Ford confirmed its 2022 profit outlook despite lower quarterly auto sales as strong vehicle pricing offsets the hit from higher operating costs.
Ford CEO Jim Farley spoke earlier this week at the launch of the electric Ford F-150 Lightning pickup in Dearborn, Michigan.NEW YORK - Ford confirmed its 2022 profit outlook despite lower quarterly auto sales as strong vehicle pricing offsets the hit from higher operating costs and the ongoing semiconductor chip shortage.
The result has been elevated auto pricing that has so far enabled Detroit carmakers to offset soaring costs from steel, nickel and freight. Ford maintained its forecast of between $11.5-billion and $12.5-billion in adjusted earnings before interest and taxes, citing the effect of"continued strong pricing."
Chief Financial Officer John Lawler said Ford has been"aggressive" thus far in lifting prices, with pricing"just about offsetting cost increases."
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