Ford Motor Company‘s shares have fallen 46% so far in 2022. The automaker is scheduled to release its third-quarter results on October 26. The figures are anticipated to show an improvement in the company’s performance as it had strong EV sales in the US.
Proactive Investors reported that Ford was Tesla‘s biggest rival in terms of electric vehicle sales in America between July and September, as per the Q3 results released by Elon Musk‘s company last week.
KBB figures reveal that Ford sold 18,257 EVs in the US in the third quarter, equivalent to about 9% of all sales there.
The American automaker affirmed its forecast for the full-year 2022 in its Q2 results. It estimated that adjusted earnings before income and tax (EBIT) would probably be around US$11.5bn and US$12.5bn. It will increase from 15% to 25% from last year.
According to Ford, the number of US deliveries during the third quarter increased by almost 16% over the same period last year to 464,700 units. Even as concerns regarding the US economy intensified, there was still a solid market for its vehicles.
However, Nasdaq reported that Ford’s revenue is anticipated to experience difficulties in Q3. The automaker predicted that its operating profit for the third quarter would be between $1.4 billion and $1.7 billion by the end of September. It falls by approximately 50% short of expectations.