Ford Motor earned $1.9 billion from April to June, up from $667 million a year earlier, the company said on Thursday. Robust sales of gasoline-powered trucks and sport-utility vehicles more than offset a substantial loss on electric models. The automaker reported revenue of $45 billion, up 12 percent from a year earlier, and said it had sold 1.1 million vehicles around the world, an 8 percent increase. Ford said it had lost $1.1 billion before interest and taxes on its electric vehicle business in the quarter, more than twice as much as it lost a year earlier. Competition in that segment has intensified recently, and the company has had to cut prices on its electric F-150 Lightning pickup truck and Mustang Mach-E crossover. Ford now expects to lose $4.5 billion before interest and taxes on battery-powered cars and trucks in 2023, it said on Thursday, up from an earlier forecast of a $3 billion loss.