Ford reaffirms annual core profit outlook

FORD Motor reaffirmed its annual core profit outlook on Tuesday (Mar 26).

The Detroit automaker expects an annual core profit of between US$10 billion and US$12 billion.

Legacy US automakers, which rely heavily on sales of large trucks and SUVs, have been bogged down by higher expenses related to electrifying their lineups and bumpy demand from battery electric vehicles.

Peer General Motors also expects to achieve its annualised production rate target of between 200,000 and 300,000 EVs by the end of the year, the automaker’s chief financial officer told CNBC.

GM has also had to navigate expenses and headwinds related to its Cruise self-driving unit.

In contrast, Chrysler parent Stellantis said earlier this month it would lay off about 400 US salaried workers as it seeks to cut costs, boost efficiency and ramp up its electric-vehicle production plans.

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Ford and GM will provide more details at the BofA automotive summit conference later in the day. REUTERS