BREAKINGVIEWS-Detroit’s revenue engines finally start to fire

Reuters04-25

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Jonathan Guilford

NEW YORK, April 25 (Reuters Breakingviews) - Ford and GM haven’t grown US electric sales since 2022, despite investing billions of dollars. But under the hood, GM’s new models are gaining momentum, and Ford is focusing on its cash-generating commercial vehicles. It helps that they are accelerating in different directions.

Full view will be published shortly.

Follow @JMAGuilford on X

CONTEXT NEWS

Ford Motor said on April 24 that it generated revenue of $42.8 billion in the three months to March 31, slightly below analyst expectations tracked by LSEG. The U.S. automaker said that sales slowed partly because of delays related to new models of the F-150, its best-selling pickup truck.

Operating profit of $2.8 billion beat estimates by 18%, and the company said free cash flow could be up to $7.5 billion for the year, up from an earlier forecast of $7 billion. It cut its expected capital expenditure slightly.

Rival General Motors the previous day reported better-than-expected profitability in the first quarter, and raised its own full-year forecasts for earnings, operating profit and free cash flow. GM maintained its previous estimate of full-year capital expenditure.

(Editing by John Foley and Sharon Lam)

((For previous columns by the author, Reuters customers can click on Jonathan.Guilford@thomsonreuters.com; Reuters Messaging: Jonathan.Guilford.thomsonreuters.com@reuters.net))

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