Ford said Wednesday that it brought in $2.4 billion in net income for the third quarter, which is a lot more than what analysts were expecting and signals that auto industry is slowly but surely getting back to normal. Well, “normal.”
That number is six times the amount of net income Ford reported in the third-quarter of last year, when there was no pandemic or an economy on the brink of ruin. Ford attributes it’s good profit numbers mostly to demand for its F-Series, and what Automotive News calls “stronger pricing,” which is a euphemism for “demand was good so Ford didn’t have to offer a ton of incentives to move its products.”
CEO Jim Farley also said Wednesday that Ford’s good third-quarter was also a vindication of its decision to abandon sedans.
From Ford’s press release:
According to Farley, the robust third-quarter performance reflected Ford’s better execution and benefits from the company’s decision two years ago to reallocate capital to franchise strengths – pickup trucks, SUVs, commercial vehicles and iconic passenger vehicles – and phase out unprofitable sedans.
Ford is launching two (actually) all-new cars this year—the Ford Bronco and Mustang Mach-E, in case you’ve been living under a rock—and Farley, whose first day was October 1, has been brought on to make sure those launches, in addition to the launch of the fourteenth-generation F-150, aren’t bungled like the launch of the sixth-generation Ford Explorer was.
Production on the Bronco Sport and Mustang Mach-E actually started this week:
Finally, I have saved the best news for last: Ford also said today that we’re getting the Transit EV in November. That’s the one we sort of saw earlier this year, one that will compete with Rivian, and one that is a really smart idea on a lot of levels.
Farley apparently likes it so much he felt free to get a little surly about it:
The electric Transit is my sleeper pick for best new EV.